PeoplesBank OfficersExecutive Thomas W. SenecalPresident and Chief Executive Officer

Linda ParlengasExec. Administrative Officer

Retail & OperationsAleda D. AmistadiSr. Vice President

Stacy A. SuttonSr. Vice President

Tammy A. BordeauxVice President Regional Manager

Cecile RichardVice President

Gail A. RichardVice President

Donna J. WileyVice President Regional Manager

Jarrod M. LiebelAsst. Vice President

Kevin B. ManghanAsst. Vice President

Wendy E. PalmerAsst. Vice President High Street

Michael PikeAsst. Vice President Retail Growth

Melissa E. RichterAsst. Vice President Westfield

Danielle M. RosarioAsst. Vice President Chicopee

Lori A. SticklesAsst. Vice President Longmeadow

Lauren E. TabinAsst. Vice President Elmwood & Highland

Karen A. VolpeAsst. Vice President Fairview

Timothy WegielAsst. Vice President

Erinn M. YoungAsst. Vice President

Jessica J. BodonBanking Center Manager South Hadley

Christina A. BordeauBanking Center Manager Sixteen Acres

Lucinda A. BrownRetail Administration Officer

Michael GayBanking Center Manager Amherst

Kimberly A. LeeBanking Center Manager Sumner Avenue

Brenda L. RodriguezBanking Center Manager St. James Avenue

Jessica L. WalesBanking Center Manager Northampton

MarketingMatthew BannisterFirst Vice President

Jeffry A. KerrVice President

Joan LeahyVice President

Chrissy KiddyAsst. Vice President

LendingMichael J. OleksakExec. Vice President

Margaret M. LenihanSr. Vice President

James A. SherboSr. Vice President

Lynn A. BrownSr. Vice President

Shaun Dwyer Sr. Vice President

Donna George-EbbelingFirst Vice President

Nadine M. MaggiFirst Vice President

Mary J. MeehanFirst Vice President

Marian E. Poe-HeinemanFirst Vice President

William J. SullivanFirst Vice President

David J. ThibaultFirst Vice President

Joseph P. FimognariVice President

Kristen P. HuaVice President

Xiaolei HuaVice President

Matthew L. KrokovVice President

Denise A. LamoryVice President

Beverly J. OrloskiVice President

Steve A. Parastatidis Vice President

Meghan E. Parnell-GregoireVice President

Jay C. SeylerVice President

Catherine H. SnowVice President

Katherine A. St. MaryVice President

Wesley D. TannerVice President

Dina MeadAsst. Vice President

Christopher M. ScottAsst. Vice President

Tracy SicbaldiAsst. Vice President

Angela LiebelMortgage Consultant Officer

Starr McGrathConsumer Loan Officer

Amos McLeod IIICommercial Credit Officer

Jessica E. MenardCommercial Credit Officer

Cheri MillsBusiness Banking Officer

Patricia A. O’BrienUnderwriter Officer

Ann VallanceCommercial Credit Officer

Cynthia G. WszolekCash Management Officer

FinanceBrian M. CaninaExec. Vice President CFO and Treasurer

Donna M. CharetteFirst Vice President

Steven GemmeVice President

Karen E. SinopoliVice President and Controller

Joseph A. DiasAsst. Vice President Asst. Controller

Cassandra M. PierceAsst. Vice President

Annmarie HurleyAccounting Officer

Human ResourcesChristine A. PhillipsFirst Vice President

Risk Oversight and Information TechnologyJacqueline CharronSr. Vice PresidentChief Risk Officer

Joseph R. ZazzaroSr. Vice President

Lynne A. GinoVice President

Craig W. KaylorVice President

Jeffrey ReinkeVice President

Brian RheaumeVice President

Internal AuditTrisha L. LearyVice President

Victoria ThompsonInternal Audit Officer

STFR-AR2018

413.538.9500 bankatpeoples.com

Member FDIC/Member DIF

Annual Report 2018

A Year in ReviewThe year 2018 will be remembered as an important one in the history of PeoplesBank.

For the first time, we acquired another financial institution – The First National Bank of Suffield, which was renamed “First Suffield Bank, a Division of PeoplesBank”. We were attracted by their contiguous retail footprint, which allowed us to seamlessly stretch southward across the border into Connecticut, as well as their established sense of community and culture. When combined with our existing substantial commercial business in those markets, we now have an even stronger base for future planned growth, both in the Pioneer Valley, and also down into northern CT.

Yet, as we have grown and expanded, once again achieving record earnings, we have been looking even more closely at ourselves. As proud as we are about our financial results, it is important to remember that they are only one of the metrics we use to evaluate our success as a mutual bank. Based on the past several years, I would characterize us as a “High Performing Bank”, from a financial perspective. However, that’s not enough. We continue to ask of ourselves, “Are we viewed as High Performing by our Depositors? By the communities where we are based? Are we still considered a Best Place to Work by our associates?” Unless we can answer all of those questions in the affirmative, we still have work to do.

As a mutual bank, we believe we have a special responsibility to our customers, and the communities we serve. In the past year, we were listed as the 2nd fastest growing bank in Massachusetts by the Boston Business Journal. While approximately half of our growth in 2018 came from the acquisition of First Suffield Bank, the remaining half was organic growth – an impressive number in and of itself. We attribute our organic growth to our mutual charter. We do not have to divert earnings to shareholders so we can reinvest in our organization and the communities we serve. That means improved technology, better products and services – including rates and terms – as well as a level of investment in the community that is unmatched by our competitors.

Thank you for your support of PeoplesBank. We hope to continue to earn your trust moving forward.

Tom SenecalPresident and Chief Executive Officer

PeoplesBancorp, MHC and Subsidiaries

Consolidated Statement of Condition

December 31, 2018 & 2017 (amounts in thousands)

12/31/18 12/31/17

Assets

Cash on Hand and Due From Banks $120,321 $128,107

Bonds & Other Debt Obligations 357,693 330,135

Federal Home Loan Bank Stock 22,994 21,985

Federal Funds 1,554 123

Total Cash & Investments 502,562 480,350

Real Estate Loans 1,900,561 1,564,717

Commercial Loans 288,478 204,978

Consumer Loans 9,876 6,074

Less: Allowance for Loan Losses (14,388) (14,373)

Total Net Loans 2,184,527 1,761,396

Premises & Equipment 38,862 35,269

Other Assets 131,463 79,564

Total Other Assets 170,325 114,833

TOTAL ASSETS $2,857,414 $2,356,579

Liabilities & Capital

Total Deposits $1,817,855 $1,589,913

Borrowed Funds 774,249 517,189

Other Liabilities 34,283 35,651

Total Liabilities 2,626,357 2,143,230

Total Capital 231,027 213,349

TOTAL LIABILITIES & CAPITAL $2,857,414 $2,356,579

Statements do not include:

Letters of Credit Outstanding $4,934 $1,567

Unused Home Equity Credit Lines 79,233 76,304

Unused Commercial Credit Lines 101,385 92,087

PeoplesBancorp, MHCTrusteesDouglas A. BowenMark P. CuttingH. Toby Driscoll Susan R. GoldsmithDavid G. HealeyCarol C. KatzMichael L. Klofas

James M. LavelleSteven M. Mitus, Lead DirectorJames B. Newton, Jr.Russell J. PeotterThomas W. Senecal,

Chairman of the BoardThomas A. Terry

Honorary TrusteesGerard N. AubreyGeorge N. BeauregardBarbara C. BernardJoseph C. CassidyRichard R. GreenNormand A. LaRoche

George E. LearyBenjamin H. MarcusPaul J. McDonaldRoger J. ReidyBess StathisRobert G. Woodill

CorporatorsRobert J. BaconMelissa D. BoiselleTerence M. BresnahanFrancis J. Cataldo, Jr.Priscilla L. ChalmersJohn W. DietelPaul J. DinnJames J. Dowd, IIIJohn J. DriscollJonathan R. GoldsmithJoan GrenierHal W. HabermanMarc E. JoyceCary R. JubinvilleDavid A. KalickaLawrence B. KatzMichael B. KatzG. E. Patrick LearyJoan Kagan Levine

David F. MagriFrancesca MalteseMaura C. McCaffreyDino J. MarinelloRaymond P. Murphy, Jr.Adam J. OndrickAnne M. ParadisSuzanne L. ParkerJames R. ReidyBarry H. RosenkranzPeter C. RosskothenMichael A. SerafinoDaniel J. SheridanJ. Curtis ShumwayIdelia L. SmithLawrence C. StarrEric S. SuherMeghan B. Sullivan