Company Announcements

(1)

the effects of interest rate policies, including any changes to such policies that may result from potential changes in the composition of the Federal Reserve Board, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Federal Reserve Board, including changes in the Federal Funds Target Rate, in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity;

(2)

the effects of inflationary pressures on borrowers' liquidity and ability to repay;

(3)

the success, impact, and timing of the implementation of Peoples' business strategies and Peoples' ability to manage strategic initiatives, including the interest rate policies of the Federal Reserve Board, the completion and successful integration of acquisitions, and the expansion of commercial and consumer lending activities;

(4)

competitive pressures among financial institutions, or from non-financial institutions, which may increase significantly, including product and pricing pressures, which can in turn impact Peoples' credit spreads, changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and Peoples' ability to attract, develop and retain qualified professionals;

(5)

uncertainty regarding the nature, timing, cost, and effect of legislative or regulatory changes or actions, or deposit insurance premium levels, promulgated and to be promulgated by governmental and regulatory agencies, including the Ohio Division of Financial Institutions, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Consumer Financial Protection Bureau, which may subject Peoples, its subsidiaries, or acquired companies to a variety of new and more stringent legal and regulatory requirements;

(6)

the effects of easing restrictions on participants in the financial services industry;

(7)

current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, a future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, and changes in the relationship of the U.S. and U.S. global trading partners), and changes in the federal, state, and local governmental policy and the impact these conditions may have on Peoples, Peoples' customers and Peoples' counterparties, and Peoples' assessment of the impact, which may be different than anticipated;

(8)

Peoples may issue equity securities in connection with future acquisitions, which could cause ownership and economic dilution to Peoples' current shareholders;

(9)

changes in prepayment speeds, loan originations, levels of nonperforming assets, delinquent loans, charge-offs, and customer and other counterparties' performance and creditworthiness generally, which may be less favorable than expected in light of recent inflationary pressures and continued elevated interest rates, and may adversely impact the amount of interest income generated;

(10)

Peoples may have more credit risk and higher credit losses to the extent there are loan concentrations by location or industry of borrowers or collateral;

(11)

future credit quality and performance, including expectations regarding future credit losses and the allowance for credit losses;

(12)

changes in accounting standards, policies, estimates or procedures may adversely affect Peoples' reported financial condition or results of operations;

(13)

the impact of assumptions, estimates and inputs used within models, which may vary materially from actual outcomes, including under the CECL model;

(14)

adverse changes in the conditions and trends in the financial markets, including recent inflationary pressures and the impacts of potential or imposed tariffs on markets, which may adversely affect the fair value of securities within Peoples' investment portfolio, the interest rate sensitivity of Peoples' consolidated balance sheet, and the income generated by Peoples' trust and investment activities;

(15)

the volatility from quarter to quarter of mortgage banking income, whether due to interest rates, demand, the fair value of mortgage loans, or other factors;

(16)

Peoples' ability to receive dividends from Peoples' subsidiaries;

(17)

Peoples' ability to maintain required capital levels and adequate sources of funding and liquidity;

(18)

the impact of larger or similar-sized financial institutions encountering problems, such as the failure in 2024 of Republic First Bank, and the closures in 2023 of Silicon Valley Bank in California, Signature Bank in New York and First Republic Bank in California, which may adversely affect the banking industry and/or Peoples' business generation and retention, funding and liquidity, including Peoples' continued ability to grow deposits or maintain adequate deposit levels, and may further result in potential increased regulatory requirements, increased reputational risk and potential impacts to macroeconomic conditions;

(19)

Peoples' ability to secure confidential information and avoid misappropriation of confidential information in connection with the delivery of products and services through the use of computer systems and telecommunications networks, including those of Peoples' third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Peoples and/or result in Peoples incurring a financial loss;

(20)

Peoples' ability to anticipate and respond to technological changes, and Peoples' reliance on, and the potential failure of, a number of third-party vendors to perform as expected, including Peoples' primary core banking system provider, which can impact Peoples' ability to respond to customer needs and meet competitive demands;

(21)

operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and Peoples' subsidiaries are highly dependent;

changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions, legislative or regulatory initiatives, or other factors, which may be different than anticipated;

(23)

the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business;

(24)

the impact on Peoples' businesses, personnel, facilities or systems of losses related to acts of fraud, theft, misappropriation or violence;

(25)

the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters including severe weather events, pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts, including Russia's ongoing war on Ukraine,  the continued U.S. political and military presence in Venezuela, and the conflict in Iran (and the resulting disruptions in oil, energy and other commodity markets and supply chains);

(26)

the potential deterioration of the U.S. economy due to financial, political or other shocks;

(27)

the potential influence on the U.S. financial markets and economy from the effects of climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs;

(28)

the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property;

(29)

risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets;

(30)

changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;

(31)

the vulnerability of Peoples' network and online banking portals, and the systems of parties with whom Peoples contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;

(32)

regulatory and legal matters, including the failure to resolve any outstanding matters on a timely basis and the potential of new regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

(33)

the impact on Peoples of increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;

(34)

the effect of a fall in stock market prices on Peoples' asset and wealth management business;

(35)

the risk that energy tax credits purchased and used by Peoples to reduce tax liabilities will be disallowed by the IRS; and

(36)

other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the Securities and Exchange Commission (the "SEC"), including those risk factors included in the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

PER COMMON SHARE DATA AND SELECTED RATIOS (Unaudited)

At or For the Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

PER COMMON SHARE:

Earnings per common share:

   Basic

$        0.82

$        0.90

$        0.69

   Diluted

0.81

0.89

0.68

Cash dividends declared per common share

0.41

0.41

0.40

Book value per common share (a)

33.85

33.78

31.90

Tangible book value per common share (a)(b)

22.95

22.77

20.68

Closing price of common shares at end of period

$      32.87

$       30.03

$      29.66

SELECTED RATIOS:

Return on average stockholders' equity (c)

9.66 %

10.53 %

8.79 %

Return on average tangible equity (c)(d)

14.90 %

16.57 %

14.66 %

Return on average assets (c)

1.23 %

1.31 %

1.07 %

Efficiency ratio (e)(f)

58.61 %

57.78 %

60.68 %

Net interest margin (c)(f)

4.16 %

4.12 %

4.12 %

Dividend payout ratio (g)

50.50 %

46.10 %

58.46 %

(a)

Data presented as of the end of the period indicated.

(b)

Tangible book value per common share represents a non-US GAAP financial measure since it excludes the balance sheet impact of goodwill and other intangible assets acquired through acquisitions on stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(c)

Ratios are presented on an annualized basis.

(d)

Return on average tangible equity represents a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from net income and it excludes the balance sheet impact of average goodwill and other intangible assets acquired through acquisitions on average stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(e)

The efficiency ratio is defined as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income (excluding all gains and losses). This ratio represents a non-US GAAP financial measure since it excludes amortization of other intangible assets, and all gains and losses included in earnings, and uses fully tax-equivalent net interest income. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(f)

Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

(g)

This ratio is calculated based on dividends declared during the period divided by net income for the period.

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

(Dollars in thousands, except per share data)

(Unaudited)

(Unaudited)

(Unaudited)

Total interest income

$        126,821

$        130,549

$        124,542

Total interest expense

36,401

39,500

39,287

Net interest income

90,420

91,049

85,255

Provision for credit losses

9,694

8,050

10,190

Net interest income after provision for credit losses

80,726

82,999

75,065

Non-interest income:

Electronic banking income

5,927

6,329

5,885

Trust and investment income

5,605

5,692

5,061

Insurance income

5,580

4,520

6,054

Lease income

4,581

4,290

3,468

Deposit account service charges

4,267

4,617

4,015

Bank owned life insurance income

1,162

1,173

1,133

Mortgage banking income

376

537

396

Net loss on investment securities

—

(77)

(2)

Net loss on asset disposals and other transactions

(410)

(1,908)

(361)

Other non-interest income

1,166

1,099

1,450

  Total non-interest income

28,254

26,272

27,099

Non-interest expense:

Salaries and employee benefit costs

39,835

39,118

39,821

Data processing and software expense

7,536

7,401

7,005

Net occupancy and equipment expense

6,224

5,980

5,612

Professional fees

2,753

3,168

3,087

Electronic banking expense

2,081

2,120

2,025

Operating lease expense

1,804

1,513

985

Amortization of other intangible assets

1,697

2,210

2,213

FDIC insurance expense

1,410

1,350

1,251

Other loan expenses

1,123

1,219

1,119

Franchise tax expense

1,004

845

929

Marketing expense

886

1,059

903

Communication expense

589

589

734

Travel and entertainment expense

583

556

500

Other non-interest expense

4,110

4,166

4,603

  Total non-interest expense

71,635

71,294

70,787

  Income before income taxes

37,345

37,977

31,377

Income tax expense

8,339

6,223

7,041

    Net income

$         29,006

$          31,754

$         24,336

CONSOLIDATED STATEMENTS OF INCOME (Cont.)

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

(Dollars in thousands, except per share data)

(Unaudited)

(Unaudited)

(Unaudited)

PER COMMON SHARE DATA:

Net income available to common shareholders

$         29,006

$          31,754

$         24,336

Less: Dividends paid on unvested common shares

200

190

210

Less: Undistributed income allocated to unvested common shares

54

60

37

Net earnings allocated to common shareholders

$         28,752

$          31,504

$         24,089

Weighted-average common shares outstanding

35,108,649

35,025,892

34,895,723

Effect of potentially dilutive common shares

376,775

418,506

401,412

Total weighted-average diluted common shares outstanding

35,485,424

35,444,398

35,297,135

Earnings per common share – basic

$           0.82

$            0.90

$           0.69

Earnings per common share – diluted

$           0.81

$            0.89

$           0.68

Cash dividends declared per common share

$           0.41

$            0.41

$           0.40

Weighted-average common shares outstanding – basic

35,108,649

35,025,892

34,895,723

Weighted-average common shares outstanding – diluted

35,485,424

35,444,398

35,297,135

Common shares outstanding at the end of period

35,925,945

35,714,484

35,669,100

CONSOLIDATED BALANCE SHEETS

March 31,

December 31,

2026

2025

(Dollars in thousands)

(Unaudited)

Assets

Cash and cash equivalents:

  Cash and due from banks

$       112,276

$       107,864

  Interest-bearing deposits in other banks

78,115

81,087

    Total cash and cash equivalents

190,391

188,951

Available-for-sale investment securities, at fair value (amortized cost of

 $1,107,248 at March 31, 2026 and $1,076,980 at December 31, 2025) (a)

1,007,944

984,367

Held-to-maturity investment securities, at amortized cost (fair value of

  $820,850 at March 31, 2026 and $867,714 at December 31, 2025) (a)

883,675

922,837

Other investment securities, at cost

69,903

68,656

    Total investment securities (a)

1,961,522

1,975,860

Loans and leases, net of deferred fees and costs (b)

6,770,208

6,756,907

Allowance for credit losses

(78,392)

(75,676)

    Net loans and leases

6,691,816

6,681,231

Loans held for sale

4,043

2,667

Bank premises and equipment, net of accumulated depreciation

99,313

100,508

Bank owned life insurance

149,426

148,264

Goodwill

363,199

363,199

Other intangible assets

28,402

30,120

Other assets

159,975

158,830

    Total assets

$     9,648,087

$     9,649,630

Liabilities

Deposits:

Non-interest-bearing

$     1,586,514

$     1,545,428

Interest-bearing

6,061,923

6,064,796

    Total deposits

7,648,437

7,610,224

Short-term borrowings

505,862

530,285

Long-term borrowings

185,430

204,138

Accrued expenses and other liabilities

92,318

98,381

    Total liabilities

$     8,432,047

$     8,443,028

Stockholders' Equity

Preferred shares, no par value, 50,000 shares authorized, no shares issued at March 31, 2026 or at December 31, 2025

—

—

Common shares, no par value, 50,000,000 shares authorized, 36,848,602 shares issued at March 31, 2026
and 36,836,943 shares issued at December 31, 2025, including shares in treasury

867,464

871,571

Retained earnings

451,107

436,748

Accumulated other comprehensive loss, net of deferred income taxes

(76,042)

(70,628)

Treasury stock, at cost, 1,017,603 common shares at March 31, 2026 and 1,215,120 common shares at
December 31, 2025

(26,489)

(31,089)

    Total stockholders' equity

1,216,040

1,206,602

    Total liabilities and stockholders' equity

$     9,648,087

$     9,649,630

(a)

Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $233 and $0 and $236 at March 31, 2026 and at December 31, 2025, respectively.

(b)

Also referred to throughout this document as "total loans" and "loans held for investment."

SELECTED FINANCIAL INFORMATION (Unaudited)

March 31,

December 31,

September 30,

June 30,

March 31,

(Dollars in thousands)

2026

2025

2025

2025

2025

Loan Portfolio

Construction

$      269,571

$       300,941

$      261,048

$      341,313

$      319,104

Commercial real estate, other

2,340,833

2,363,967

2,369,396

2,248,214

2,230,538

Commercial and industrial

1,646,797

1,535,755

1,489,505

1,407,382

1,343,827

Premium finance

228,883

253,075

273,297

277,622

264,080

Leases

350,226

365,649

382,753

400,052

395,454

Residential real estate

852,011

861,722

875,773

877,968

848,168

Home equity lines of credit

260,909

253,864

247,383

241,785

235,409

Consumer, indirect

699,854

700,582

710,385

692,674

680,260

Consumer, direct

119,859

120,338

118,206

113,615

110,639

Deposit account overdrafts

1,265

1,014

982

964

1,047

    Total loans and leases

$    6,770,208

$     6,756,907

$    6,728,728

$    6,601,589

$    6,428,526

Total acquired loans and leases (a)

$    1,225,112

$     1,299,543

$    1,380,354

$    1,452,475

$    1,511,704

    Total originated loans and leases

$    5,545,096

$     5,457,364

$    5,348,374

$    5,149,114

$    4,916,822

Total Investment Securities

$    1,961,522

$     1,975,860

$    1,972,721

$    2,019,054

$    1,878,462

Deposit Balances

Non-interest-bearing deposits (b)

$    1,586,514

$     1,545,428

$    1,536,094

$    1,530,824

$    1,526,285

Interest-bearing deposits:

  Interest-bearing demand accounts (b)

1,111,875

1,092,252

1,068,443

1,058,910

1,087,197

  Retail certificates of deposit

1,968,441

1,983,791

2,008,619

2,005,322

1,965,978

  Money market deposit accounts

958,413

945,313

948,177

927,543

967,331

  Governmental deposit accounts

842,087

739,939

769,782

781,949

834,409

  Savings accounts

918,557

887,402

884,230

889,872

894,592

  Brokered deposits

262,550

416,099

416,851

442,788

458,957

    Total interest-bearing deposits

$    6,061,923

$     6,064,796

$    6,096,102

$    6,106,384

$    6,208,464

    Total deposits

$    7,648,437

$     7,610,224

$    7,632,196

$    7,637,208

$    7,734,749

Total demand deposits (b)

$    2,698,389

$     2,637,680

$    2,604,537

$    2,589,734

$    2,613,482

Asset Quality

Nonperforming assets (NPAs):

  Loans 90+ days past due and accruing

$        2,846

$         6,156

$        4,898

$        6,126

$        4,207

  Nonaccrual loans

36,714

36,886

33,889

34,485

35,628

    Total nonperforming loans (NPLs) (f)

39,560

43,042

38,787

40,611

39,835

  Other real estate owned (OREO)

97

123

6,013

6,013

5,980

Total NPAs (f)

$       39,657

$        43,165

$       44,800

$       46,624

$       45,815

Criticized loans (c)

$      224,124

$       236,468

$      268,326

$      244,442

$      226,542

Classified loans (d)

141,940

147,175

158,577

125,014

123,842

Allowance for credit losses as a percent of NPLs (f)

198.16 %

175.82 %

193.01 %

183.89 %

163.76 %

NPLs as a percent of total loans (f)

0.58 %

0.64 %

0.58 %

0.61 %

0.62 %

NPAs as a percent of total assets (f)

0.41 %

0.45 %

0.47 %

0.49 %

0.50 %

NPAs as a percent of total loans and OREO (f)

0.59 %

0.64 %

0.66 %

0.71 %

0.71 %

Criticized loans as a percent of total loans (c)

3.31 %

3.50 %

3.99 %

3.70 %

3.52 %

Classified loans as a percent of total loans (d)

2.10 %

2.18 %

2.36 %

1.89 %

1.93 %

Allowance for credit losses as a percent of total loans

1.16 %

1.12 %

1.11 %

1.13 %

1.01 %

Total demand deposits as a percent of total deposits (b)

35.28 %

34.66 %

34.13 %

33.91 %

33.79 %

Capital Information (e)(g)

Common equity tier 1 capital ratio (h)

12.45 %

12.29 %

12.11 %

11.95 %

12.10 %

Tier 1 risk-based capital ratio

12.89 %

12.73 %

12.54 %

12.39 %

12.54 %

Total risk-based capital ratio (tier 1 and tier 2)

13.98 %

13.78 %

13.79 %

13.71 %

13.75 %

Leverage ratio

10.14 %

9.91 %

9.74 %

9.83 %

9.80 %

Common equity tier 1 capital

$      911,986

$       893,970

$      875,454

$      857,036

$      845,200

Tier 1 capital

943,986

925,616

906,900

888,282

876,246

Total capital (tier 1 and tier 2)

1,023,777

1,002,226

997,309

982,929

960,820

Total risk-weighted assets

$    7,323,347

$     7,273,985

$    7,231,476

$    7,170,841

$    6,986,418

Total stockholders' equity to total assets

12.60 %

12.50 %

12.29 %

12.09 %

12.31 %

Tangible equity to tangible assets (i)

8.91 %

8.79 %

8.53 %

8.26 %

8.34 %

(a)

Includes all loans and leases acquired and purchased in 2012 and thereafter.

(b)

The sum of non-interest-bearing deposits and interest-bearing demand accounts is considered total demand deposits.

(c)

Includes loans categorized as special mention, substandard, or doubtful.

(d)

Includes loans categorized as substandard or doubtful.

(e)

Data presented as of the end of the period indicated.

(f)

Nonperforming loans include loans 90+ days past due and accruing, renegotiated loans and nonaccrual loans. Nonperforming assets include nonperforming loans and OREO.

(g)

March 31, 2026 data based on preliminary analysis and subject to revision.

(h)

Peoples' capital conservation buffer was 5.98% at March 31, 2026, 5.78% at December 31, 2025, 5.79% at September 30, 2025, 5.71% at June 30, 2025, and 5.75% at March 31, 2025, compared to required capital conservation buffer of 2.50%

(i)

This ratio represents a non-US GAAP financial measure since it excludes the balance sheet impact of intangible assets acquired through acquisitions on both total stockholders' equity and total assets. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

PROVISION FOR (RECOVERY OF) CREDIT LOSSES INFORMATION

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

(Dollars in thousands)

(Unaudited)

(Unaudited)

(Unaudited)

Provision for credit losses

Provision for credit losses

$        9,415

$         7,801

$      10,035

Provision for checking account overdrafts

279

249

155

  Total provision for credit losses

$        9,694

$         8,050

$      10,190

Net Charge-Offs

Gross charge-offs

$        7,759

$         8,391

$        8,760

Recoveries

1,114

952

639

  Net charge-offs

$        6,645

$         7,439

$        8,121

Net Charge-Offs (Recoveries) by Type

Construction

$           —

$           (25)

$           —

Commercial real estate, other

—

(41)

211

Commercial and industrial

254

340

374

Premium finance

46

212

65

Leases

4,254

5,356

5,409

Residential real estate

37

24

93

Home equity lines of credit

20

2

—

Consumer, indirect

1,592

1,173

1,656

Consumer, direct

178

151

135

Deposit account overdrafts

264

247

178

  Total net charge-offs

$        6,645

$         7,439

$        8,121

As a percent of average total loans (annualized)

0.40 %

0.44 %

0.52 %

SUPPLEMENTAL INFORMATION (Unaudited)

March 31,

December 31,

September 30,

June 30,

March 31,

(Dollars in thousands)

2026

2025

2025

2025

2025

Trust assets under administration and management

$      2,178,467

$      2,219,650

$       2,271,536

$       2,138,439

$      2,037,992

Brokerage assets under administration and management

1,844,940

1,846,084

1,800,781

1,724,311

1,626,768

Mortgage loans serviced for others

319,664

322,139

323,347

326,710

337,279

Employees (full-time equivalent)

1,458

1,454

1,454

1,477

1,460

CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME (Unaudited)

Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

(Dollars in thousands)

Balance

Income/

Expense

Yield/
Cost

Balance

Income/

Expense

Yield/
Cost

Balance

Income/

Expense

Yield/
Cost

Assets

Short-term investments

$    82,872

$     790

3.87 %

$    77,906

$    773

3.94 %

$    88,919

$    900

4.10 %

Investment securities (a)(b)

1,961,950

17,558

3.58 %

1,986,490

18,229

3.67 %

1,897,035

16,598

3.50 %

Loans (b)(c):

Construction

289,892

4,586

6.33 %

272,994

5,108

7.32 %

313,130

5,572

7.12 %

Commercial real estate, other

2,251,931

34,658

6.16 %

2,258,134

35,222

6.10 %

2,069,134

33,260

6.43 %

Commercial and industrial

1,554,825

25,110

6.46 %

1,500,548

24,910

6.50 %

1,336,133

23,332

6.98 %

Premium finance

238,918

4,553

7.62 %

260,833

4,868

7.30 %

259,241

5,585

8.62 %

Leases

355,857

8,578

9.64 %

368,453

9,663

10.26 %

395,161

10,198

10.32 %

Residential real estate (d)

958,354

13,049

5.45 %

978,507

13,143

5.37 %

956,049

12,215

5.11 %

Home equity lines of credit

256,543

4,404

6.96 %

251,730

4,771

7.52 %

233,522

4,382

7.61 %

Consumer, indirect

700,411

11,293

6.54 %

703,178

11,590

6.54 %

674,211

10,548

6.34 %

Consumer, direct

128,423

2,487

7.85 %

127,434

2,538

7.90 %

117,881

2,234

7.69 %

Total loans

6,735,154

108,718

6.47 %

6,721,811

111,813

6.54 %

6,354,462

107,326

6.77 %

Allowance for credit losses

(75,284)

(74,351)

(63,060)

Net loans

6,659,870

6,647,460

6,291,402

Total earning assets

8,704,692

127,066

5.85 %

8,711,856

130,815

5.92 %

8,277,356

124,824

6.04 %

Goodwill and other intangible assets

392,490

394,409

401,344

Other assets

503,926

524,509

516,767

Total assets

$ 9,601,108

$ 9,630,774

$ 9,195,467

Liabilities and Equity

Interest-bearing deposits:

Savings accounts

$  903,050

$     183

0.08 %

$  886,250

$    185

0.08 %

$  879,301

$    250

0.12 %

Governmental deposit accounts

782,543

3,923

2.03 %

774,267

4,278

2.19 %

781,782

4,652

2.41 %

Interest-bearing demand accounts

1,055,685

572

0.22 %

1,053,419

611

0.23 %

1,083,999

490

0.18 %

Money market deposit accounts

925,668

4,541

1.99 %

959,627

5,220

2.16 %

914,076

5,291

2.35 %

Retail certificates of deposit

1,973,029

16,458

3.38 %

1,999,726

17,745

3.52 %

1,939,364

18,434

3.85 %

Brokered deposits (e)

301,470

2,954

3.97 %

412,883

4,196

4.03 %

564,660

6,046

4.34 %

Total interest-bearing deposits

5,941,445

28,631

1.95 %

6,086,172

32,235

2.10 %

6,163,182

35,163

2.31 %

Short-term borrowings (e)

550,370

4,959

3.64 %

429,129

4,201

3.91 %

56,564

508

3.63 %

Long-term borrowings

190,934

2,811

5.92 %

211,244

3,064

5.74 %

237,100

3,615

6.13 %

Total borrowed funds

741,304

7,770

4.23 %

640,373

7,265

4.51 %

293,664

4,123

5.65 %

Total interest-bearing liabilities

6,682,749

36,401

2.21 %

6,726,545

39,500

2.33 %

6,456,846

39,286

2.47 %

Non-interest-bearing deposits

1,604,708

1,605,305

1,498,964

Other liabilities

95,283

102,419

116,797

Total liabilities

8,382,740

8,434,269

8,072,607

Stockholders' equity

1,218,368

1,196,505

1,122,860

Total liabilities and stockholders' equity

$ 9,601,108

$ 9,630,774

$ 9,195,467

Net interest income/spread (b)

$  90,665

3.64 %

$ 91,315

3.59 %

$ 85,538

3.57 %

Net interest margin (b)

4.16 %

4.12 %

4.12 %

(a)

Average balances are based on carrying value.

(b)

Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

(c)

Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented.

(d)

Loans held for sale are included in the average loan balance listed. Related interest income on loans originated for sale prior to the loan being sold is included in loan interest income.

(e)

Interest related to interest rate swap transactions is included, as appropriate to the transaction, in interest expense on short-term FHLB advances and interest expense on brokered deposits for the periods presented in which FHLB advances and brokered deposits were being utilized.

Three Months Ended

March 31,

December 31,

March 31,

(Dollars in thousands)

2026

2025

2025

Efficiency ratio:

Total non-interest expense

$       71,635

$       71,294

$       70,787

Less: amortization of other intangible assets

1,697

2,210

2,213

Adjusted total non-interest expense

69,938

69,084

68,574

Total non-interest income

28,254

26,272

27,099

Less: net loss on investment securities

—

(77)

(2)

Less: net loss on asset disposals and other transactions

(410)

(1,908)

(361)

Total non-interest income, excluding net gains and losses

28,664

28,257

27,462

Net interest income

90,420

91,049

85,255

Add: fully tax-equivalent adjustment (a)

245

266

283

Net interest income on a fully tax-equivalent basis

90,665

91,315

85,538

Adjusted revenue

$      119,329

$      119,572

$      113,000

Efficiency ratio

58.61 %

57.78 %

60.68 %

(a)

Tax effect is calculated using a 21% statutory federal corporate income tax rate.

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

At or For the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(Dollars in thousands, except per share data)

2026

2025

2025

2025

2025

Tangible equity:

Total stockholders' equity

$   1,216,040

$   1,206,602

$   1,182,776

$   1,153,350

$   1,137,821

Less: goodwill and other intangible assets

391,601

393,319

395,535

397,785

400,099

Tangible equity

$     824,439

$     813,283

$     787,241

$     755,565

$     737,722

Tangible assets:

Total assets

$   9,648,087

$   9,649,630

$   9,623,944

$   9,540,608

$   9,246,000

Less: goodwill and other intangible assets

391,601

393,319

395,535

397,785

400,099

Tangible assets

$   9,256,486

$   9,256,311

$   9,228,409

$   9,142,823

$   8,845,901

Tangible book value per common share:

Tangible equity

$     824,439

$     813,283

$     787,241

$     755,565

$     737,722

Common shares outstanding

35,925,945

35,714,484

35,705,369

35,673,721

35,669,100

Tangible book value per common share

$        22.95

$        22.77

$        22.05

$        21.18

$        20.68

Tangible equity to tangible assets ratio:

Tangible equity

$     824,439

$     813,283

$     787,241

$     755,565

$     737,722

Tangible assets

$   9,256,486

$   9,256,311

$   9,228,409

$   9,142,823

$   8,845,901

Tangible equity to tangible assets

8.91 %

8.79 %

8.53 %

8.26 %

8.34 %

Three Months Ended

March 31,

December 31,

March 31,

(Dollars in thousands)

2026

2025

2025

Pre-provision net revenue:

Income before income taxes

$         37,345

$          37,977

$          31,377

Add: provision for credit losses

9,694

8,050

10,190

Add: net loss on OREO

26

851

—

Add: net loss on investment securities

—

77

2

Add: net loss on other assets

384

210

330

Add: net loss on other transactions

—

847

51

Less: net gain on OREO

—

—

20

Pre-provision net revenue

$         47,449

$          48,012

$          41,930

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

Three Months Ended

March 31,

December 31,

March 31,

(Dollars in thousands)

2026

2025

2025

Annualized net income adjusted for non-core items:

Net income

$     29,006

$     31,754

$     24,336

Add: net loss on investment securities

—

77

2

Less: tax effect of net loss on investment securities (a)

—

16

—

Add: net loss on asset disposals and other transactions

410

1,908

361

Less: tax effect of net loss on asset disposals and other transactions (a)

86

401

76

Net income adjusted for non-core items

$     29,330

$     33,322

$     24,623

Days in the period

90

92

90

Days in the year

365

365

365

Annualized net income

$    117,635

$    125,981

$     98,696

Annualized net income adjusted for non-core items

$    118,949

$    132,201

$     99,860

Return on average assets:

Annualized net income

$    117,635

$    125,981

$     98,696

Total average assets

$  9,601,108

$  9,630,774

$  9,195,467

Return on average assets

1.23 %

1.31 %

1.07 %

Return on average assets adjusted for non-core items:

Annualized net income adjusted for non-core items

$    118,949

$    132,201

$     99,860

Total average assets

$  9,601,108

$  9,630,774

$  9,195,467

Return on average assets adjusted for non-core items

1.24 %

1.37 %

1.09 %

(a)

Tax effect is calculated using a 21% statutory federal corporate income tax rate.

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

For the Three Months Ended

March 31,

December 31,

March 31,

(Dollars in thousands)

2026

2025

2025

Annualized net income excluding amortization of other intangible assets:

Net income

$      29,006

$     31,754

$     24,336

Add: amortization of other intangible assets

1,697

2,210

2,213

Less: tax effect of amortization of other intangible assets (a)

356

464

465

Net income excluding amortization of other intangible assets

$      30,347