PEOPLES BANCORP INC (Form: 10-Q, Received: 11/05/2021 14:58:20)

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GUARANTEE AGREEMENT FIRST NATIONAL BANKSHARES CORPORATION Dated as of February 26, 2004 . DOCSDC1:177614.4

TABLE OF CONTENTS ARTICLE I DEFINITIONS AND INTERPRETATION Page SECTION 1.1. Definitions and Interpretation ........................................................................... ii ARTICLE II POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE SECTION 2.1 Powers and Duties of the Guarantee Trustee ..................................................... 4 SECTION 2.2 Certain Rights of the Guarantee Trustee ............................................................ 6 SECTION 2.3 Not Responsible for Recitals or Issuance of Guarantee ..................................... 8 SECTION 2.4 Events of Default; Waiver. ................................................................................. 8 SECTION 2.5 Events of Default; Notice ................................................................................... 8 ARTICLE III THE GUARANTEE TRUSTEE SECTION 3 .I The Guarantee Trustee; Eligibility ..................................................................... 8 SECTION 3.2 Appointment, Removal and Resignation of the Guarantee Trustee ................... 9 ARTICLEN GUARANTEE SECTION 4.1 Guarantee ......................................................................................................... 10 SECTION 4.2 Waiver of Notice and Demand ......................................................................... 10 SECTION 4.3 Obligations Not Affected ................................................................................. 10 SECTION 4.4 Rights of Holders ............................................................................................. 11 SECTION 4.5 Guarantee of Payment ...................................................................................... 12 SECTION 4.6 Subrogation ...................................................................................................... 12 SECTION 4.7 Independent Obligations .................................................................................. 12 SECTION 4.8 Enforcement ..................................................................................................... 12 ARTICLEV LIMITATION OF TRANSACTIONS; SUBORDINATION SECTION 5.1 Limitation ofTransactions ............................................................................... 13 SECTION 5.2 Ranking ............................................................................................................ 13 ARTICLE VI TERMINATION SECTION 6.1 Termination ...................................................................................................... 14 I DOCSDC1:177614.4

ARTICLE VII INDEMNIFICATION SECTION 7.1 Exculpation ...................................................................................................... 14 SECTION 7.2 Indemnification ................................................................................................ 14 SECTION 7.3 Compensation; Reimbursement of Expenses ................................................... 15 ARTICLE VITT MISCELLANEOUS SECTION 8.1 Successors and Assigns .................................................................................... 16 SECTION 8.2 Amendments .................................................................................................... 16 SECTION 8.3 Notices ............................................................................................................. 16 SECTION 8.4 Benefit .............................................................................................................. 17 SECTION 8.5 Governing Law ................................................................................................ 17 SECTION 8.6 Counterparts ...................................................................................................... 17 GUARANTEE AGREEMENT This GUARANTEE AGREEMENT (the "Guarantee"), dated as of February 26, 2004, is executed and delivered by First National Bankshares Corporation, a bank holding company incorporated in West Virginia (the "Guarantor"), and Wilmington Trust Company, a Delaware banking corporation, as trustee (the "Guarantee Trustee"), for the benefit of the Holders (as defined herein) from time to time of the Capital Securities (as defined herein) of FNB Capital Trust One, a Delaware statutory trust (the "Issuer"). WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the "Declaration"), dated as of February 26, 2004, among the trustees named therein of the Issuer, First National Bankshares Corporation, as sponsor, and the Holders from time to time of undivided beneficial interests in the assets of the Issuer, the Issuer is issuing on the date hereof securities, having an aggregate liquidation amount of up to $6,000,000, designated the Capital Securities (the "Capital Securities"); and WHEREAS, as incentive for the Holders to purchase the Capital Securities, the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth in this Guarantee, to pay to the Holders of Capital Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the purchase by each Holder of the Capital Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee for the benefit of the Holders. ARTICLE I DEFINITIONS AND INTERPRETATION · SECTION 1.1. Definitions and Intemretation. In this Guarantee, unless the context otherwise requires: 11 DOCSDC1:!77614.4

(a) capitalized terms used in this Guarantee but not defined in the preamble above have the respective meanings assigned to them in this Section 1.1; (b) a term defined anywhere in this Guarantee has the same meaning throughout; ( c) all references to "the Guarantee" or "this Guarantee" are to this Guarantee as modified, supplemented or amended from time to time; (d) all references in this Guarantee to Articles and Sections are to Articles and Sections of this Guarantee, unless otherwise specified; ( e) terms defined in the Declaration as of the date of execution of this Guarantee have the same meanings when used in this Guarantee, unless otherwise defined in this Guarantee or unless the context otherwise requires; and (f) a reference to jhe singular includes the plural and vice versa. "Beneficiaries" means any Person to whom the Issuer is or hereafter becomes indebted or liable. "Corporate Trust Office" means the office of the Guarantee Trustee at which the corporate trust business of the Guarantee Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Guarantee is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. "Covered Person" means any Holder of Capital Securities. "Debentures" means the junior subordinated debentures of First National Bankshares Corporation, designated the Floating Rate Junior Subordinated Debt Securities due 2034, held by the Institutional Trustee (as defined in the Declaration) of the Issuer. "Event of Default" has the meaning set forth in Section 2.4. "Guarantee Payments" means the following payments or distributions, without duplication, with respect to the Capital Securities, to the extent not paid or made by the Issuer: (i) any accrued and unpaid Distributions (as defined in the Declaration) which are required to be paid on such Capital Securities to the extent the Issuer has funds available in the Property Account (as defined in the Declaration) therefor at such time, (ii) the Redemption Price (as defined in the Indenture) to the extent the Issuer has funds available in the Property Account therefor at such time, with respect to the Capital Securities at maturity or any Capital Securities called for redemption by the Issuer, (iii) the Special Redemption Price (as defmed in the Indenture) to the extent the Issuer has funds available in the Property Account therefor at such time, with respect to Capital Securities called for redemption upon the occurrence of a Special Event (as defined in the Indenture), and (iv) upon a voluntary or involuntary liquidation, dissolution, winding-up or termination of the Issuer (other than in connection with the ·-distribution of Debentures to the Holders of the Capital Securities in exchange therefor as provided in the Declaration), the lesser of(a) the aggregate of the liquidation amount and all accrued and unpaid Distributions on the Capital Securities to the date of payment, to the extent 2 DOCSDC1:177614.4

the Issuer has funds available in the Property Account therefor at such time, and (b) the amount of assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer after satisfaction ofliabilities to creditors of the Issuer as required by applicable law (in either case, the "Liquidation Distribution"). "Guarantee Trustee" means Wilmington Trust Company, until a Successor Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Guarantee and thereafter means each such Successor Guarantee Trustee. "Holder" means any holder, as registered on the books and records of the Issuer, of any Capital Securities; provided, however, that, in determining whether the holders of the requisite percentage of Capital Securities have given any request, notice, consent or waiver hereunder, "Holder" shall not include the Guarantor or any Affiliate of the Guarantor. "Indemnified Person" means the Guarantee Trustee (including in its individual capacity), any Affiliate of the Guarantee Trustee, or any officers, directors, shareholders, members, partners, employees, representatives, nominees, custodians or agents of the Guarantee Trustee. "Indenture" means the Indenture, dated as of February 26, 2004, between the Guarantor and Wilmington Trust Company, not in its individual capacity but solely as trustee, and any indenture supplemental thereto pursuant to which the Debentures are to be issµed to the Institutional Trustee of the Issuer. "Liquidation Distribution" has the meaning set forth in the definition of "Guarantee Payments" herein. "Majority in liquidation amount of the Capital Securities" means Holder(s) of outstanding Capital Securities, voting together as a class, but separately from the holders of Common Securities, of more than 50% of the aggregate liquidation amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to, but excluding, the date upon which the voting percentages are determined) of all Capital Securities then outstanding. "Obligations" means any costs, expenses or liabilities (but not including liabilities related to taxes) of the Issuer, other than obligations of the Issuer to pay to holders of any Trust Securities the amounts due such holders pursuant to the terms of the Trust Securities. "Officer's Certificate" means, with respect to any Person, a certificate signed by one Authorized Officer of such Person. Any Officer's Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee shall include: (a) a statement that each officer signing the Officer's Certificate has read the covenant or condition and the definitions relating thereto; (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Officer's Certificate; 3 DOCSDC1:177614.4

(c) a statement that each such officer has made such examination or investigation as, in such officer's opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and ( d) a statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with. "Person" means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. "Responsible Officer" means, with respect to the Guarantee Trustee, any officer within the Corporate Trust Office of the Guarantee Trustee with direct responsibility for the administration of any matters relating to this Guarantee, including any vice president, any assistant. vice president, any secretary, any assistant secretary, the treasurer, any assistant treasurer, any trust officer or other officer of the Corporate Trust Office of the Guarantee Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer's knowledge of and familiarity with the particular subject. "Successor Guarantee Trustee" means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 3. !. "Trust Securities" means the Common Securities and the Capital Securities. ARTICLE II POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE SECTION 2.1. Powers and Duties of the Guarantee Trustee. (a) This Guarantee shall be held by the Guarantee Trustee for the benefit of the Holders of the Capital Securities, and the Guarantee Trustee shall not transfer this Guarantee to any Person except a Holder of Capital Securities exercising his or her rights pursuant to Section 4.4(b) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. (b) If an Event of Default actually known to a Responsible Officer of the Guarantee Trustee has occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee for the benefit of the Holders of the Capital Securities. ( c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing or waiving of all Events of Default that may have occurred, shall 4 DOCSDC1:177614.4

undertake to perform only such duties as are specifically set forth in this Guarantee, and no implied covenants shall be read into this Guarantee against the Guarantee Trustee. In case an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.4(b )) and is actually known to a Responsible Officer of the Guarantee Trustee, the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. · (d) No provision of this Guarantee shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: DOCSDC1:177614.4 (i) prior to the occurrence of any Event of Default and after the curing or waiving of all Events of Default that may have occurred: (A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions ofthis Guarantee, and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee, and no implied covenants or obli¥ations shall be read into this Guarantee against the Guarantee Trustee; and (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee; but in the case of any such certificates or opinions furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not on their face they conform to the requirements of this Guarantee; (ii) the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that such Responsible Officer of the Guarantee Trustee or the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; (iii) the Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the written direction of the Holders of not less than a Majority in liquidation amount of the Capital Securities relating to the time, method and place of conducting any. proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee; and (iv) no provision of this Guarantee shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the 5

performance of any of its duties or in the exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds is not reasonably assured to it under the terms of this Guarantee, or security and indemnity, reasonably satisfactory to the Guarantee Trustee, against such risk or liability is not reasonably assured to it. SECTION 2.2. Certain Rights of the Guarantee Trustee. DOCSDC1:177614.4 (a) Subject to the provisions of Section 2.1: (i) The Guarantee Trustee may conclusively rely, and shall be fully protected in acting or refraining from acting upon, any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. (ii) Any direction or act of the Guarantor contemplated by this Guarantee shall be sufficiently evidenced by an Officer's Certificate. (iii) Whenever, in the administration of this Guarantee, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely upon an Officer's Certificate of the Guarantor which, upon receipt of such request, shall be promptly delivered by the Guarantor. (iv) The Guarantee Trustee shall have no duty to see to any recording, filing or registration of any instrument or other writing (or any rerecording, refiling or reregistration thereof). (v) The Guarantee Trustee may consult with counsel of its selection, and the advice or opinion of such counsel with respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion. Such counsel may be counsel to the Guarantor or any of its Affiliates and may include any of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee from any court of competent jurisdiction. (vi) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such security and indemnity, reasonably satisfactory to the Guarantee Trustee, against the costs, expenses (including attorneys' fees and expenses and the expenses of the Guarantee Trustee's agents, nominees or custodians) and liabiiities that might be incurred by it in complying with such request or direction, including such 6

reasonable advances as may be requested by the Guarantee Trustee; provided, however, that nothing contained in this Section 2.2(a)(vi) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Guarantee. (vii) The Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. (viii) The Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. (ix) Any action taken by the Guarantee Trustee or its agents hereunder shall bind the Holders of the Capital Securities, and the signature of the Guarantee Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to inquire as to the authority of the Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this Guarantee, both of which shall be conclusively evidenced by the Guarantee Trustee's or its agent's taking such action. (x) Whenever in the administration of this Guarantee the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders of a Majority in liquidation amount of the Capital Securities, (B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received and (C) shall be protected in conclusively relying on or acting in accordance with such instructions. (xi) The Guarantee Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Guarantee. (b) No provision of this Guarantee shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty. 7 DOCSDC1:177614.4

SECTION 2.3. Not Responsible for Recitals or Issuance of Guarantee. The recitals contained in this Guarantee shall be taken as the statements of the Guarantor, and the Guarantee Trustee does not assume any responsibility for their correctness. The Guarantee Trustee makes no representation as to the validity or sufficiency of this Guarantee. SECTION 2.4. Events of Default; Waiver. (a) An Event of Default under this Guarantee will occur upon the failure of the Guarantor to perform any of its payment or other obligations hereunder. (b) The Holders of a Majority in liquidation amount of the Capital Securities may, voting or consenting as a class, on behalf of the Holders of all of the Capital Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and shall be deemed to have been cured, for every purpose of this Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. SECTION 2.5. Events of Default; Notice. (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Capital Securities. (b) The Guarantee Trustee shall not be charged with knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice thereof from the Guarantor or a Holder of the Capital Securities, or a Responsible Officer of the Guarantee Trustee charged with the administration of this Guarantee shall have actual knowledge thereof. ARTICLE III THE GUARANTEE TRUSTEE SECTION 3.1. The Guarantee Trustee; Eligibility. DOCSDC1:177614.4 (a) There shall at all times be a Guarantee Trustee which shall: (i) not be an Affiliate of the Guarantor; and (ii) be a corporation or national association organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or Person authorized under such laws to exercise 8

corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State, Territorial or District of Columbia authority. If such corporation or national association publishes reports of condition at least armually, pursuant to law or to the requirements of the supervising or examining authority referred to above, then, for the purposes of this Section 3.l(a)(ii), the combined capital and surplus of such corporation or national association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 3.l(a), the Guarantee Trustee shall immediately resign in the marmer and with the effect set forth in Section 3.2(c). ( c) If the Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 31 O(b) of the Trust Indenture Act, the Guarantee Trustee shall either eliminate such interest or resign to the extent and in the marmer provided by, and subject to, this Guarantee. SECTION 3.2. Appointment, Removal and Resignation of the Guarantee Trustee. (a) Subject to Section 3.2(b), the Guarantee Trustee maybe appointed or removed without cause at any time by the Guarantor except during an Event of Default. (b) The Guarantee Trustee shall not be removed in accordance with Section 3.2(a) until a Successor Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. ( c) The Guarantee Trustee appointed to office shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by an instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. ( d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 3 .2 within 60 days after delivery of an instrument ofremoval or resignation, the Guarantee Trustee resigning or being removed may petition any court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. (e) No Guarantee Trustee shall be liable for the acts or omissions to act of any Successor Guarantee Trustee. 9 DOCSDCl:l 77614.4

(f) Upon termination of this Guarantee or removal or resignation of the Guarantee Trustee pursuant to this Section 3 .2, the Guarantor shall pay to the Guarantee Trustee all amounts owing to the Guarantee Trustee under Sections 7.2 and 7 .3 accrued to the date of such termination, removal or resignation. SECTION 4.1. Guarantee. ARTICLE IV GUARANTEE (a) The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by the Issuer), as and when due, regardless of any defense (except as defense of payment by the Issuer), right of set-off or counterclaim that the Issuer may have or assert. The Guarantor's obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders. (b) The Guarantor hereby also agrees to assume any and all Obligations of the Issuer and in the event any such Obligation is not so assumed, subject to the terms and conditions hereof, the Guarantor hereby irrevocably and unconditionally guarantees to each Beneficiary the full payment, when and as due, of any and all Obligations to such Beneficiaries. This Guarantee is intended to be for the Beneficiaries who have received notice hereof. SECTION 4.2. Waiver ofNotice and Demand. The Guarantor hereby waives notice of acceptance of this Guarantee and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. SECTION 4.3. Obligations Not Affected. The obligations, covenants, agreements and duties of the Guarantor under this Guarantee shall in no way be affected or impaired by reason of the happening from time to time of any of the following: (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or implied agreement, covenant, term or condition relating to the Capital Securities to be performed or observed by the Issuer; (b) the extension of time for the payment by the Issuer of all or any portion of the Distributions, Redemption Price, Special Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Capital Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Capital Securities (other than an extension of time for the payment of the 10 DOCSDCl :177614.4

Distributions, Redemption Price, Special Redemption Price, Liquidation Distribution or other sums payable that results .from the extension of any interest payment period on the Debentures or any extension of the maturity date of the Debentures permitted by the Indenture); (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Capital Securities, or any action on the part of the Issuer granting indulgence or extension of any kind; (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; ( e) any invalidity of, or defect or deficiency in, the Capital Securities; (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this Section 4.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. There shall be no obligation of the Holders to give notice to, or obtain consent of, the Guarantor with respect to the happening of any of the foregoing. SECTION 4.4. Rights of Holders. (a) The Holders of a Majority in liquidation amount of the Capital Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee or to direct the exercise of any trust or power conferred upon the Guarantee Trustee under this Guarantee; provided, however, that (subject to Sections 2.1and2.2) the Guarantee Trustee shall have the right to decline to follow any such direction if the Guarantee Trustee shall determine that the actions so directed would be unjustly prejudicial to the Holders not taking part in such direction or if the Guarantee Trustee being advised by counsel determines that the action or proceeding so directed may not lawfully be taken or if the Guarantee Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors or trustees and/or Responsible Officers shall determine that the action or proceeding so directed would involve the Guarantee Trustee in personal liability. (b) Any Holder of Capital Securities may institute a legal proceeding directly against the Guarantor to enforce the Guarantee Trustee's rights under this Guarantee, without first instituting a legal proceeding against the Issuer, the Guarantee Trustee or any other Person. The Guarantor waives any right or remedy to require that any such 11 DOCSDCl:l77614.4

action be brought first against the Issuer, the Guarantee Trustee or any other Person· before so proceeding directly against the Guarantor. SECTION 4.5. Guarantee of Payment. This Guarantee creates a guarantee of payment and not of collection. SECTION 4.6. Subrogation. The Guarantor shall be subrogated to all (if any) rights of the Holders of Capital Securities against the Issuer in respect of any amounts paid to such Holders by the Guarantor under this Guarantee; provided, however, that the Guarantor shall not (except to the extent required by applicable provisions oflaw) be entitled to enforce or exercise any right that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee, if, after giving effect to any such payment, any amounts are due and unpaid under this Guarantee. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders. SECTION 4.7. Independent Obligations. The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer with respect to the Capital Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 4.3 hereof. SECTION 4.8. Enforcement. A Beneficiary may enforce the Obligations of the Guarantor contained in Section 4.1 (b) directly against the Guarantor, and the Guarantor waives any right or remedy to require that any action be brought against the Issuer or any other person or entity before proceeding against the Guarantor. The Guarantor shall be subrogated to all rights (if any) of ~y Beneficiary against the Issuer in respect of any amounts paid to the Beneficiaries by the Guarantor under this Guarantee; provided, however, that the Guarantor shall not (except to the extent required by applicable provisions oflaw) be entitled to enforce or exercise any rights that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee, if, after giving effect to such payment, any amounts are due and unpaid under this Guarantee. 12 DOCSDC1:177614.4

ARTICLEV LIMITATION OF TRANSACTIONS; SUBORDINATION SECTION 5 .1. Limitation of Transactions. So long as any Capital Securities remain outstanding, if (a) there shall have occurred and be continuing an Event of Default or (b) the Guarantor shall have selected an Extension Period as provided in the Declaration and such period, or any extension thereof, shall have commenced and be continuing, then the Guarantor may not (x) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Guarantor's capital stock or (y) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Guarantor that rank pari passu in all respects with or junior in interest to the Debentures (other than (i) payments under this Guarantee, (ii) repurchases, redemptions or other acquisitions of shares of capital stock of the Guarantor (A) in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors, or consultants, (B) in connection with a dividend reinvestment or stockholder stock purchase plan or (C) in connection with the issuance of capital stock of the Guarantor (or securities convertible into or exercisable for such capital stock), as consideration in an acquisition transaction entered into prior to the occurrence of the Event of Default or the applicable Extension Period, (iii) as a result of any exchange or conversion of any class or series of the Guarantor's capital stock (or any capital stock of a subsidiary of the Guarantor) for any class or series of the Guarantor's capital stock or of any class or series of the Guarantor's indebtedness for any class or series of the Guarantor's capital stock, (iv) the purchase of fractional interests in shares of the Guarantor's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (v) any declaration of a dividend in connection with any stockholder's rights plan, or the issuance of rights, stock or other property under any stockholder's rights plan, or the redemption or repurchase of rights pursuant thereto, or (vi) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). SECTION 5.2. Ranking. This Guarantee will constitute an unsecured obligation of the Guarantor and will rank subordinate and junior in right of payment to all present and future Senior Indebtedness (as defined in the Indenture) of the Guarantor. By their acceptance thereof, each Holder of Capital Securities agrees to the foregoing provisions of this Guarantee and the other terms set forth herein. The right of the Guarantor to participate in any distribution of assets of any of its subsidiaries upon any such subsidiary's liquidation or reorganization or otherwise is subject to the prior claims of creditors of that subsidiary, except to the extent the Guarantor may itself be . .i:eGpgnized as a creditor of that subsidiary. Accordingly, the Guarantor's obligations under this Guarantee will be effectively subordinated to all existing and future liabilities of the Guarantor's subsidiaries, and claimants should look only to the assets of the Guarantor for payments 13 DOCSDCl:!77614.4

thereunder. This Guarantee does not limit the incurrence or issuance of other secured or unsecured debt of the Guarantor, including Senior Indebtedness of the Guarantor, under any indenture or agreement that the Guarantor may enter into in the future or otherwise. SECTION 6.1. Termination. ARTICLE VI TERMINATION This Guarantee shall terminate as to the Capital Securities (i) upon full payment of the Redemption Price or the Special Redemption Price, as the case may be, of all Capital . Securities then outstanding, (ii) upon the distribution of all of the Debentures to the Holders of all of the Capital Securities or (iii) upon full payment of the amounts payable in accordance with the Declaration upon dissolution of the Issuer. This Guarantee will continue to be effective or will be reinstated, as the case may be, if at any time any Holder of Capital Securities must restore payment of any sums paid under the Capital Securities or under this Guarantee. SECTION 7 .1. Exculpation. ARTICLE VII INDEMNIFICATION (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Guarantor or any Covered Person for any loss, damage or claim incurred by reason of any act or omission of such Indemnified Person in good faith in accordance with this Guarantee and in a manner that such Indemnified Person reasonably believed to be within the scope of the authority conferred on such Indemnified Person by this Guarantee or by law, except that an Indemnified Person shall be liable for any such loss, damage or claim incurred by reason of such Indemnified Person's negligence or willful misconduct with respect to such acts or omissions. (b) An Indemnified Person shall be fully protected in relying in good faith upon the records of the Issuer or the Guarantor and upon such information, opinions, reports or statements presented to the Issuer or the Guarantor by any Person as to matters the Indemnified Person reasonably believes are within such other Person's professional or expert competence and who, if selected by such Indemnified Person, has been selected with reasonable care by such Indemnified Person, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the existence and amount of assets from which Distributions to Holders of Capital Securities might properly be paid. SECTION 7.2. Indemnification. (a) The Guarantor agrees to indemnify each Indemnified Person for, and to hold each Indemnified Person harmless against, any and all loss, liability, damage, claim or expense incurred without negligence or willful misconduct on the part of the Indemnified Person, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including but not limited to the costs and expenses (including 14 DOCSDC1:177614.4

reasonable lega,1 fees and expenses) of the Indemnified Person defending itself against, or investigating, any claim or liability in connection with the exercise or performance of any of the Indemnified Person's powers or duties hereunder. The obligation to indemnify as set forth in this Section 7 .2 shall survive the resignation or removal of the Guarantee Trustee and the termination of this Guarantee. (b) Promptly after receipt by an Indemnified Person under this Section 7 .2 of notice of the commencement of any action, such Indemnified Person will, if a claim in respect thereof is to be made against the Guarantor under this Section 7 .2, notify the Guarantor in writing of the commencement thereof; but the failure so to notify the Guarantor (i) will not relieve the Guarantor from liability under paragraph (a) above unless and to the extent that the Guarantor did not otherwise learn of such action and such failure results in the forfeiture by the Guarantor of substantial rights and defenses and (ii) will not, in any event, relieve the Guarantor from any obligations to any Indemnified Person other than the indemnification obligation provided in paragraph (a) above. The Guarantor shall be entitled to appoint counsel of the Guarantor's choice at the Guarantor's expense to represent the Indemnified Person in any action for which indemnification is sought (in which case the Guarantor shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the Indemnified Person or Persons except as set forth below); provided, however, that such counsel shall be satisfactory to the Indemnified Person. Notwithstanding the Guarantor's election to appoint counsel to represent the Indemnified Person in any action, the Indemnified Person shall have the right to employ separate counsel (including local counsel), and the Guarantor shall bear the reasonable fees, costs and expenses of such separate counsel, if (i) the use of counsel chosen by the Guarantor to represent the Indemnified Person would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the Indemnified Person and the Guarantor and the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it and/or other Indemnified Persons which are different from or additional to those available to the Guarantor, (iii) the Guarantor shall not have employed counsel satisfactory to the Indemnified Person to represent the Indemnified Person within a reasonable time after notice of the institution of such action or (iv) the Guarantor shall authorize the Indemnified Person to employ separate counsel at the expense of the Guarantor. The Guarantor will not, without the prior written consent of the Indemnified Persons, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Persons are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each Indemnified Person from all liability arising out of such claim, action, suit or proceeding. SECTION 7.3. Compensation; Reimbursement of Expenses. The Guarantor agrees: (a) to pay to the Guarantee Trustee from time to time such compensation for all services rendered by it hereunder as the parties shall agree to from time to time (which 15 DOCSDCl:l77614.4

compensation shall not be limited by any provision oflaw in regard to the compensation of a trustee of an express trust); and (b) except as otherwise expressly provided herein, to reimburse the Guarantee Trustee upon request for all reasonable expenses, disbursements and advances incurred or made by it in accordance with any provision of this Guarantee (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct. The provisions of this Section 7.3 shall survive the resignation or removal of the Guarantee Trustee and the termination of this Guarantee. ARTICLE VIII MISCELLANEOUS SECTION 8.1. Successors and Assigns. All guarantees and agreements contained in this Guarantee shall bind the succe_ssors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Capital Securities then outstanding. Except in connection with any merger or consolidation of the Guarantor with or into another entity or any sale, transfer or lease of the Guarantor's assets to another entity, in each case to the extent permitted under the Indenture, the Guarantor may not assign its rights or delegate its obligations under this Guarantee without the prior approval of the Holders of not less than a Majority in liquidation amount of the Capital Securities. SECTION 8.2. Amendments. Except with respect to any changes that do not adversely affect the rights of Holders of the Capital Securities in any material respect (in which case no consent of Holders will be required), this Guarantee may be amended only with the prior approval of the Holders of not Jess than a Majority in liquidation amount of the Capital Securities. The provisions of the Declaration with respect to amendments thereof shall apply equally with respect to amendments of the Guarantee. SECTION 8.3. Notices. All notices provided for in this Guarantee shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by first class mail, as follows: (a) If given to the Guarantee Trustee, at the Guarantee Trustee's mailing address set forth below (or such other address as the Guarantee Trustee may give notice ofto the Holders of the Capital Securities): DOCSDCl:l77614.4 Wilmington Trust Company Rodney Square North 1100 North Market Street 16

Wilmington, Delaware 19890-0001 Attention: Corporate Trust Administration Telecopy: 302-651-8882 Telephone: 302-651-1000 (b) If given to the Guarantor, at the Guarantor's mailing address set forth below (or such other address as the Guarantor may give notice of to the Holders of the Capital Securities and to the Guarantee Trustee): First National Bankshares Corporation One Cedar St. Ronceverte, West Virginia 24970 Attention: Matthew L. Bums Telecopy: (304) 647-4500 Telephone: (304) 647-4209 (c) If given to any Holder of the Capital Securities, at the address set forth on the books and records of the Issuer. All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver. SECTION 8.4. Benefit. This Guarantee is solely for the benefit of the Holders of the Capital Securities and, subject to Section 2.l(a), is not separately transferable from the Capital Securities. SECTION 8.5. Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF. SECTION 8.6. Counterparts. This Guarantee may contain more than one counterpart of the signature page and this Guarantee may be executed by the affixing of the signature of the Guarantor and the Guarantee Trustee to any of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a singie signature page. 17 DOCSDC1:177614.4

THIS GUARANTEE is executed as of the day and year first above written. FIRST NATIONAL BANK.SHARES CORPORATION, as Guarantor By: /.,. 1)/.m1~3 Name: L. Thomas Bulla .....::: Title: Chief Executive Officer WILMINGTON TRUST COMP ANY, as Guarantee Trustee By:~~~~~~~~~~~~~ Name: Title:

I \ ' THIS GUARANTEE is executed as of the day and year first above written. FIRST NATIONAL BANKSHARES CORPORATION, as Guarantor By: ____________ _ Name: L. Thomas Bulla Title: Chief Executive Officer WILMINGTON TRUST COMP ANY, as G=~~ By: ~ Nam~} Title: De~ise M. Geran Vice President


Large accelerated filer	o	Accelerated filer	☒
Non-accelerated filer	o	Smaller reporting company	☐
		Emerging growth company	☐


Table of Contents

PART I – FINANCIAL INFORMATION			3
ITEM 1. FINANCIAL STATEMENTS			3
CONSOLIDATED BALANCE SHEETS (Unaudited)			3
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)			4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)			5
CONSOLIDATED STATEMENT S OF STOCKHOLDERS’ EQUITY (Unaudited)			6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)			8
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			9
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			43
SELECTED FINANCIAL DATA			43
EXECUTIVE SUMMARY			49
RESULTS OF OPERATIONS			51
FINANCIAL CONDITION			66
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			80
ITEM 4. CONTROLS AND PROCEDURES			80
PART II – OTHER INFORMATION			80
ITEM 1. LEGAL PROCEEDINGS			80
ITEM 1A. RISK FACTORS			80
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			81
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			81
ITEM 4. MINE SAFETY DISCLOSURES			81
ITEM 5. OTHER INFORMATION			81
ITEM 6. EXHIBITS			82
SIGNATURES			85


	September 30, 2021		December 31, 2020

(Dollars in thousands)	(Unaudited)
Assets
Cash and cash equivalents:
Cash and balances due from banks	$	129,842	$	60,902
Interest-bearing deposits in other banks	369,840		91,198
Total cash and cash equivalents	499,682		152,100
Available-for-sale investment securities, at fair value (amortized cost of $1,294,654 at September 30, 2021 and $734,544 at December 31, 2020) (a)	1,297,090		753,013
Held-to-maturity investment securities, at amortized cost (fair value of $240,000 at September 30, 2021 and $68,082 at December 31, 2020) (a)	243,100		66,458
Other investment securities	34,486		37,560
Total investment securities (a)	1,574,676		857,031
Loans and leases, net of deferred fees and costs (b)	4,491,028		3,402,940
Allowance for credit losses	(77,382)		(50,359)
Net loans	4,413,646		3,352,581
Loans held for sale	2,699		4,659
Bank premises and equipment, net of accumulated depreciation	91,210		60,094
Bank owned life insurance	72,920		71,591
Goodwill	267,015		171,260
Other intangible assets	28,400		13,337
Other assets	109,504		78,111
Total assets	$	7,059,752	$	4,760,764
Liabilities
Deposits:
Non-interest-bearing	$	1,559,993	$	997,323
Interest-bearing	4,272,027		2,913,136
Total deposits	5,832,020		3,910,459
Short-term borrowings	184,693		73,261
Long-term borrowings	99,411		110,568

Accrued expenses and other liabilities	111,746		90,803
Total liabilities	6,227,870		4,185,091
Stockholders’ equity
Preferred shares, no par value, 50,000 shares authorized, no shares issued at September 30, 2021 and at December 31, 2020	—		—
Common stock, no par value, 50,000,000 shares authorized, 29,806,435 shares issued at September 30, 2021 and 21,193,402 shares issued at December 31, 2020, including at each date shares held in treasury	685,428		422,536
Retained earnings	189,508		190,691
Accumulated other comprehensive (loss) income, net of deferred income taxes	(5,888)		1,336
Treasury stock, at cost, 1,599,593 shares at September 30, 2021 and 1,686,046 shares at December 31, 2020	(37,166)		(38,890)
Total stockholders’ equity	831,882		575,673
Total liabilities and stockholders’ equity	$	7,059,752	$	4,760,764


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands, except per share data)	2021		2020		2021		2020
Interest income:
Interest and fees on loans and leases	$	40,748	$	35,580	$	115,196	$	104,651
Interest and dividends on taxable investment securities	3,755		2,786		9,497		12,310
Interest on tax-exempt investment securities	882		614		2,358		1,903
Other interest income	82		33		175		317
Total interest income	45,467		39,013		127,226		119,181
Interest expense:
Interest on deposits	2,399		2,669		7,793		10,582
Interest on short-term borrowings	91		742		283		2,355
Interest on long-term borrowings	399		483		1,334		1,629

Total interest expense	2,889		3,894		9,410		14,566
Net interest income	42,578		35,119		117,816		104,615
Provision for credit losses	8,994		4,728		7,333		33,531
Net interest income after provision for credit losses	33,584		30,391		110,483		71,084



Non-interest income:
Electronic banking income	4,326		3,765		12,655		10,568
Trust and investment income	4,158		3,435		12,223		10,013
Insurance income	3,367		3,608		11,923		10,929
Deposit account service charges	2,549		2,266		6,578		6,995
Mortgage banking income	766		2,658		2,726		4,346
Bank owned life insurance income	437		462		1,329		1,514
Commercial loan swap fees	73		68		194		1,267
Net loss on asset disposals and other transactions	(308)		(28)		(459)		(237)
Net (loss) gain on investment securities	(166)		2		(704)		383
Other non-interest income	1,144		534		2,605		1,393
Total non-interest income	16,346		16,770		49,070		47,171
Non-interest expense:
Salaries and employee benefit costs	25,589		19,410		68,276		57,313
Professional fees	6,426		1,720		13,459		5,247
Net occupancy and equipment expense	3,551		3,383		10,167		9,688
Data processing and software expense	2,529		1,838		7,394		5,344
Electronic banking expense	2,037		2,095		6,006		5,839
Amortization of other intangible assets	1,279		857		3,267		2,314
Marketing expense	1,223		456		2,810		1,561
Franchise tax expense	810		882		2,487		2,645
FDIC insurance premium	807		570		1,596		717
Other loan expenses	487		342		1,443		1,255
Communication expense	411		283		1,079		857
Other non-interest expense	12,711		2,479		17,762		7,665
Total non-interest expense	57,860		34,315		135,746		100,445
(Loss) income before income taxes	(7,930)		12,846		23,807		17,810
Income tax (benefit) expense	(2,172)		2,636		3,999		3,616
Net (loss) income	$	(5,758)	$	10,210	$	19,808	$	14,194


(Loss) earnings per common share - basic	$	(0.28)	$	0.52	$	0.99	$	0.70
(Loss) earnings per common share - diluted	$	(0.28)	$	0.51	$	0.99	$	0.70
Weighted-average number of common shares outstanding - basic	20,640,519		19,504,503		19,751,853		19,862,409
Weighted-average number of common shares outstanding - diluted	20,789,271		19,637,689		19,890,672		19,998,353
Cash dividends declared	$	7,093	$	6,770	$	20,991	$	20,622
Cash dividends declared per common share	$	0.36	$	0.34	$	1.07	$	1.02


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2021		2020		2021		2020
Net (loss) income	$	(5,758)	$	10,210	$	19,808	$	14,194
Other comprehensive (loss) income:
Available-for-sale investment securities:
Gross unrealized holding (loss) gain arising during the period	(7,685)		(2,974)		(16,738)		15,480
Related tax benefit (expense)	1,592		624		3,493		(3,251)
Reclassification adjustment for net loss (gain) included in net (loss) income	166		(2)		704		(383)
Related tax (benefit) expense	(44)		—		(157)		80


Net effect on other comprehensive (loss) income	(5,971)		(2,352)		(12,698)		11,926
Defined benefit plan:
Net gain (loss) arising during the period	1,818		(533)		1,826		(1,054)
Related tax (expense) benefit	(407)		113		(408)		222
Amortization of unrecognized gain and service cost on benefit plans	20		33		81		97
Related tax expense	(5)		(7)		(18)		(21)
Recognition of gain due to settlement and curtailment	143		531		143		1,050
Related tax expense	(32)		(112)		(32)		(221)
Net effect on other comprehensive income	1,537		25		1,592		73
Cash flow hedges:
Net gain (loss) arising during the period	858		803		4,800		(9,661)
Related tax (expense) benefit	(90)		(168)		(918)		2,029
Net effect on other comprehensive income (loss)	768		635		3,882		(7,632)
Total other comprehensive (loss) income, net of tax	(3,666)		(1,692)		(7,224)		4,367
Total comprehensive (loss) income	$	(9,424)	$	8,518	$	12,584	$	18,561


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


					Accumulated Other Comprehensive Loss				Total Stockholders' Equity
	Common Shares		Retained Earnings				Treasury Stock
(Dollars in thousands)
Balance, June 30, 2021	$	422,652	$	202,359	$	(2,222)	$	(37,284)	$	585,505

Net loss	—		(5,758)		—		—		(5,758)
Other comprehensive loss, net of tax	—		—		(3,666)		—		(3,666)


Cash dividends declared	—		(7,093)				—		(7,093)

Reissuance of treasury stock for common share awards	(51)		—		—		51		—


Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	—		—		—		(78)		(78)

Common shares issued under dividend reinvestment plan	277		—		—		—		277
Common shares issued under compensation plan for Boards of Directors	16		—		—		44		60

Common shares issued under employee stock purchase plan	37		—		—		101		138
Stock-based compensation	598		—		—		—		598

Issuance of common shares related to merger with Premier Financial Bancorp, Inc.	261,899		—		—		—		261,899

Balance, September 30, 2021	$	685,428	$	189,508	$	(5,888)	$	(37,166)	$	831,882


					Accumulated Other Comprehensive Income (Loss)				Total Stockholders' Equity
	Common Shares		Retained Earnings				Treasury Stock
(Dollars in thousands)
Balance, December 31, 2020	$	422,536	$	190,691	$	1,336	$	(38,890)	$	575,673

Net income	—		19,808		—		—		19,808
Other comprehensive loss, net of tax	—		—		(7,224)		—		(7,224)


Cash dividends declared	—		(20,991)		—		—		(20,991)

Reissuance of treasury stock for common share awards	(2,223)		—		—		2,223		—

Reissuance of treasury stock for deferred compensation plan for Boards of Directors	—		—		—		74		74
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	—		—		—		(1,076)		(1,076)

Common shares issued under dividend reinvestment plan	655		—		—		—		655
Common shares issued under compensation plan for Boards of Directors	81		—		—		228		309

Common shares issued under employee stock purchase plan	98		—		—		275		373
Stock-based compensation	2,382		—		—		—		2,382

Issuance of common shares related to merger with Premier Financial Bancorp, Inc.	261,899		—		—		—		261,899

Balance, September 30, 2021	$	685,428	$	189,508	$	(5,888)	$	(37,166)	$	831,882


	Recurring Fair Value Measurements at Reporting Date
	September 30, 2021						December 31, 2020
(Dollars in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3

Assets:
Available-for-sale investment securities:
Obligations of:

U.S. government sponsored agencies	$	—	$	78,481	$	—	$	—	$	5,363	$	—
States and political subdivisions	—		252,919		—		—		114,919		—
Residential mortgage-backed securities	—		898,459		—		—		623,218		—
Commercial mortgage-backed securities	—		62,552		—		—		4,783		—
Bank-issued trust preferred securities	—		4,679		—		—		4,730		—

Total available-for-sale securities	—		1,297,090		—		—		753,013		—
Equity investment securities (a)	145		245		—		107		192		—
Derivative assets (b)	—		15,653		—		—		27,332		—
Liabilities:
Derivative liabilities (c)	$	—	$	22,904	$	—	$	—	$	39,395	$	—


	Non-Recurring Fair Value Measurements at Reporting Date
	September 30, 2021						December 31, 2020
(Dollars in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3

Assets:
Loans held for sale	$	—	$	2,751	$	—	$	—	$	4,733	$	—
Other real estate owned ("OREO")	$	—	$	—	$	11,268	$	—	$	—	$	134
Servicing rights (a)(b)	$	—	$	—	$	2,294	$	—	$	—	$	2,591


	Fair Value Measurements of Other Financial Instruments
(Dollars in thousands)	Fair Value Hierarchy Level	September 30, 2021				December 31, 2020
		Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash and cash equivalents	1	$	499,682	$	499,682	$	152,100	$	152,100




Held-to-maturity investment securities:
Obligations of:
U.S. government sponsored agencies	2	29,995		29,147		—		—
States and political subdivisions	2	124,181		122,435		35,139		35,484
Residential mortgage-backed securities	2	41,035		41,501		25,890		26,742
Commercial mortgage-backed securities	2	47,889		46,917		5,429		5,856
Total held-to-maturity securities		243,100		240,000		66,458		68,082


Other investment securities:
Other investment securities at cost:
Federal Home Loan Bank ("FHLB") stock	n/a	17,918		17,918		21,718		21,718
Federal Reserve Bank ("FRB") stock	n/a	13,311		13,311		13,311		13,311
Total other investment securities at cost		31,229		31,229		35,029		35,029
Other investment securities at fair value:
Nonqualified deferred compensation (a)	2	2,083		2,083		1,867		1,867
Other investment securities (b)	2	784		784		365		365
Total other investment securities at fair value		2,867		2,867		2,232		2,232
Total other investment securities (b)		34,096		34,096		37,261		37,261
Loans and leases, net of deferred fees and costs	3	4,491,028		4,595,800		3,402,940		3,458,732
Bank owned life insurance	3	72,920		72,920		71,591		71,591
Liabilities:
Deposits	2	$	5,832,020	$	5,546,935	$	3,910,459	$	3,773,602
Short-term borrowings	2	184,693		186,028		73,261		74,170
Long-term borrowings	2	99,411		106,497		110,568		117,364


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2021
Obligations of:

U.S. government sponsored agencies	$	78,916	$	102	$	(537)	$	78,481
States and political subdivisions	252,706		3,220		(3,007)		252,919
Residential mortgage-backed securities	894,848		10,453		(6,842)		898,459
Commercial mortgage-backed securities	63,568		85		(1,101)		62,552
Bank-issued trust preferred securities	4,616		233		(170)		4,679

Total available-for-sale securities	$	1,294,654	$	14,093	$	(11,657)	$	1,297,090
December 31, 2020
Obligations of:

U.S. government sponsored agencies	$	4,960	$	403	$	—	$	5,363
States and political subdivisions	110,401		4,642		(124)		114,919
Residential mortgage-backed securities	609,865		15,377		(2,024)		623,218
Commercial mortgage-backed securities	4,622		161		—		4,783
Bank-issued trust preferred securities	4,696		192		(158)		4,730

Total available-for-sale securities	$	734,544	$	20,775	$	(2,306)	$	753,013


	Less than 12 Months						12 Months or More						Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities		Fair Value		Unrealized Loss		No. of Securities		Fair Value		Unrealized Loss
September 30, 2021
Obligations of:

U.S. government sponsored agencies	$	49,570	$	537	$	7	$	—	$	—	$	—	$	49,570	$	537
States and political subdivisions	128,402		3,007		76		—		—		—		128,402		3,007
Residential mortgage-backed securities	466,518		6,079		72		36,160		763		16		502,678		6,842
Commercial mortgage-backed securities	48,974		1,101		17		—		—		—		48,974		1,101
Bank-issued trust preferred securities	—		—		—		1,830		170		2		1,830		170

Total	$	693,464	$	10,724	172		$	37,990	$	933	18		$	731,454	$	11,657
December 31, 2020
Obligations of:


States and political subdivisions	$	17,651	$	124	5		$	—	$	—	—		$	17,651	$	124
Residential mortgage-backed securities	156,659		1,795		45		9,892		229		13		166,551		2,024

Bank-issued trust preferred securities	494		6		1		1,848		152		2		2,342		158

Total	$	174,804	$	1,925	51		$	11,740	$	381	15		$	186,544	$	2,306


(Dollars in thousands)	Within 1 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:

U.S. government sponsored agencies	$	—		$	1,996		$	66,436		$	10,484		$	78,916
States and political subdivisions	7,314			28,647			67,074			149,671			252,706
Residential mortgage-backed securities	7			981			56,615			837,245			894,848
Commercial mortgage-backed securities	1,887			—			34,169			27,512			63,568
Bank-issued trust preferred securities	—			—			4,616			—			4,616

Total available-for-sale securities	$	9,208		$	31,624		$	228,910		$	1,024,912		$	1,294,654
Fair value
Obligations of:

U.S. government sponsored agencies	$	—		$	2,069		$	66,161		$	10,251		$	78,481
States and political subdivisions	7,375			29,538			68,100			147,906			252,919
Residential mortgage-backed securities	7			1,006			56,712			840,734			898,459
Commercial mortgage-backed securities	1,907			—			33,763			26,882			62,552
Bank-issued trust preferred securities	—			—			4,679			—			4,679

Total available-for-sale securities	$	9,289		$	32,613		$	229,415		$	1,025,773		$	1,297,090
Total weighted-average yield	2.07		%	2.56		%	1.19		%	1.58		%	1.54		%


(Dollars in thousands)	September 30, 2021		December 31, 2020
Construction	$	174,784	$	106,792
Commercial real estate, other	1,629,116		929,853
Commercial and industrial	858,538		973,645
Premium finance	134,755		114,758
Leases	111,446		—
Residential real estate	768,134		574,007
Home equity lines of credit	161,370		120,913
Consumer, indirect	543,256		503,527
Consumer, direct	108,702		79,094
Deposit account overdrafts	927		351
Total loans, at amortized cost	$	4,491,028	$	3,402,940


	September 30, 2021				December 31, 2020
(Dollars in thousands)	Nonaccrual (a)		Accruing Loans 90+ Days Past Due		Nonaccrual (a)		Accruing Loans 90+ Days Past Due
Construction	$	—	$	—	$	4	$	—
Commercial real estate, other	17,301		1,912		9,111		—
Commercial and industrial	5,356		98		6,192		50
Premium finance	—		368		—		204
Leases	1,411		1,736		—		—
Residential real estate	9,735		1,156		8,375		1,975
Home equity lines of credit	976		61		867		82
Consumer, indirect	1,069		—		1,073		39
Consumer, direct	186		32		171		17
Total loans, at amortized cost	$	36,034	$	5,363	$	25,793	$	2,367


	Loans Past Due								Current Loans		Total Loans
(Dollars in thousands)	30 - 59 days		60 - 89 days		90 + Days		Total
September 30, 2021
Construction	$	146	$	16	$	—	$	162	$	174,622	$	174,784
Commercial real estate, other	4,513		2,349		14,116		20,978		1,608,138		1,629,116
Commercial and industrial	924		566		5,324		6,814		851,724		858,538
Premium finance	440		281		368		1,089		133,666		134,755
Leases	393		194		1,736		2,323		109,123		111,446
Residential real estate	4,138		2,649		5,353		12,140		755,994		768,134
Home equity lines of credit	487		166		758		1,411		159,959		161,370
Consumer, indirect	2,977		477		346		3,800		539,456		543,256
Consumer, direct	134		224		101		459		108,243		108,702
Deposit account overdrafts	—		—		—		—		927		927
Total loans, at amortized cost	$	14,152	$	6,922	$	28,102	$	49,176	$	4,441,852	$	4,491,028
December 31, 2020
Construction	$	—	$	344	$	4	$	348	$	106,444	$	106,792
Commercial real estate, other	1,943		283		8,643		10,869		918,984		929,853
Commercial and industrial	567		552		4,535		5,654		967,991		973,645
Premium finance	928		1,073		204		2,205		112,553		114,758
Residential real estate	6,739		2,688		5,512		14,939		559,068		574,007
Home equity lines of credit	309		58		780		1,147		119,766		120,913
Consumer, indirect	4,362		733		348		5,443		498,084		503,527
Consumer, direct	424		43		123		590		78,504		79,094
Deposit account overdrafts	—		—		—		—		351		351
Total loans, at amortized cost	$	15,272	$	5,774	$	20,149	$	41,195	$	3,361,745	$	3,402,940



	Term Loans at Amortized Cost by Origination Year														Revolving Loans Converted to Term
(Dollars in thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans				Total Loans
Construction
Pass	$	57,422	$	73,789	$	16,624	$	3,289	$	1,286	$	2,829	$	1,755	$	4,170	$	156,994
Special mention	290		—		7,185		1,092		3,805		138		—		—		12,510
Substandard	—		—		957		79		159		4,085		—		—		5,280


Total	57,712		73,789		24,766		4,460		5,250		7,052		1,755		4,170		174,784
Commercial real estate, other
Pass	195,110		266,264		240,617		153,836		160,057		427,073		23,815		12,128		1,466,772
Special mention	159		10,353		8,398		7,077		8,798		33,558		—		51		68,343
Substandard	—		1,679		6,644		2,299		5,668		76,655		371		41		93,316
Doubtful	—		—		—		—		—		669		—		—		669
Loss	—		—		—		—		—		16		—		—		16
Total	195,269		278,296		255,659		163,212		174,523		537,971		24,186		12,220		1,629,116
Commercial and industrial
Pass	241,877		135,119		90,671		67,107		30,843		102,471		154,178		14,440		822,266
Special mention	82		1,281		2,327		3,622		164		991		2,702		10		11,169


		Three Months Ended
		Recorded Investment (a)
(Dollars in thousands)	Number of Contracts	Pre-Modification		Post-Modification		Remaining Recorded Investment
September 30, 2021
Construction	1	$	6	$	6	$	6
Commercial real estate, other	2	14		14		14
Commercial and industrial	3	327		327		327
Leases	2	182		184		178
Residential real estate	46	1,952		1,956		1,955
Home equity lines of credit	5	55		55		55
Consumer, indirect	9	95		95		95
Consumer, direct	3	9		9		9
Consumer	12	104		104		104
Total	71	$	2,640	$	2,646	$	2,639

September 30, 2020
Commercial real estate, other	3	$	2,214	$	2,214	$	1,112
Commercial and industrial	4	3,657		3,657		3,658
Residential real estate	10	608		608		608
Home equity lines of credit	3	68		68		68
Consumer, indirect	11	126		126		126
Consumer, direct	2	16		16		16
Consumer	13	142		142		142
Total	33	$	6,689	$	6,689	$	5,588
(a) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported.


(Dollars in thousands)	Beginning Balance, June 30, 2021		Initial Allowance for Acquired Purchased Credit Deteriorated Assets		Provision for Credit Losses for Acquired Non-Purchased Credit Deteriorated Assets		(Recovery of) Provision for Credit Losses (a)		Charge-offs		Recoveries		Ending Balance, September 30, 2021
Construction	$	914	$	2,127	$	638	$	(243)	$	—	$	—	$	3,436
Commercial real estate, other	17,233		13,374		5,384		(179)		—		4		35,816
Commercial and industrial	8,686		4,286		1,059		(3)		(654)		4		13,378
Premium finance	998		—		—		146		(7)		—		1,137
Leases	3,715		—		—		1,101		(431)		120		4,505
Residential real estate	4,837		2,394		2,645		(312)		(44)		48		9,568
Home equity lines of credit	1,504		41		674		148		(180)		37		2,224
Consumer, indirect	8,841		—		—		(2,308)		(416)		43		6,160
Consumer, direct	1,161		112		180		(362)		(29)		17		1,079
Deposit account overdrafts	53		—		—		124		(135)		37		79
Total	$	47,942	$	22,334	$	10,580	$	(1,888)	$	(1,896)	$	310	$	77,382


(Dollars in thousands)	Beginning Balance, June 30, 2020		Initial Allowance for Acquired Purchased Credit Deteriorated Assets		Provision for Credit Losses for Acquired Non-Purchased Credit Deteriorated Assets		(Recovery of) Provision for Credit Losses (a)		Charge-offs		Recoveries		Ending Balance, September 30, 2020
Construction	$	2,662	$	—	$	—	$	(148)	$	—	$	—	$	2,514
Commercial real estate, other	19,148		—		—		(8)		(109)		4		19,035
Commercial and industrial	10,106		—		—		3,139		(146)		—		13,099
Premium finance	—		—		990		(2)		(2)		—		986

Residential real estate	6,380		—		—		(371)		(121)		100		5,988
Home equity lines of credit	1,755		—		—		40		—		2		1,797
Consumer, indirect	12,293		—		—		785		(370)		64		12,772
Consumer, direct	1,941		—		—		(78)		(15)		13		1,861
Deposit account overdrafts	77		—		—		154		(202)		47		76
Total	$	54,362	$	—	$	990	$	3,511	$	(965)	$	230	$	58,128



(Dollars in thousands)	Beginning Balance, December 31, 2020		Initial Allowance for Acquired Purchased Credit Deteriorated Assets		Provision for Credit Losses for Acquired Non-Purchased Credit Deteriorated Assets		(Recovery of) Provision for Credit Losses (a)		Charge-offs		Recoveries		Ending Balance, September 30, 2021
Construction	$	1,887	$	2,127	$	638	$	(1,216)	$	—	$	—	$	3,436
Commercial real estate, other	17,536		13,374		5,384		(325)		(161)		8		35,816
Commercial and industrial	12,763		4,286		1,059		(3,800)		(952)		22		13,378
Premium finance	1,095		—		—		72		(30)		—		1,137
Leases	—		493		3,288		1,450		(956)		230		4,505
Residential real estate	6,044		2,394		2,645		(1,305)		(313)		103		9,568
Home equity lines of credit	1,860		41		674		(196)		(196)		41		2,224
Consumer, indirect	8,030		—		—		(891)		(1,190)		211		6,160
Consumer, direct	1,081		112		180		(252)		(96)		54		1,079
Deposit account overdrafts	63		—		—		208		(327)		135		79
Total	$	50,359	$	22,827	$	13,868	$	(6,255)	$	(4,221)	$	804	$	77,382



(Dollars in thousands)	Beginning Balance, January 1, 2020 (a)		Initial Allowance for Acquired Purchased Credit Deteriorated Assets		Provision for Credit Losses for Acquired Non-Purchased Credit Deteriorated Assets		Provision for (Recovery of) Credit Losses (b)		Charge-offs		Recoveries		Ending Balance, September 30, 2020
Construction	$	600	$	51	$	—	$	1,863	$	—	$	—	$	2,514
Commercial real estate, other	7,193		1,356		—		10,614		(254)		126		19,035
Commercial and industrial	4,960		860		—		6,368		(1,098)		2,009		13,099
Premium finance	—		—		990		(2)		(2)		—		986

Residential real estate	3,977		383		—		1,626		(255)		257		5,988
Home equity lines of credit	1,570		2		—		237		(23)		11		1,797
Consumer, indirect	5,389		—		—		8,549		(1,427)		261		12,772
Consumer, direct	856		34		—		1,062		(128)		37		1,861
Deposit account overdrafts	94		—		—		360		(534)		156		76
Total	$	24,639	$	2,686	$	990	$	30,677	$	(3,721)	$	2,857	$	58,128


(Dollars in thousands)	Core Deposits		Customer Relationships		Total
September 30, 2021
Gross intangibles	$	25,805	$	25,096	$	50,901

Accumulated amortization	(17,813)		(8,256)		(26,069)
Total acquisition-related intangibles	$	7,992	$	16,840	$	24,832
Servicing rights					2,294
Indefinite-lived intangibles					1,274
Total other intangibles					$	28,400

December 31, 2020
Gross intangibles	$	22,233	$	12,495	$	34,728

Accumulated amortization	(17,298)		(6,579)		(23,877)
Total acquisition-related intangibles	$	4,935	$	5,916	$	10,851
Servicing rights					2,486

Total other intangibles					$	13,337


	September 30, 2021				December 31, 2020
	Minimum		Maximum		Minimum		Maximum
Discount rates	8.3	%	10.8	%	8.3	%	10.8	%
Prepayment speeds	8.4	%	27.2	%	12.8	%	21.1	%


(Dollars in thousands)	Retail		Brokered		Total
Remaining three months ending December 31, 2021 (a)	$	142,996	$	101,307	$	244,303
Year ending December 31, 2022	375,448		4,216		379,664
Year ending December 31, 2023	66,339		490		66,829
Year ending December 31, 2024	62,021		—		62,021
Year ending December 31, 2025	22,021		—		22,021
Thereafter	22,855		—		22,855
Total CDs	$	691,680	$	106,013	$	797,693


	Common Shares	Treasury Stock
Shares at December 31, 2020	21,193,402	1,686,046
Changes related to stock-based compensation awards:

Release of restricted common shares	—	29,135
Cancellation of restricted common shares	—	7,168

Grant of restricted common shares	—	(101,926)
Grant of unrestricted common shares	—	(5,747)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	5,309
Disbursed out of treasury stock	—	(2,983)

Common shares issued under dividend reinvestment plan	23,348	—
Common shares issued under compensation plan for Boards of Directors	—	(5,535)

Common shares issued under employee stock purchase plan	—	(11,874)
Issuance of common shares related to the merger with Premier Financial Bancorp, Inc.	8,589,685	—

Shares at September 30, 2021	29,806,435	1,599,593


	2021		2020
First quarter	$	0.35	0.34
Second quarter	0.36		0.34
Third quarter	0.36		0.34
Fourth quarter	$	0.36	$	0.35
Total dividends declared	$	1.43	$	1.37


(Dollars in thousands)	Unrealized Gain on Securities		Unrecognized Net Pension and Postretirement Costs		Unrealized Loss on Cash Flow Hedge		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2020	$	14,592	$	(3,872)	$	(9,384)	$	1,336
Reclassification adjustments to net income:
Realized gain on sale of securities, net of tax	547		—		—		547
Realized loss due to settlement and curtailment, net of tax	—		111		—		111
Other comprehensive (loss) income, net of reclassifications and tax	(13,245)		1,481		3,882		(7,882)
Balance, September 30, 2021	$	1,894	$	(2,280)	$	(5,502)	$	(5,888)


	Pension Benefits
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2021		2020		2021		2020
Interest cost	$	60	$	80	$	194	$	256
Expected return on plan assets	(143)		(187)		(492)		(577)
Amortization of net loss	21		35		84		101
Settlement of benefit obligation	143		531		143		1,050
Net periodic loss (income)	$	81	$	459	$	(71)	$	830


	Time-Based Vesting			Performance-Based Vesting
	Number of Common Shares	Weighted-Average Grant Date Fair Value		Number of Common Shares	Weighted-Average Grant Date Fair Value
Outstanding at January 1	67,758	$	23.71	250,992	$	33.36
Awarded	25,107	32.58		76,819	31.48
Released	(9,127)	35.63		(73,611)	35.43
Forfeited	(500)	34.75		(6,668)	32.42
Outstanding at September 30	83,238	$	25.01	247,532	$	32.19


	Contract Assets		Contract Liabilities
(Dollars in thousands)
Balance, January 1, 2021	$	1,247	$	5,224
Additional income receivable	144		—

Receipt of income previously receivable	(701)		—
Recognition of income previously deferred	—		(488)
Balance, September 30, 2021	$	690	$	4,736


(Dollars in thousands)	Unpaid Principal Balance	Fair Value




Premier common shares		14,811,200
Number of common shares of Peoples issued for each common share of Premier		0.58
Price per Peoples common share, based at closing date		$	30.49
Common share consideration		261,899
Cash paid in lieu of fractional common shares		25
Total consideration		$	261,924
Net assets at fair value
Assets
Cash and due from banks		$	251,763
Interest-bearing deposits in other banks		1,025
Total cash and cash equivalents		252,788
Available-for-sale investment securities		563,294

Other investment securities		4,159
Total investment securities		567,453

Loans:
Construction	97,262	93,819
Commercial real estate, other	544,950	517,315
Commercial and industrial	132,293	127,880

Residential real estate	332,269	327,508
Home equity lines of credit	46,969	45,841

Consumer	21,083	21,527
Total loans	1,174,826	1,133,890


Bank premises and equipment		33,835
Other intangible assets		4,233
OREO		11,101
Other assets		19,671
Total assets		$	2,022,971



(Dollars in thousands)	Par Value		Allowance for Credit Losses		Non-Credit (Discount) Premium		Fair Value
Purchased credit deteriorated loans
Construction	$	23,232	$	(2,127)	$	(219)	$	20,886
Commercial real estate, other	176,122		(13,374)		(8,022)		154,726
Commercial and industrial	26,341		(4,286)		281		22,336

Residential real estate	56,005		(2,394)		(2,166)		51,445
Home equity lines of credit	2,014		(41)		(68)		1,905

Consumer	1,614		(112)		63		1,565
Fair value	$	285,328	$	(22,334)	$	(10,131)	$	252,863


	Unaudited Pro Forma For
	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020


Net interest income	$	59,248	$	52,646	$	168,644	$	156,285


Non-interest income	19,071		18,967		57,061		53,507



Net income	17,492		16,151		56,862		31,529


(Dollars in thousands)
Total purchase price (a)	$	118,846







Net assets at fair value
Assets
Cash and due from banks	$	216









Net leases	82,833
Bank premises and equipment, net of accumulated depreciation	470
Other intangible assets	14,009
Other assets	1,225
Total assets	$	98,753
Liabilities





Accrued expenses and other liabilities	$	4,627
Total liabilities	$	4,627
Net assets	$	94,126
Goodwill	$	24,720


(Dollars in thousands)	Change in fair value
Net assets




Other intangible assets	$	(474)
Other assets	(380)
Accrued expenses and other liabilities	380
Change in goodwill	$	(474)


(Dollars in thousands)	NSL
Purchased credit deteriorated leases
Par value	$	5,248
Allowance for credit losses	(493)
Non-credit premium	85
Fair value	$	4,840