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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 (NASDAQ:PEBK) reported impressive financial results for Q4 2021 and the full year. Q4 net earnings rose to $3.0 million ($0.55/share) from $1.9 million ($0.34/share) YoY. Full year net earnings reached a record $15.1 million ($2.71/share), up from $11.4 million ($2.01/share) in 2020. The bank reported a decrease in net interest income due to lower loan volumes and fees, alongside a recovery in the provision for loan losses. Total assets increased to $1.6 billion, with core deposits rising to $1.4 billion.
The Board of Directors of Peoples Bancorp of North Carolina (Nasdaq: PEBK) announced a special cash dividend of $0.15 per share, payable on February 16, 2022, to shareholders of record by February 4, 2022. Shareholders are encouraged to participate in the Dividend Reinvestment and Stock Purchase Plan for further investment opportunities. Peoples Bank operates 17 banking offices across several North Carolina counties. This announcement emphasizes financial stability and commitment to returning value to shareholders.
Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK) has declared a cash dividend of $0.17 per share for Q4 2021. This dividend will be paid on December 15, 2021 to shareholders who are on record by December 3, 2021. Shareholders can enroll in the Dividend Reinvestment and Stock Purchase Plan for additional investment opportunities. The Company operates 17 banking offices solely in North Carolina and is dedicated to serving its community.
Peoples Bancorp of North Carolina (NASDAQ:PEBK) reported third-quarter earnings of $3.4 million, or $0.61 per share, a decline from $4.5 million, or $0.80 per share, year-over-year. Year-to-date earnings rose to $12.1 million, or $2.16 per share, up from $9.4 million, or $1.67 per share, compared to the previous year.
Key factors included a decrease in net interest income, down to $10.6 million, primarily due to reduced loan interest income. Core deposits increased to $1.4 billion. Non-performing assets reduced to $2.7 million.
The Board of Directors of Peoples Bancorp of North Carolina, Inc. announced a cash dividend of $0.17 per share for the third quarter of 2021. This dividend will be paid on September 15, 2021, to shareholders recorded by September 3, 2021. Shareholders are encouraged to enroll in the Company's Dividend Reinvestment and Stock Purchase Plan for more benefits. Peoples Bank operates 17 banking offices in North Carolina, and its stock is traded on Nasdaq under the symbol PEBK.
Peoples Bancorp of North Carolina, Inc. (NASDAQ: PEBK) reported second quarter 2021 net earnings of $4.6 million, or $0.82 per share, a significant increase from $2.6 million the previous year. Year-to-date earnings also rose to $8.7 million, up from $4.9 million. The bank originated 72 SBA PPP loans totaling $3.3 million in Q2 and 419 loans worth $29.1 million in the first half. Net interest income reached $11.7 million for the quarter, driven by increased loan fees. Core deposits grew to $1.4 billion, reflecting a strong financial position amid the ongoing economic recovery.
Peoples Bancorp of North Carolina (NASDAQ: PEBK) reported strong first quarter results for 2021. Net earnings reached $4.1 million or $0.71 per share, up from $2.4 million or $0.40 year-over-year. Total loans increased by $65.9 million to $946.5 million, while core deposits rose to $1.3 billion. The bank originated 347 SBA PPP loans totaling $25.8 million. Notably, the provision for loan losses decreased significantly to a credit of $455,000. However, net interest income fell slightly to $11.1 million.
Peoples Bancorp of North Carolina (Nasdaq: PEBK) has announced a stock repurchase plan to buy back up to $4 million of its common stock. The decision reflects the company's strong balance sheet and capital position, aiming to enhance shareholder value. As of December 31, 2020, Peoples Bancorp reported assets of $1.4 billion and stockholder's equity of $139.9 million. The repurchases will occur in the open market or through private transactions and may be adjusted based on market conditions.
Peoples Bancorp of North Carolina has declared a regular cash dividend of $0.16 per share for Q1 2021. This dividend will be paid on March 15, 2021 to shareholders who are on record as of March 3, 2021. Shareholders are encouraged to participate in the Dividend Reinvestment and Stock Purchase Plan. Peoples Bank operates 18 banking offices across North Carolina and offers loan production offices in Lincoln and Mecklenburg Counties. The company is publicly traded under the ticker PEBK.
Peoples Bancorp of North Carolina (NASDAQ:PEBK) reported fourth quarter net earnings of $1.9 million, or $0.33 per share, down from $3.0 million, or $0.50 per share, in Q4 2019. The year-to-date net earnings totaled $11.4 million, or $1.95 per share, a decline from $14.1 million, or $2.37 per share, in the previous year. Total loans increased to $948.6 million, with a notable $99.0 million in PPP loans originated. However, net interest income fell to $11.3 million from $11.4 million due to lower interest income. The provision for loan losses rose to $799,000 reflecting COVID-19 impacts.
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