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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 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.
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.
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