Peoples Bancorp of North Carol - PEBK STOCK NEWS

iRhythm Technologies (NASDAQ:IRTC) presented five new studies at the American Heart Association's 2024 Scientific Sessions, focusing on three key areas of long-term continuous monitoring (LTCM): digital patient engagement, arrhythmia patterns during sleep/activity, and healthcare economic impact. Key findings showed that digital tools improved device return compliance to 94.8% when both app and text messaging were used, compared to 74.6% without digital intervention. The new Zio monitor demonstrated 14% better wear comfort than its predecessor. A significant cost analysis revealed higher healthcare costs for arrhythmia patients with diabetes and COPD, suggesting potential savings through early detection.

Peoples Bancorp of North Carolina, parent company of Peoples Bank, reported third quarter 2024 results. Net earnings were $4.0 million or $0.74 per share, slightly down from $4.1 million or $0.76 per share in Q3 2023. Net interest margin decreased to 3.35% from 3.39% year-over-year. Year-to-date net earnings increased to $12.8 million or $2.41 per share, up from $12.1 million or $2.22 per share. Total loans grew to $1.12 billion, and total deposits rose to $1.48 billion. Non-performing assets remained stable at $3.9 million. Net interest income for Q3 2024 was $13.5 million, driven by higher interest income on loans and securities. Non-interest income increased to $7.1 million, while non-interest expenses rose to $15.0 million, mainly due to higher occupancy and appraisal management fees. The provision for credit losses decreased to $297,000. The effective tax rate increased to 25.76% due to changes in North Carolina's corporate tax rate.

Peoples Bancorp of North Carolina (Nasdaq: PEBK) has declared a regular cash dividend of $0.19 per share for the third quarter of 2024. The dividend will be paid on September 13, 2024 to shareholders of record as of September 3, 2024. Shareholders are encouraged to enroll in the Company's Dividend Reinvestment and Stock Purchase Plan.

Peoples Bank, a wholly-owned subsidiary of Peoples Bancorp, operates 16 banking offices in North Carolina, covering Catawba, Alexander, Lincoln, Mecklenburg, Iredell, and Wake Counties. The Bank also has loan production offices in Lincoln, Mecklenburg, Rowan, and Forsyth Counties. Peoples Bancorp's common stock is traded on the Nasdaq Global Market under the symbol 'PEBK'.

Peoples Bancorp of North Carolina (Nasdaq:PEBK) has announced a significant leadership change. Bill Cable will assume the role of President and CEO on September 19, 2024, following the retirement of Lance Sellers in early 2025. Cable, who has been with Peoples Bank since 1995 and served as Chief Operating Officer since 2000, brings extensive banking experience to the position. Under Sellers' 12-year tenure as CEO, the bank's assets grew from $1 billion to $1.6 billion, achieving 5 years of record earnings and providing shareholders a total return of over 380%. The Board of Directors expressed confidence in Cable's leadership abilities to continue the bank's success as a strong, independent community bank.

Peoples Bancorp of North Carolina (NASDAQ:PEBK) reported second quarter 2024 results with net earnings of $4.9 million or $0.93 per share, compared to $4.8 million or $0.88 per share in the same period last year. Key highlights include:

- Net interest margin decreased to 3.34% from 3.56% year-over-year
- Total loans increased to $1.11 billion from $1.09 billion at year-end 2023
- Total deposits grew to $1.48 billion from $1.39 billion at year-end 2023
- Non-performing assets were 0.25% of total assets, slightly up from 0.24% at year-end 2023
- Core deposits increased to 90.02% of total deposits from 89.30% at year-end 2023

The increase in earnings was attributed to higher non-interest income and lower provision for credit losses, partially offset by decreased net interest income and increased non-interest expenses.

Peoples Bancorp of North Carolina (NASDAQ:PEBK) announced the authorization of a stock repurchase program valued at up to $2 million. The company's Board of Directors approved the plan, set to enhance shareholder value by utilizing the company's strong balance sheet and capital position. As of March 31, 2024, the company reported assets of $1.7 billion and stockholder's equity of $121.1 million. Purchase decisions under this program will be driven by market conditions and other factors, with flexibility to suspend the program if necessary. Peoples Bank operates 16 banking offices across various counties in North Carolina and has loan production offices in additional counties.

Peoples Bancorp of North Carolina, headquartered in Newton, NC, announced a regular cash dividend of $0.19 per share for the second quarter of 2024. This dividend will be paid on June 14, 2024, to shareholders recorded by June 3, 2024. The company encourages shareholders to enroll in its Dividend Reinvestment and Stock Purchase Plan for more benefits. Peoples Bank, a subsidiary of Peoples Bancorp, operates 17 banking offices across North Carolina and several loan production offices in key counties. Shares of Peoples Bancorp are traded on the Nasdaq Global Market under the symbol 'PEBK'.

Peoples Bancorp of North Carolina, Inc. announced their first quarter 2024 results, showcasing a rise in net earnings to $3.9 million or $0.74 per share, attributed to increased non-interest income and reduced credit losses provision. Despite net interest income decline, total loans and core deposits saw growth, highlighting a positive quarter for the company.