Peoples Bancorp Inc. (PEBO): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how a regional bank thrives when the big players dominate, right? Well, digging into the Business Model Canvas for Peoples Bancorp Inc. (PEBO) shows a smart play: they blend personalized community banking with serious diversification across wealth and leasing. As of late 2025, with $9.62 billion in total assets spread across 145 locations, their model hinges on generating $91.3 million in Net Interest Income while aggressively cross-selling insurance and leasing through specialized subsidiaries. It's a tightrope walk between maintaining local relationships and achieving scale, and honestly, seeing how they structure their key activities and revenue streams reveals exactly where the near-term opportunities-and risks-lie for this established player. Dive below to see the full nine blocks that make this model tick.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Key Partnerships

You're looking at the essential external relationships that keep Peoples Bancorp Inc. running smoothly and funded up to late 2025. These aren't just casual contacts; they are critical lines of defense and growth engines for a bank with $9.6 billion in total assets as of September 30, 2025.

Federal Home Loan Bank (FHLB) for liquidity and funding access

The Federal Home Loan Bank system remains a bedrock for contingent funding. Peoples Bancorp Inc. maintains access to this crucial liquidity source, which is vital for managing deposit fluctuations across its 145 locations in states like Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland.

Here's a look at the available borrowing capacity, which fluctuates based on collateral pledged:

Date	Total Borrowing Capacity (FHLB, FRB, Fed Funds)	Contingent Liquidity Sources (Excluding FHLB/FRB)
March 31, 2025	$1.1 billion	$3.9 billion
June 30, 2025	$607.5 million	$3.7 billion

The capacity dipped significantly between Q1 and Q2 2025, which management noted in their Q2 commentary. Still, having access to over half a billion dollars in immediate funding lines is a strong partnership safety net.

Federal Reserve Bank (FRB) for contingent liquidity and borrowing capacity

The Federal Reserve Bank access, bundled with the FHLB and federal funds in public reporting, serves as the ultimate backstop. This partnership ensures Peoples Bancorp Inc. can meet unexpected, large-scale liquidity needs, which is a standard expectation for a Russell 3000 index member.

The combined borrowing capacity figures above reflect this critical, though hopefully unused, facility.

Technology vendors for digital banking and core processing systems

Peoples Bancorp Inc. relies heavily on third-party vendors for its technology backbone, including the primary core banking system provider. This reliance is a noted risk factor, as vendor failure could impact customer confidence and service delivery. While specific vendor names aren't detailed in public financial summaries, the operational partnership is clear.

The bank's focus on digital service delivery means these vendor relationships directly impact:

• Ability to respond to customer needs.
• Competitive positioning against fintechs.
• Compliance with evolving regulatory technology requirements.

The industry trend in 2025 shows many banks reviewing legacy frameworks, suggesting Peoples Bancorp Inc. is actively managing these tech partnerships to maintain efficiency, which was reported at 57.1% for Q3 2025.

Local community organizations for development and impact initiatives

Peoples Bancorp Inc. emphasizes its role as a community bank, which translates into deep, non-financial partnerships with local organizations. This is part of their stated vision to be the Best Community Bank in America. Their strategy involves maintaining top 3 market share in 36 counties across three states, often in rural markets where this community engagement is key to deposit stability.

The bank highlights its:

• Strong reputation with very active community involvement.
• Focus on relationship banking.

While specific dollar amounts for community development investments aren't isolated here, the operational footprint-127 full-service bank branches-is the physical manifestation of this partnership strategy.

Financial and legal advisors for ongoing strategic acquisitions

The most significant recent strategic partnership involves the definitive agreement to be acquired by Cornerstone Capital Bancorp, Inc., announced in late 2025, pending regulatory approval expected in Q1 2026. This transaction itself is the result of intensive advisory work.

The expected benefits from this strategic alignment include:

• A 68-basis-point reduction in deposit costs for the combined entity.
• Access to Cornerstone's national resources and broader balance sheet.
• Potential for pricing and revenue synergies.

The regular reporting structure, involving conference calls with the President and CEO and the CFO/Treasurer, shows the ongoing partnership with internal and external financial and legal experts guiding the firm through reporting and strategic events.

Finance: review the pro-forma impact of the Cornerstone acquisition on contingent liquidity by end of January.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Key Activities

You're looking at the engine room of Peoples Bancorp Inc. (PEBO), the day-to-day work that turns its structure into financial results as of late 2025. The core activities revolve around disciplined credit origination, managing a sticky deposit base, and optimizing its balance sheet through investments and specialized services.

Core commercial and industrial (C&I) lending and real estate lending form the bedrock of Peoples Bancorp Inc.'s asset generation. The bank saw strong momentum in Q3 2025, with total loan and lease balances increasing at an annualized rate of 8% compared to the end of the linked quarter. This growth is strategically managed across different credit types. Owner-occupied commercial real estate represents the largest single segment within the loan portfolio at 29%. To manage interest rate risk, the loan book is balanced, with 43% in fixed-rate loans and 57% in variable-rate loans as of September 30, 2025. Asset quality remains a focus, with the ratio of nonperforming assets to total loans standing at just 0.66% at the end of Q3 2025.

Deposit gathering and management across consumer and business accounts is crucial for funding that loan growth. As of September 30, 2025, Peoples Bancorp Inc. held total deposits of $7.6 billion across its footprint. The funding mix leans heavily toward stable sources, with 77% of total deposits classified as retail deposits, covering both consumer and small business relationships. While total period-end deposits saw a slight sequential decrease of $5.0 million, customer deposits actually increased, driven by growth in money market deposits of $20.6 million and interest-bearing demand accounts of $9.5 million. The average retail customer deposit relationship size is $26,000, with a median of $2,600.

Managing a diversified portfolio of investment securities and assets is the secondary asset activity, used for liquidity management and yield enhancement. At September 30, 2025, investment securities accounted for approximately 20.5% of Peoples Bancorp Inc.'s total assets, which stood at $9.6 billion. The activity in this portfolio directly impacts the income statement; for instance, higher investment securities yields contributed to a 4% increase in net interest income ($3.8 million) compared to the linked quarter. However, the bank also recorded net losses of around $2.7 million to $2.8 million from the sale of investment securities during the quarter.

Operating specialized subsidiaries like North Star Leasing and Vantage Financial diversifies revenue and expands the lending footprint beyond traditional banking. Peoples Bancorp Inc. offers equipment leasing solutions through its subsidiary North Star Leasing and Vantage Financial, LLC. Vantage Financial, acquired in 2022 for $54 million cash plus assumption of about $21 million in debt, had lease assets of approximately $147 million at the end of 2021. These specialty finance operations contribute to the overall asset base and fee income streams, supporting the bank's vision to be the Best Community Bank in America.

Digital transformation and automation to improve the efficiency ratio is a constant operational focus. Peoples Bancorp Inc. successfully improved its operating leverage in Q3 2025, bringing the efficiency ratio to 57.11%, down from 59.25% in the linked quarter. This improvement was partly due to effective cost control, with total non-interest expense declining by $0.5 million sequentially to $69.89 million, driven by lower professional service costs. The bank's focus on operational leverage helps translate revenue growth into bottom-line results. Here's the quick math: a lower expense base relative to revenue directly drives that improved ratio.

You can see the key financial anchors supporting these activities in the table below:

Key Metric	Value (As of Q3 2025 End)	Context/Comparison
Total Assets	$9.6 billion	Up from $9.2 billion at March 31, 2025
Total Deposits	$7.6 billion	Represents the funding base
Annualized Loan Growth	8%	Compared to June 30, 2025
Efficiency Ratio	57.11%	Improved from 59.25% sequentially
Investment Securities (% of Assets)	20.5%	Portfolio allocation as of September 30, 2025
Net Income (Q3 2025)	$29.5 million	Up from $21.2 million in Q2 2025
Nonperforming Assets to Total Loans Ratio	0.66%	Improved from 0.71% sequentially

The operational focus also includes managing the allowance for credit losses, which decreased to $7.3 million in Q3 2025 from $16.6 million in the prior quarter. The allowance for credit losses as a percentage of non-performing loans stood at 193.01% at the end of the quarter. Peoples Bancorp Inc. also manages trust and investment services, reporting $4.1 billion in assets under administration and management as of September 30, 2025.

Key operational components supporting the business model include:

• Origination of commercial and industrial loans.
• Management of owner-occupied commercial real estate loans (29% of portfolio).
• Servicing a large retail deposit base (77% of total deposits).
• Generating yield from a $9.6 billion asset base.
• Controlling non-interest expense to maintain a low ratio, defintely below 60%.
• Operating specialized leasing units like North Star Leasing.

Finance: draft 13-week cash view by Friday.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Key Resources

You're looking at the tangible and intangible assets Peoples Bancorp Inc. relies on to execute its business model as of late 2025. The foundation here is scale, longevity, and diversification across financial services.

The sheer size of the balance sheet represents a primary resource. As of September 30, 2025, Peoples Bancorp Inc. reported total assets amounting to $9.62 billion. This scale supports its lending capacity and operational footprint. To give you a clearer picture of the balance sheet strength supporting these operations, here are some key figures from that same date:

Financial Metric	Amount as of September 30, 2025
Total Assets	$9.62 billion
Total Stockholders' Equity	$1.18 billion
Tangible Equity	$787.2 million
Tangible Equity to Tangible Assets Ratio	8.53%
Q3 2025 Net Income	$29.5 million

Longevity in the market is a significant intangible resource, signaling trust and stability to customers and investors. Peoples Bancorp Inc. has a 52-year dividend payment streak, a testament to its consistent financial performance and commitment to shareholders.

The physical and operational network is another critical resource, spread across a defined regional footprint. This network includes:

• A total of 145 locations as of September 30, 2025.
• Specifically, 127 full-service bank branches.
• Geographic reach spanning Ohio, West Virginia, Kentucky, Virginia, Maryland, and Washington D.C.

The company's diversified structure, operating through various subsidiaries, spreads risk and broadens revenue sources. These key subsidiaries include the divisions of Peoples Bank, which houses Peoples Investment Services, Peoples Premium Finance, and North Star Leasing, alongside Peoples Insurance Agency, LLC. The efficiency of operations, a direct result of human capital and structure, is also a resource; the efficiency ratio for the third quarter of 2025 stood at 57.11%.

The human element, specifically the relationship managers, is vital for a community-focused bank. This resource is characterized by experienced relationship managers and local decision-making authority, which helps maintain close ties with the customer base across its operational areas. The commitment to shareholders is quantified by the recent dividend declaration: a quarterly cash dividend of $0.41 per common share was declared in October 2025, representing a payout of approximately $14.6 million.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Value Propositions

Peoples Bancorp Inc. provides a full suite of financial services, which you can see consolidated in the table below based on late 2025 figures.

Metric	Value (As of 09/30/2025)
Total Assets	$9.62 billion
Q3 2025 Net Income	$29.5 million
Q3 2025 Net Interest Margin	4.16%
Q3 2025 Efficiency Ratio	57.11%
Annualized Loan Growth (Q3 2025 vs Q2 2025)	8%
Total Locations	145

Comprehensive financial solutions: banking, wealth, insurance, and leasing in one place

You get a single point of contact for diverse needs, as Peoples Bancorp Inc. offers a complete line of services through its subsidiaries.

• Banking services via Peoples Bank
• Trust and investment solutions through Peoples Investment Services
• Insurance through Peoples Insurance Agency, LLC
• Specialty financing and leasing via North Star Leasing and Vantage Financial, LLC

Personalized, community-focused service with local decision-making

The value here is the local touch, which is supported by a physical footprint across several states.

• Headquartered in Marietta, Ohio
• Operates 127 full-service bank branches
• Total of 145 locations across Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland

Financial stability and security with a long-standing heritage since 1902

The heritage itself is a promise of stability, backed by current financial strength metrics.

Peoples Bancorp Inc. has been headquartered in Marietta, Ohio since 1902.

The bank demonstrates financial security with a quarterly dividend maintained at $0.41 per share, a payout sustained for 52 consecutive years.

Asset quality remains a focus, with nonperforming assets at just 0.66% of total loans at the end of Q3 2025.

Strong loan growth, with an 8% annualized increase in Q3 2025

The firm showed strong momentum in its lending book during the third quarter of 2025.

Total loan and lease balances grew by $127.1 million compared to the end of the sequential Q2 2025.

This translated to an annualized loan growth rate of 8% for the third quarter of 2025.

Digital convenience complementing a robust branch network

You have the option to bank how you prefer, mixing in-person service with digital tools.

The network includes 145 locations as of September 30, 2025, which complements the digital offerings.

The bank offers online banking with bill payment service.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Customer Relationships

You're looking at how Peoples Bancorp Inc. keeps its clients engaged across its broad footprint. The core of the strategy remains deeply local, even as the company has grown its total assets to $9.62 billion as of September 30, 2025.

Community banking model emphasizing personalized, long-term relationships

Peoples Bancorp Inc. operates with a vision to be the Best Community Bank in America. This is supported by a physical presence spanning 145 locations, which includes 127 full-service bank branches across Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland. The bank prides itself on personalized service, thriving by embracing the unique character of the communities it serves. This local accessibility helps foster those long-term relationships you'd expect from a community-focused institution.

Dedicated relationship management for commercial and wealth clients

For higher-value segments, dedicated management is key. The structure supports specialized teams, as evidenced by the dedicated officers listed for Commercial Banking, Business Banking, and the Private Client Group within Wealth Management. This structure is designed to ensure that business teams act as active partners on a client's journey. The focus is on providing a connected and consistent banking experience across all interactions.

Cross-selling of diversified products (e.g., banking clients to insurance/wealth)

Peoples Bancorp Inc. is a diversified financial services holding company, which naturally drives cross-selling. The relationship managers aren't just selling deposits; they are connecting clients to a complete line of services. This diversification includes trust and investment, insurance, premium financing, and equipment leasing solutions offered through subsidiaries. The company offers services through Peoples Bank (which includes Peoples Investment Services, Peoples Premium Finance, and North Star Leasing) and Peoples Insurance Agency, LLC, plus Vantage Financial, LLC. This breadth allows for tailoring solutions as a client's financial needs evolve.

Salesforce CRM system for enhanced customer engagement

To manage this complexity and maintain a unified view, Peoples Bancorp Inc. has invested in technology. They leverage the Salesforce platform, specifically Salesforce Financial Services Cloud, for their retail, wealth, mortgage, treasury management, and business banking sales teams. The goal was to break down data silos and create a single source of reference across departments. This technology integration has had a tangible impact on efficiency; for example, the integration with nCino helped reduce the commercial loan application to close time by 20 days. Furthermore, the marketing team uses Salesforce Marketing Cloud Personalization to enhance member engagement with personalized offers.

Self-service digital channels for routine transactions and account management

While relationship management handles complex needs, routine transactions rely on digital access. The bank offers Online Banking and Mobile Banking to keep pace with emerging technologies. The success in retaining and growing core customer relationships is visible in the deposit trends; customer deposits, which exclude brokered deposits, increased by $19.5 million during the third quarter of 2025. This suggests that the digital channels are effectively supporting day-to-day account management for the existing customer base.

Here's a quick look at the scale of the customer base and service footprint as of late 2025:

Metric	Value	Date/Context
Total Assets	$9.62 billion	September 30, 2025
Total Locations	145	As of September 30, 2025
Full-Service Bank Branches	127	As of September 30, 2025
Customer Deposit Growth (Non-Brokered)	$19.5 million increase	Q3 2025
Commercial Loan Application Time Reduction	20 days	Attributed to Salesforce/nCino integration

The platform is built to give sales teams visual dashboards for rapid decision-making. Having access to real-time data has been transformational for engagement. Finance: draft 13-week cash view by Friday.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Channels

You're looking at how Peoples Bancorp Inc. gets its value proposition-a complete line of banking, trust, investment, insurance, and leasing solutions-into the hands of its community and business clients. The channel strategy here is clearly weighted toward a strong physical presence, which is typical for a bank focused on community impact, but it's definitely layered with digital support.

The core of the physical channel is the branch network. As of the second quarter of 2025, Peoples Bancorp operated a total of 145 locations across its footprint, which includes a significant number of brick-and-mortar service points. Specifically, you see 127 full-service bank branches serving customers in Ohio, West Virginia, Kentucky, Virginia, Maryland, and Washington D.C.. This network is the primary touchpoint for many core banking services.

To support this physical footprint and serve clients who prefer remote access, Peoples Bancorp maintains its digital channels. The firm relies on online banking portals and mobile applications for both consumer and business clients. While I don't have the exact 2025 adoption rates, management has been focused on ongoing digital transformation, which suggests these platforms are critical for transaction processing and service delivery, especially given the mention of vulnerability in these systems in recent disclosures.

For specialized financial needs, Peoples Bancorp deploys dedicated sales expertise through distinct subsidiary channels. This is where the bank moves beyond standard deposits and loans into more complex services. The structure supports direct client engagement for these specific offerings.

Here's a quick look at the scale of the operation supporting these channels as of late 2025:

Channel Component	Metric	Value (As of Late 2025)	Reporting Date
Full-Service Bank Branches	Number of Locations	127	June 30, 2025
Total Physical Locations	Number of Locations	145	June 30, 2025
Total Assets Supported	Total Assets	$9.6 billion	September 30, 2025
Investment Services	Assets Under Management (AUM)	$0.82 billion	Q3 2025

The specialized service delivery is segmented across several key areas, ensuring that clients seeking wealth management or specialized financing have a direct line to the relevant experts. These are the dedicated points of contact for non-standard banking products:

• Peoples Investment Services offices, which manage approximately $0.82 billion in assets as of Q3 2025.
• Peoples Insurance Agency offices, handling insurance solutions.
• Specialized sales teams supporting equipment leasing through North Star Leasing.
• Specialized sales teams supporting premium financing through Peoples Premium Finance.

Finally, the ubiquitous access points are maintained through the ATM network and participation in third-party payment networks. While I don't have the exact 2025 ATM count, these are essential for transactional convenience outside of branch hours. The bank also explicitly notes that insurance and investment products are NOT FDIC INSURED and are SUBJECT TO RISK AND MAY LOSE VALUE, a critical disclosure tied directly to how these specific channels communicate their offerings.

Finance: draft 13-week cash view by Friday.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Customer Segments

You're looking at how Peoples Bancorp Inc. structures its client base as of late 2025. This isn't just about who they serve, but the scale of those relationships based on the latest figures from September 30, 2025.

Consumer Banking: Individuals and families needing traditional deposits and mortgages

This is the core funding engine for Peoples Bancorp Inc. As of the third quarter of 2025, a significant portion of their funding base comes from this segment. You see 77% of their total deposits are classified as retail deposits, covering both individual consumers and small businesses. $7.6 billion was the total period-end deposit balance at September 30, 2025. The typical individual relationship is relatively modest, with the average retail customer deposit relationship standing at $26,000. To be fair, the median relationship is much smaller, at just $2,600, which really shows the broad base they maintain. Still, a notable amount of this funding is not fully protected by the government insurance; 27% of total deposit balances exceeded the FDIC limit as of that date.

Business Banking: Small to medium-sized enterprises (SMEs) and corporate clients

SMEs are grouped within that 77% retail deposit figure, but their lending activity is a key driver of asset growth. Peoples Bancorp Inc. saw its total loan and lease balances increase at an 8% annualized rate compared to June 30, 2025, showing strong demand from commercial borrowers. The loan-to-deposit ratio stood at a tight 88% at the end of the third quarter of 2025, indicating that a large part of their deposit base is being put to work in loans. This segment is served across their 145 total locations, including 127 full-service bank branches across Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland.

Commercial Real Estate (CRE) developers and investors

CRE is a material part of the loan book, but Peoples Bancorp Inc. appears to be managing its concentration carefully. Owner-occupied commercial real estate specifically represents 29% of the total loan portfolio as of the third quarter of 2025. They also hold a specific balance in commercial office space, which totaled $184 million, making up 2.7% of total loans. The bank emphasizes its disciplined credit practice, noting that 99.0% of the loan portfolio was considered current as of September 30, 2025.

High-Net-Worth Individuals (HNWIs) utilizing wealth management and trust services

This segment is captured by the wealth and trust division, which Peoples Bancorp Inc. reports under Assets Under Administration & Management (AUA/M). As of September 30, 2025, the total AUA/M figure was $4.1 billion. This service line, which includes Peoples Investment Services, is a key component of their non-interest income generation, supporting the overall business model beyond traditional lending and deposit-taking.

Commercial clients requiring specialized equipment leasing (North Star Leasing)

North Star Leasing is explicitly mentioned as a division of Peoples Bank, serving commercial clients with equipment financing solutions. While it contributes to the overall loan and lease balances, its recent activity showed a slight contraction; the North Star leases balance decreased by $13.9 million during the second quarter of 2025. This segment is part of the bank's strategy to offer a complete line of financial solutions.

Here's a quick look at the balance sheet context supporting these customer groups as of September 30, 2025:

Metric	Amount	Context
Total Assets	$9.6 billion	Overall size of the firm.
Total Deposits	$7.6 billion	Primary funding source from Consumer/Business Banking.
Loan-to-Deposit Ratio	88%	Indicates loan deployment relative to core funding.
Assets Under Admin & Mgmt	$4.1 billion	Size of the Wealth Management/Trust segment.
Owner-Occupied CRE Loans	29% of total loans	Largest single component of the loan portfolio.

The customer base is clearly segmented across funding (deposits) and deployment (loans/leases), with the retail/SME base providing the bulk of the former, and specialized commercial/CRE lending driving the latter.

• Retail Deposits (Consumer & Small Business): 77% of total deposits.
• Average Retail Deposit Relationship: $26,000.
• Loan Portfolio Current Status: 99.0% of loans current.
• Total Locations: 145.

Finance: draft 13-week cash view by Friday.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Cost Structure

You're looking at the expense side of Peoples Bancorp Inc.'s operations as of late 2025. The cost structure is dominated by funding costs, operating overhead, and reserving for potential credit issues.

The most significant funding cost is the interest expense paid on customer deposits and borrowings. For the third quarter of 2025, Peoples Bancorp reported a total interest expense of $41.5 million, which offset the total interest income of $132.8 million to yield a net interest income of $91.3 million.

Operating costs are substantial, falling under non-interest expense. The total non-interest expense for the third quarter of 2025 was reported at $69.9 million. This figure covers personnel, branch operations, technology, and general administrative overhead. Management noted that for the first nine months of 2025, non-interest expenses grew by $7,700,000 or 4 percent compared to the same period in 2024, driven by higher salaries, employee benefits, data processing, and software expenses.

Here's a quick look at the key cost line items for Q3 2025:

Cost Component	Q3 2025 Amount (Millions)	Context
Total Interest Expense	$41.5	Cost of funding deposits and borrowings.
Total Non-Interest Expense	$69.9	Covers personnel, operations, technology, and G&A.
Provision for Credit Losses	$7.3	Reserving for expected credit losses under the CECL model.
Adjusted Non-Interest Expense	$67.7	Total non-interest expense after adjusting for amortization of other intangible assets.

The bank sets aside capital for potential loan problems through the provision for credit losses. Peoples Bancorp recorded a provision for credit losses of $7.3 million for the third quarter of 2025. This was a significant decrease from the $16.6 million provision taken in the linked second quarter of 2025. The allowance for credit losses as a percentage of total loans was 1.11% at quarter-end.

General administrative costs, which include regulatory compliance and marketing, are embedded within the total non-interest expense. Specifically, marketing expenses saw an increase of $0.3 million compared to the linked quarter. The overall decrease in total non-interest expense of $0.5 million from the linked quarter was primarily due to lower professional fees (down $0.8 million) and lower other non-interest expense (down $0.6 million).

You should track the following specific cost drivers:

• Technology and data processing costs: Higher data processing and software expenses contributed to the year-to-date non-interest expense growth.
• Personnel and Branch Operations: These form the bulk of the $69.9 million total non-interest expense.
• Regulatory Compliance: A component of general administrative costs, subject to ongoing regulatory demands.
• Marketing Expenses: Increased by $0.3 million in Q3 2025 versus the linked quarter.
• Professional Fees: Decreased by $0.8 million in Q3 2025 versus the linked quarter, helping lower overall costs.

The efficiency ratio for Peoples Bancorp improved to 57.1% in Q3 2025, down from 59.3% in the linked quarter, which shows better cost management relative to revenue generation. Finance: draft 13-week cash view by Friday.

Peoples Bancorp Inc. (PEBO) - Canvas Business Model: Revenue Streams

The revenue generation for Peoples Bancorp Inc. (PEBO) in late 2025 is firmly rooted in its core banking activities, supplemented by a commitment to diversified fee-based services, which contributes to a fee income ratio of 24% for the first nine months of 2025. Total Revenue for the third quarter of 2025 was reported at $115.18 million.

The primary revenue driver remains the interest earned on its balance sheet, supported by robust loan growth across its operating footprint in Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland.

Revenue Component	Q3 2025 Amount	Context/Comparison
Net Interest Income (NII)	$91.3 million	Increased $3.8 million, or 4%, versus the linked quarter.
Total Non-Interest Income	$23.8 million	Represents 20.7% of the reported $115.18 million total revenue.
Net Interest Margin (NIM)	4.16%	Up from 4.15% for the linked quarter.

The Non-Interest Income stream is derived from several fee-based services, reflecting Peoples Bancorp Inc.s' strategy for greater revenue diversity than the average $1-$10 billion bank. While the total for Q3 2025 was $23.8 million, the year-over-year changes in key fee categories provide insight into the revenue mix shifts.

• Trust and investment income (Wealth management, trust, and investment advisory fees): Increased by $0.5 million compared to the third quarter of 2024, driven by an increase in assets under administration and management.
• Lease income (Equipment leasing revenue): Increased by $0.6 million compared to the third quarter of 2024.
• Bank Owned Life Insurance (BOLI) income (Insurance premiums component): Increased by $0.7 million compared to the third quarter of 2024.
• Electronic banking income (including debit card interchange fees): Increased by $0.3 million compared to the linked quarter (Q2 2025).
• Deposit account service charges: Decreased by $0.7 million compared to the third quarter of 2024.
• Mortgage banking income: Decreased by $0.8 million compared to the third quarter of 2024.