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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 has announced a regular cash dividend of $0.19 per share for the first quarter of 2023. This dividend will be disbursed on March 15, 2023, to shareholders of record as of March 3, 2023. The company encourages participation in its Dividend Reinvestment and Stock Purchase Plan. Peoples Bank operates 17 banking offices across North Carolina and has loan production offices in multiple counties. The company is publicly traded on Nasdaq under the symbol PEBK. Forward-looking statements in the release highlight potential risks based on management’s current information.
Peoples Bancorp of North Carolina (NASDAQ:PEBK) reported a strong performance for Q4 and full year 2022. Net earnings for Q4 reached $4.1 million ($0.76/share), up from $3.0 million ($0.55/share) year-over-year. For the full year, net earnings were $16.1 million ($2.94/share), compared to $15.1 million ($2.71/share) in 2021. Despite a decline in PPP loan fee income ($948,000 vs. $3.4 million), total loans grew to $1.0 billion. Non-performing assets increased slightly to 0.23% of total assets. The net interest margin improved to 3.22%, reflecting higher interest rates.
Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK) has declared a special cash dividend of $0.15 per share, payable on February 15, 2023, to shareholders on record as of February 3, 2023. Shareholders are encouraged to participate in the Dividend Reinvestment and Stock Purchase Plan. The company operates 17 banking offices across various counties in North Carolina and has loan production offices in multiple locations. Forward-looking statements in the release highlight potential risks, which have been outlined in the company's annual report.
Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK) has declared a cash dividend of $0.18 per share for the fourth quarter of 2022, scheduled for payment on December 15, 2022, to shareholders recorded by December 2, 2022. Shareholders are encouraged to take part in the Dividend Reinvestment and Stock Purchase Plan. Operating 17 branches in North Carolina, the bank actively serves communities in multiple counties, reflecting stable operations within the region.
Peoples Bancorp of North Carolina, Inc. (PEBK) reported a net earnings increase of 55.9% to $5.3 million ($0.96/share) for Q3 2022, up from $3.4 million ($0.61/share) last year. Year-to-date earnings were $12.0 million, down slightly from $12.1 million. Total loans rose to $1.0 billion despite a reduction in PPP loans. Non-performing assets increased to $3.7 million (0.22% of total assets), and net interest income grew to $13.8 million. Dividends increased to $0.69/share year-to-date. Total assets rose to $1.7 billion, while shareholders' equity decreased to $103.9 million due to unrealized losses on securities.
Peoples Bancorp of North Carolina has declared a cash dividend of $0.18 per share for the third quarter of 2022. Shareholders of record as of September 2, 2022, will receive the payment on September 15, 2022. This regular dividend reflects the Company's ongoing commitment to returning value to its shareholders. Additionally, shareholders are encouraged to participate in the Dividend Reinvestment and Stock Purchase Plan for further investment opportunities. Peoples Bank operates 17 offices across North Carolina, enhancing local banking accessibility.
Peoples Bancorp of North Carolina (NASDAQ:PEBK) reported second-quarter 2022 earnings of $3.2 million, or $0.59 per share, a decline from $4.6 million or $0.82 per share in Q2 2021. Year-to-date net earnings fell to $6.7 million or $1.21 per share, down from $8.7 million or $1.55 per share a year prior. Key factors include a decrease in net interest income, an increase in the provision for loan losses, and rising non-interest expenses. Total loans reached $959.5 million, a significant increase from $884.9 million at the end of 2021, while total deposits grew to $1.5 billion.
Peoples Bancorp of North Carolina (Nasdaq: PEBK) declared a cash dividend of $0.18 per share for Q2 2022, payable on June 15, 2022, to shareholders of record on June 3, 2022. Shareholders are encouraged to join the Dividend Reinvestment and Stock Purchase Plan. Peoples Bank operates 17 banking offices in North Carolina and offers loan production offices in four counties. The company continues to navigate forward-looking statements, highlighting potential risks and uncertainties in its operations.
Peoples Bancorp of North Carolina (NASDAQ:PEBK) reported first-quarter 2022 net earnings of $3.5 million, or $0.63 per share, down from $4.1 million, or $0.73 per share, year-over-year. The decline is attributed to decreased net interest income, increased provision for loan losses, and higher non-interest expenses. Total loans increased to $889.8 million despite a reduction in PPP loans. Non-interest income rose to $7.0 million, driven by appraisal management fees. The Bank's total assets grew to $1.7 billion, while shareholders' equity fell to $125.4 million due to unrealized losses on investment securities.
Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK) has announced a stock repurchase program, authorizing up to $2 million to buy back its common stock. This decision reflects the company's strong balance sheet and aims to enhance shareholder value. As of December 31, 2021, Peoples Bancorp reported assets of $1.6 billion and stockholder's equity of $142.4 million. Additionally, the company declared a regular cash dividend of $0.18 per share, payable on March 15, 2022, reinforcing its commitment to returning value to shareholders.
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