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Overview
People Bancorp of North Carolina Inc (PEBK) is a state‐chartered banking institution operating as the parent company of Peoples Bank. Specializing in commercial banking and offering a diversified loan portfolio, the bank provides a comprehensive suite of products and services for both personal and commercial banking needs. The company is deeply rooted in its communities and is known for its conservative asset management practices and consistent dividend income derived from the Bank's capital stock.
Core Business and Services
At its heart, Peoples Bank is a full‐service community bank that caters to its local clientele by offering a range of financial services, including deposit accounts, loan products, and various transactional services. With branches and loan production offices strategically located in numerous North Carolina cities, the bank emphasizes personal relationships and local expertise. Its services extend to both individual consumers and business clients, ensuring that a broad range of financial needs is met under one roof.
Operational Model and Revenue Streams
The operational strength of People Bancorp of North Carolina is underpinned by a robust revenue model focused on net interest income, fee-based revenue, and regular dividend payouts. The bank sustains its operations through a carefully diversified loan portfolio that minimizes risk by excluding foreign and largely agricultural loans, thereby concentrating on stable, local market segments. This model is reinforced by maintaining strong core deposits and low non-performing asset ratios.
Market Position and Community Focus
People Bancorp of North Carolina is positioned as a reliable and community-centric financial institution. Its strategic placement within North Carolina—notably in cities such as Lincolnton, Hickory, Charlotte, and Raleigh—enables the bank to build long-lasting relationships with local residents, small businesses, and regional commercial entities. The company's disciplined approach to risk management and revenue generation underscores its commitment to community and client financial well-being.
Risk Management and Credit Quality
A key aspect of its operations is a cautious approach to risk management. The bank maintains a diversified loan structure with a low percentage of non-performing assets and an allowance for credit losses that reflects robust internal processes for evaluating loan risks. This careful management strategy provides assurance to depositors and stakeholders about the stability and prudence of its credit practices.
Industry Expertise and Financial Integrity
Recognized for its deep expertise in the banking industry, People Bancorp of North Carolina employs financial management practices that merge traditional community banking values with modern financial analysis. The careful balance of interest income generation, fee-based services, and conservative credit risk management has earned the bank a reputation for reliability and trustworthiness across North Carolina’s competitive financial landscape.
Summary
- Full-Service Operations: Providing comprehensive personal and commercial banking solutions.
- Diversified Loan Portfolio: Focused on local market segments with low exposure to foreign and agricultural loans.
- Community-Centric: Deeply integrated into local regions, offering personalized service and financial stability.
- Conservative Asset Management: Emphasizing low non-performing asset ratios and sound credit practices.
- Revenue Generation: Driven primarily by interest income and consistent dividend payouts.
This comprehensive overview provides a detailed insight into People Bancorp of North Carolina Inc, highlighting its place within the competitive landscape of community banking and its commitment to operational excellence and financial prudence.
Peoples Bancorp of North Carolina (Nasdaq: PEBK) has announced a new stock repurchase program authorized by its Board of Directors. The program allocates up to $3.0 million to repurchase the company's common stock in open market or privately-negotiated transactions.
As of December 31, 2024, the company reported total assets of $1.65 billion and shareholders' equity of $130.6 million. The timing and amount of share repurchases will be determined by management based on market conditions and can be suspended at any time without prior notice.
Peoples Bank currently operates 16 banking offices across North Carolina in Catawba, Alexander, Lincoln, Mecklenburg, Iredell, and Wake Counties, along with loan production offices in Lincoln, Mecklenburg, Rowan, and Forsyth Counties.
Peoples Bancorp of North Carolina (Nasdaq: PEBK) has announced its regular cash dividend for the first quarter of 2025. The company will distribute $0.20 per share to shareholders of record on March 3, 2025, with the payment scheduled for March 14, 2025.
The company operates through its wholly-owned subsidiary, Peoples Bank, which maintains 16 banking offices across North Carolina in Catawba, Alexander, Lincoln, Mecklenburg, Iredell, and Wake Counties. Additionally, the bank operates loan production offices in Lincoln, Mecklenburg, Rowan, and Forsyth Counties.
Shareholders are invited to participate in the Company's Dividend Reinvestment and Stock Purchase Plan, with support available through their transfer agent, Broadridge Corporate Issuer Solutions.
Peoples Bancorp (NASDAQ:PEBK) reported strong financial results for Q4 and full year 2024. Q4 net earnings increased to $3.6 million ($0.67 per share) from $3.4 million in Q4 2023. Full-year 2024 net earnings rose to $16.4 million ($3.08 per share) from $15.5 million in 2023.
Key metrics showed positive trends: total loans grew to $1.14 billion (up from $1.09 billion), total deposits increased to $1.48 billion (from $1.39 billion), and core deposits represented 90.17% of total deposits. The net interest margin was 3.39% in Q4 2024, up from 3.32% in Q4 2023, though the full-year margin decreased to 3.36% from 3.51%.
Non-performing assets slightly increased to 0.27% of total assets, while cash dividends rose to $0.92 per share for 2024, compared to $0.91 in 2023.
Peoples Bancorp of North Carolina (Nasdaq: PEBK) has announced a special cash dividend of $0.16 per share, payable on February 14, 2025, to shareholders of record as of February 3, 2025. The company operates 16 banking offices across North Carolina, including locations in Catawba, Alexander, Lincoln, Mecklenburg, Iredell, and Wake Counties, along with loan production offices in Lincoln, Mecklenburg, Rowan, and Forsyth Counties.
Shareholders are invited to participate in the company's Dividend Reinvestment and Stock Purchase Plan, with support available through designated contact channels.
Peoples Bancorp of North Carolina (Nasdaq: PEBK) has declared a regular cash dividend of $0.19 per share for the fourth quarter of 2024. The dividend will be paid on December 13, 2024 to shareholders of record on December 3, 2024. The company operates through its subsidiary, Peoples Bank, which maintains 16 banking offices across North Carolina in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties, along with loan production offices in Lincoln, Mecklenburg, Rowan, and Forsyth Counties.
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.
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