Welcome to our dedicated page for Peoples Bancorp of North Carol news (Ticker: PEBK), a resource for investors and traders seeking the latest updates and insights on Peoples Bancorp of North Carol stock.
Peoples Bancorp of North Carolina, Inc. (NASDAQ: PEBK) is a dynamic, state-chartered commercial bank holding company serving multiple communities across North Carolina. Through its subsidiary, Peoples Bank, the company offers a comprehensive suite of personal and commercial banking products and services. With headquarters in Newton, NC, Peoples Bancorp operates 17 full-service banking offices and several loan production offices spread across counties like Catawba, Alexander, Lincoln, Mecklenburg, Iredell, and Wake.
The bank prides itself on being a local, community-driven institution. It boasts a diverse loan portfolio that includes commercial and residential mortgages, consumer loans, and small business loans. The bank’s robust portfolio is devoid of foreign loans and has minimal agricultural exposure, ensuring a focused and stable financial environment.
For the fiscal year ended December 31, 2023, Peoples Bancorp reported total assets of $1.6 billion and shareholders' equity of $121.0 million. The company has shown consistent growth in its loan and deposit base, reflecting its strong market presence and customer trust. Notably, net earnings for the year stood at $15.5 million or $2.87 per share, although this was a slight decrease compared to the prior year.
The company’s performance has been marked by strategic decisions, including the adoption of the Current Expected Credit Loss (CECL) methodology and an updated stock repurchase program. These moves reflect its commitment to maintaining a strong balance sheet and returning value to shareholders. Recently, Peoples Bancorp reported net earnings of $3.9 million for the first quarter of 2024, driven by increased non-interest income and lower provisions for credit losses.
Peoples Bancorp continues to adapt to changing economic conditions, with a focus on core deposits and managing non-performing assets. As of the first quarter of 2024, core deposits were reported at $1.3 billion, demonstrating a stable and loyal customer base. The company also saw a significant increase in securities sold under agreements to repurchase, providing additional liquidity and flexibility to support loan growth.
Overall, Peoples Bancorp of North Carolina, Inc. is well-positioned for sustained growth, leveraging its community-focused approach, diversified offerings, and prudent financial management to navigate the evolving banking landscape.
Peoples Bancorp of North Carolina reported Q1 2023 net earnings of $3.2 million or $0.58 per share, down from $3.5 million or $0.63 per share year-over-year. Cash dividends increased slightly to $0.34 per share. Total loans rose to $1.1 billion, while non-performing assets remained stable at 0.23% of total assets. Net interest income surged to $14.3 million, driven by higher interest income, despite an increase in interest expense. Non-interest income, however, plummeted to $3.6 million due to losses on securities sales. Total assets were $1.6 billion with shareholders' equity increasing to $114.8 million. The provision for credit losses rose to $224,000, reflecting a cautious approach to potential economic downturns.
Peoples Bancorp of North Carolina (NASDAQ:PEBK) has authorized a stock repurchase program of up to $2 million. This decision comes in light of the company's robust balance sheet, which had assets of $1.6 billion and stockholder's equity of $105.2 million as of December 31, 2022. The repurchase will take place in compliance with securities laws and may occur in the open market or privately. Management will decide on the timing and amount based on market conditions. CEO Lance Sellers emphasized that this plan aims to enhance shareholder value by effectively utilizing capital.
FAQ
What is the current stock price of Peoples Bancorp of North Carol (PEBK)?
What is the market cap of Peoples Bancorp of North Carol (PEBK)?
What services does Peoples Bancorp of North Carolina, Inc. offer?
Where is Peoples Bancorp of North Carolina, Inc. located?
What is the main source of income for Peoples Bancorp?
How did Peoples Bancorp perform financially in 2023?
What recent strategic initiatives has Peoples Bancorp undertaken?
How does Peoples Bancorp support its community?
What is the company's approach to managing non-performing assets?
Are there any partnerships or collaborations that Peoples Bancorp is involved in?
What growth strategies does Peoples Bancorp employ?
How is Peoples Bancorp’s stock performing?
