Peoples Bancorp Announces Fourth Quarter and Full Year 2024 Results
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 (NASDAQ:PEBK) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. Gli utili netti del quarto trimestre sono aumentati a 3,6 milioni di dollari (0,67 dollari per azione) rispetto ai 3,4 milioni di dollari del quarto trimestre 2023. Gli utili netti per l'intero anno 2024 sono saliti a 16,4 milioni di dollari (3,08 dollari per azione) rispetto ai 15,5 milioni di dollari del 2023.
I principali indicatori hanno mostrato tendenze positive: i prestiti totali sono cresciuti a 1,14 miliardi di dollari (rispetto a 1,09 miliardi), i depositi totali sono aumentati a 1,48 miliardi di dollari (rispetto a 1,39 miliardi), e i depositi core hanno rappresentato il 90,17% dei depositi totali. Il margine di interesse netto è stato del 3,39% nel quarto trimestre 2024, in aumento rispetto al 3,32% del quarto trimestre 2023, anche se il margine per l'intero anno è diminuito al 3,36% dal 3,51%.
Le attività non performanti sono leggermente aumentate allo 0,27% delle attività totali, mentre i dividendi in contante sono saliti a 0,92 dollari per azione per il 2024, rispetto ai 0,91 dollari del 2023.
Peoples Bancorp (NASDAQ:PEBK) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Las ganancias netas del cuarto trimestre aumentaron a 3.6 millones de dólares (0.67 dólares por acción) desde 3.4 millones de dólares en el cuarto trimestre de 2023. Las ganancias netas del año completo 2024 subieron a 16.4 millones de dólares (3.08 dólares por acción) desde 15.5 millones de dólares en 2023.
Los indicadores clave mostraron tendencias positivas: los préstamos totales crecieron a 1.14 mil millones de dólares (aumentando desde 1.09 mil millones), los depósitos totales aumentaron a 1.48 mil millones de dólares (desde 1.39 mil millones), y los depósitos básicos representaron el 90.17% de los depósitos totales. El margen de interés neto fue del 3.39% en el cuarto trimestre de 2024, en comparación con el 3.32% en el cuarto trimestre de 2023, aunque el margen del año completo disminuyó al 3.36% desde el 3.51%.
Los activos no rentables aumentaron ligeramente al 0.27% de los activos totales, mientras que los dividendos en efectivo aumentaron a 0.92 dólares por acción para 2024, en comparación con 0.91 dólares en 2023.
Peoples Bancorp (NASDAQ:PEBK)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 순이익은 3.6백만 달러(주당 0.67달러)로 증가했으며, 이는 2023년 4분기의 3.4백만 달러에서 증가한 수치입니다. 2024년 전체 연도의 순이익은 16.4백만 달러(주당 3.08달러)로 증가했으며, 이는 2023년의 15.5백만 달러에서 증가한 것입니다.
주요 지표는 긍정적인 추세를 보였습니다: 총 대출은 11.4억 달러로 증가했으며(10.9억 달러에서 증가), 총 예금은 14.8억 달러로 증가했습니다(13.9억 달러에서 증가), 그리고 핵심 예금은 총 예금의 90.17%를 차지했습니다. 2024년 4분기의 순이자 마진은 3.39%로, 2023년 4분기의 3.32%에서 증가했지만, 전체 연도의 마진은 3.51%에서 3.36%로 감소했습니다.
부실 자산은 총 자산의 0.27%로 약간 증가했으며, 2024년의 현금 배당금은 주당 0.92달러로 증가했으며, 이는 2023년의 0.91달러와 비교됩니다.
Peoples Bancorp (NASDAQ:PEBK) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024. Le bénéfice net du quatrième trimestre a augmenté à 3,6 millions de dollars (0,67 dollar par action) contre 3,4 millions de dollars au quatrième trimestre 2023. Le bénéfice net pour l'année entière 2024 a augmenté à 16,4 millions de dollars (3,08 dollars par action) contre 15,5 millions de dollars en 2023.
Les indicateurs clés ont montré des tendances positives : les prêts totaux ont augmenté à 1,14 milliard de dollars (contre 1,09 milliard), les dépôts totaux ont augmenté à 1,48 milliard de dollars (contre 1,39 milliard), et les dépôts de base ont représenté 90,17 % des dépôts totaux. La marge d'intérêt nette était de 3,39 % au quatrième trimestre 2024, en hausse par rapport à 3,32 % au quatrième trimestre 2023, bien que la marge de l'année entière ait diminué à 3,36 % contre 3,51 %.
Les actifs non performants ont légèrement augmenté à 0,27 % des actifs totaux, tandis que les dividendes en espèces ont augmenté à 0,92 dollar par action pour 2024, contre 0,91 dollar en 2023.
Peoples Bancorp (NASDAQ:PEBK) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Der Nettogewinn im vierten Quartal stieg auf 3,6 Millionen Dollar (0,67 Dollar pro Aktie) von 3,4 Millionen Dollar im vierten Quartal 2023. Der Nettogewinn für das gesamte Jahr 2024 stieg auf 16,4 Millionen Dollar (3,08 Dollar pro Aktie) von 15,5 Millionen Dollar im Jahr 2023.
Wichtige Kennzahlen zeigten positive Trends: Die Gesamtdarlehen wuchsen auf 1,14 Milliarden Dollar (von 1,09 Milliarden), die Gesamteinlagen erhöhten sich auf 1,48 Milliarden Dollar (von 1,39 Milliarden), und die Kern-Einlagen machten 90,17% der Gesamteinlagen aus. Die Nettomarge betrug im vierten Quartal 2024 3,39%, ein Anstieg von 3,32% im vierten Quartal 2023, obwohl die Marge für das gesamte Jahr auf 3,36% von 3,51% sank.
Die notleidenden Vermögenswerte stiegen leicht auf 0,27% der Gesamtvermögen, während die Bardividenden auf 0,92 Dollar pro Aktie für 2024 stiegen, verglichen mit 0,91 Dollar im Jahr 2023.
- Q4 net earnings increased 5.9% to $3.6 million
- Full-year net earnings grew 5.8% to $16.4 million
- Total loans increased 4.6% to $1.14 billion
- Total deposits grew 6.5% to $1.48 billion
- Core deposits improved to 90.17% of total deposits
- Q4 net interest margin improved to 3.39% from 3.32%
- Full-year net interest margin declined to 3.36% from 3.51%
- Non-performing assets increased to 0.27% from 0.24% of total assets
- Net charge-offs increased to $1.4 million from $306,000 in 2023
- Non-interest expenses rose 9.1% to $61.2 million
Insights
A detailed examination of Peoples Bancorp's Q4 and full-year 2024 results reveals several encouraging trends beneath the headline numbers. The bank's core deposit growth of 8.1% to
The bank's strategic decision to transition
Asset quality metrics warrant attention, with non-performing assets increasing to
The improvement in capital position, with equity-to-assets ratio increasing to
Operating efficiency shows mixed signals, with non-interest expenses increasing
NEWTON, NC / ACCESS Newswire / February 12, 2025 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the "Company"), the parent company of Peoples Bank (the "Bank"), reported fourth quarter and full year 2024 results with highlights as follows:
Fourth quarter 2024 highlights:
Net earnings were
$3.6 million or$0.67 per share and$0.65 per diluted share for the three months ended December 31, 2024, as compared to$3.4 million or$0.64 per share and$0.62 per diluted share for the same period one year ago.Net interest margin was
3.39% for the three months ended December 31, 2024, compared to3.32% for three months ended December 31, 2023.
Full year 2024 highlights:
Net earnings were
$16.4 million or$3.08 per share and$2.98 per diluted share for the year ended December 31, 2024, compared to$15.5 million or$2.87 per share and$2.77 per diluted share for the year ended December 31, 2023.Cash dividends were
$0.92 per share for the year ended December 31, 2024, compared to$0.91 per share for the prior year period.Total loans were
$1.14 billion at December 31, 2024, compared to$1.09 billion at December 31, 2023.Non-performing assets were
$4.4 million or0.27% of total assets at December 31, 2024, compared to$3.9 million or0.24% of total assets at December 31, 2023.Total deposits were
$1.48 billion at December 31, 2024, compared to$1.39 billion at December 31, 2023.Core deposits, a non-GAAP measure, were
$1.34 billion or90.17% of total deposits at December 31, 2024, compared to$1.24 billion or89.30% of total deposits at December 31, 2023.Net interest margin was
3.36% for the year ended December 31, 2024, compared to3.51% for the year ended December 31, 2023.
Net earnings were
Net interest income was
Non-interest income was
Non-interest expense was
Net earnings were
Net interest income was
Non-interest income was
Non-interest expense was
Income tax expense was
Total assets were
Non-performing assets were
The allowance for credit losses on loans was
Deposits were
Securities sold under agreements to repurchase were zero at December 31, 2024, compared to
Peoples Bank operates 16 banking offices in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg, Rowan and Forsyth Counties. The Company's common stock is publicly traded and is listed on the Nasdaq Global Market under the symbol "PEBK."
Statements made in this earnings release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this release was prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate," and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, (1) competition in the markets served by the Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company's other filings with the Securities and Exchange Commission, including but not limited to those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
CONSOLIDATED BALANCE SHEETS
December 31, 2024 and 2023
(Dollars in thousands)
|
| December 31, |
|
| December 31, |
| ||
|
| (Unaudited) |
|
| (Unaudited) |
| ||
ASSETS: |
|
|
|
|
|
| ||
Cash and due from banks |
| $ | 30,919 |
|
| $ | 32,819 |
|
Interest-bearing deposits |
|
| 28,347 |
|
|
| 49,556 |
|
Cash and cash equivalents |
|
| 59,266 |
|
|
| 82,375 |
|
|
|
|
|
|
|
|
| |
Investment securities available for sale |
|
| 388,003 |
|
|
| 391,924 |
|
Other investments |
|
| 2,728 |
|
|
| 2,874 |
|
Total securities |
|
| 390,731 |
|
|
| 394,798 |
|
|
|
|
|
|
|
|
| |
Mortgage loans held for sale |
|
| 1,367 |
|
|
| 686 |
|
|
|
|
|
|
|
|
| |
Loans |
|
| 1,138,404 |
|
|
| 1,093,066 |
|
Less: Allowance for credit losses on loans |
|
| (9,995 | ) |
|
| (11,041 | ) |
Net loans |
|
| 1,128,409 |
|
|
| 1,082,025 |
|
|
|
|
|
|
|
|
| |
Premises and equipment, net |
|
| 14,847 |
|
|
| 16,702 |
|
Cash surrender value of life insurance |
|
| 17,675 |
|
|
| 18,134 |
|
Accrued interest receivable and other assets |
|
| 39,667 |
|
|
| 41,190 |
|
Total assets |
| $ | 1,651,962 |
|
| $ | 1,635,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
| $ | 402,254 |
|
| $ | 432,687 |
|
Interest-bearing demand, MMDA & savings |
|
| 741,363 |
|
|
| 620,244 |
|
Time, over |
|
| 145,939 |
|
|
| 148,904 |
|
Other time |
|
| 195,175 |
|
|
| 190,210 |
|
Total deposits |
|
| 1,484,731 |
|
|
| 1,392,045 |
|
|
|
|
|
|
|
|
| |
Securities sold under agreements to repurchase |
|
| - |
|
|
| 86,715 |
|
Junior subordinated debentures |
|
| 15,464 |
|
|
| 15,464 |
|
Accrued interest payable and other liabilities |
|
| 21,204 |
|
|
| 20,670 |
|
Total liabilities |
|
| 1,521,399 |
|
|
| 1,514,894 |
|
|
|
|
|
|
|
|
| |
Shareholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock, no par value; authorized |
|
|
|
|
|
|
|
|
5,000,000 shares; no shares issued and outstanding |
|
| - |
|
|
| - |
|
Common stock, no par value; authorized |
|
|
|
|
|
|
|
|
20,000,000 shares; issued and outstanding |
|
|
|
|
|
|
|
|
5,457,646 shares at 12/31/24, |
|
|
|
|
|
|
|
|
5,534,499 shares at 12/31/23 |
|
| 48,658 |
|
|
| 50,625 |
|
Common stock held by deferred compensation trust, |
|
|
|
|
|
|
|
|
at cost; 158,580 shares at 12/31/24, 163,702 shares |
|
|
|
|
|
|
|
|
at 12/31/23 |
|
| (1,757 | ) |
|
| (1,910 | ) |
Deferred compensation |
|
| 1,757 |
|
|
| 1,910 |
|
Retained earnings |
|
| 121,062 |
|
|
| 109,756 |
|
Accumulated other comprehensive loss |
|
| (39,157 | ) |
|
| (39,365 | ) |
Total shareholders' equity |
|
| 130,563 |
|
|
| 121,016 |
|
|
|
|
|
|
|
|
| |
Total liabilities and shareholders' equity |
| $ | 1,651,962 |
|
| $ | 1,635,910 |
|
|
|
|
|
|
|
|
| |
CONSOLIDATED STATEMENTS OF INCOME
For the three months and years ended December 31, 2024 and 2023
(Dollars in thousands, except per share amounts)
|
| Three months ended |
|
| Years ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
| |||||
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest and fees on loans |
| $ | 16,113 |
|
| $ | 14,812 |
|
| $ | 62,920 |
|
| $ | 55,507 |
|
Interest on due from banks |
|
| 556 |
|
|
| 710 |
|
|
| 2,796 |
|
|
| 2,216 |
|
Interest on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government sponsored enterprises |
|
| 2,334 |
|
|
| 2,497 |
|
|
| 9,979 |
|
|
| 9,365 |
|
State and political subdivisions |
|
| 694 |
|
|
| 695 |
|
|
| 2,779 |
|
|
| 2,949 |
|
Other |
|
| 689 |
|
|
| 442 |
|
|
| 2,259 |
|
|
| 1,825 |
|
Total interest income |
|
| 20,386 |
|
|
| 19,156 |
|
|
| 80,733 |
|
|
| 71,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand, MMDA & savings deposits |
|
| 2,847 |
|
|
| 1,843 |
|
|
| 10,237 |
|
|
| 6,731 |
|
Time deposits |
|
| 3,396 |
|
|
| 3,250 |
|
|
| 14,316 |
|
|
| 7,916 |
|
Junior subordinated debentures |
|
| 266 |
|
|
| 288 |
|
|
| 1,116 |
|
|
| 1,079 |
|
Other |
|
| 67 |
|
|
| 505 |
|
|
| 985 |
|
|
| 1,417 |
|
Total interest expense |
|
| 6,576 |
|
|
| 5,886 |
|
|
| 26,654 |
|
|
| 17,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET INTEREST INCOME |
|
| 13,810 |
|
|
| 13,270 |
|
|
| 54,079 |
|
|
| 54,719 |
|
(RECOVERY OF) PROVISION FOR CREDIT LOSSES |
|
| (205 | ) |
|
| 405 |
|
|
| (285 | ) |
|
| 1,566 |
|
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES |
|
| 14,015 |
|
|
| 12,865 |
|
|
| 54,364 |
|
|
| 53,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
| 1,452 |
|
|
| 1,415 |
|
|
| 5,653 |
|
|
| 5,496 |
|
Other service charges and fees |
|
| 158 |
|
|
| 187 |
|
|
| 685 |
|
|
| 697 |
|
Gain/(loss) on sale of securities |
|
| - |
|
|
| - |
|
|
| 5 |
|
|
| (2,488 | ) |
Mortgage banking income |
|
| 94 |
|
|
| 97 |
|
|
| 357 |
|
|
| 301 |
|
Insurance and brokerage commissions |
|
| 272 |
|
|
| 204 |
|
|
| 989 |
|
|
| 929 |
|
Appraisal management fee income |
|
| 3,023 |
|
|
| 2,123 |
|
|
| 11,691 |
|
|
| 9,592 |
|
Miscellaneous |
|
| 2,062 |
|
|
| 2,101 |
|
|
| 8,335 |
|
|
| 8,387 |
|
Total non-interest income |
|
| 7,061 |
|
|
| 6,127 |
|
|
| 27,715 |
|
|
| 22,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NON-INTEREST EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 7,800 |
|
|
| 7,132 |
|
|
| 28,209 |
|
|
| 26,640 |
|
Occupancy |
|
| 2,024 |
|
|
| 1,979 |
|
|
| 8,686 |
|
|
| 7,962 |
|
Appraisal management fee expense |
|
| 2,400 |
|
|
| 1,678 |
|
|
| 9,263 |
|
|
| 7,559 |
|
Other |
|
| 4,263 |
|
|
| 3,779 |
|
|
| 14,992 |
|
|
| 13,983 |
|
Total non-interest expense |
|
| 16,487 |
|
|
| 14,568 |
|
|
| 61,150 |
|
|
| 56,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EARNINGS BEFORE INCOME TAXES |
|
| 4,589 |
|
|
| 4,424 |
|
|
| 20,929 |
|
|
| 19,923 |
|
INCOME TAXES |
|
| 1,030 |
|
|
| 984 |
|
|
| 4,576 |
|
|
| 4,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET EARNINGS |
| $ | 3,559 |
|
| $ | 3,440 |
|
| $ | 16,353 |
|
| $ | 15,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PER SHARE AMOUNTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings |
| $ | 0.67 |
|
| $ | 0.64 |
|
| $ | 3.08 |
|
| $ | 2.87 |
|
Diluted net earnings |
| $ | 0.65 |
|
| $ | 0.62 |
|
| $ | 2.98 |
|
| $ | 2.77 |
|
Cash dividends |
| $ | 0.19 |
|
| $ | 0.19 |
|
| $ | 0.92 |
|
| $ | 0.91 |
|
Book value |
| $ | 24.64 |
|
| $ | 22.53 |
|
| $ | 24.64 |
|
| $ | 22.53 |
|
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| |
FINANCIAL HIGHLIGHTS
For the three months and years ended December 31, 2024 and 2023
(Dollars in thousands)
|
| Three months ended |
|
| Years ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
| |||||
SELECTED AVERAGE BALANCES: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale securities |
| $ | 439,338 |
|
| $ | 444,754 |
|
| $ | 442,097 |
|
| $ | 454,823 |
|
Loans |
|
| 1,131,787 |
|
|
| 1,086,403 |
|
|
| 1,113,488 |
|
|
| 1,061,075 |
|
Earning assets |
|
| 1,620,669 |
|
|
| 1,585,966 |
|
|
| 1,611,816 |
|
|
| 1,561,825 |
|
Assets |
|
| 1,662,314 |
|
|
| 1,618,053 |
|
|
| 1,653,356 |
|
|
| 1,605,386 |
|
Deposits |
|
| 1,493,385 |
|
|
| 1,387,224 |
|
|
| 1,465,965 |
|
|
| 1,395,265 |
|
Shareholders' equity |
|
| 131,522 |
|
|
| 107,322 |
|
|
| 129,866 |
|
|
| 116,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SELECTED KEY DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent) (1) |
|
| 3.39 | % |
|
| 3.32 | % |
|
| 3.36 | % |
|
| 3.51 | % |
Return on average assets |
|
| 0.85 | % |
|
| 0.84 | % |
|
| 0.99 | % |
|
| 0.97 | % |
Return on average shareholders' equity |
|
| 10.77 | % |
|
| 12.72 | % |
|
| 12.59 | % |
|
| 13.37 | % |
Average shareholders' equity to total average assets |
|
| 7.91 | % |
|
| 6.63 | % |
|
| 7.85 | % |
|
| 7.24 | % |
|
|
|
|
|
|
|
|
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|
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|
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| |
|
|
|
|
|
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|
|
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|
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|
|
|
|
|
|
|
| December 31, |
|
| December 31, |
| ||
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
| (Unaudited) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans |
|
|
|
|
|
|
|
|
| $ | 9,995 |
|
| $ | 11,041 |
|
Allowance for credit losses on unfunded commitments |
|
|
|
|
|
|
|
|
|
| 1,101 |
|
|
| 1,770 |
|
(Recovery of) provision for credit losses (2) |
|
|
|
|
|
|
|
|
|
| (285 | ) |
|
| 1,566 |
|
Charge-offs (2) |
|
|
|
|
|
|
|
|
|
| (1,981 | ) |
|
| (698 | ) |
Recoveries (2) |
|
|
|
|
|
|
|
|
|
| 551 |
|
|
| 392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
ASSET QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
|
|
|
|
|
|
|
| $ | 4,440 |
|
| $ | 3,887 |
|
90 days past due and still accruing |
|
|
|
|
|
|
|
|
|
| - |
|
|
| - |
|
Other real estate owned |
|
|
|
|
|
|
|
|
|
| 369 |
|
|
| - |
|
Total non-performing assets |
|
|
|
|
|
|
|
|
| $ | 4,809 |
|
| $ | 3,887 |
|
Non-performing assets to total assets |
|
|
|
|
|
|
|
|
|
| 0.29 | % |
|
| 0.24 | % |
Allowance for credit losses on loans to non-performing assets |
|
|
|
|
|
|
|
|
|
| 207.84 | % |
|
| 284.05 | % |
Allowance for credit losses on loans to total loans |
|
|
|
|
|
|
|
|
|
| 0.88 | % |
|
| 1.01 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN RISK GRADE ANALYSIS: |
|
|
|
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|
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|
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|
|
|
|
|
Percentage of loans by risk grade |
|
|
|
|
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|
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|
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|
|
|
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|
|
|
|
|
|
|
|
|
| |
Risk Grade 1 (excellent quality) |
|
|
|
|
|
|
|
|
|
| 0.33 | % |
|
| 0.30 | % |
Risk Grade 2 (high quality) |
|
|
|
|
|
|
|
|
|
| 19.87 | % |
|
| 19.78 | % |
Risk Grade 3 (good quality) |
|
|
|
|
|
|
|
|
|
| 72.24 | % |
|
| 72.96 | % |
Risk Grade 4 (management attention) |
|
|
|
|
|
|
|
|
|
| 6.45 | % |
|
| 5.59 | % |
Risk Grade 5 (watch) |
|
|
|
|
|
|
|
|
|
| 0.57 | % |
|
| 0.84 | % |
Risk Grade 6 (substandard) |
|
|
|
|
|
|
|
|
|
| 0.54 | % |
|
| 0.53 | % |
Risk Grade 7 (doubtful) |
|
|
|
|
|
|
|
|
|
| 0.00 | % |
|
| 0.00 | % |
Risk Grade 8 (loss) |
|
|
|
|
|
|
|
|
|
| 0.00 | % |
|
| 0.00 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
At December 31, 2024, including non-accrual loans, there was one relationships exceeding
(1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed using an effective tax rate of
(2) For the years ended December 31, 2024 and 2023, respectively.
Contact:
William D. Cable, Sr.
President and Chief Executive Officer
Jeffrey N. Hooper
Executive Vice President and Chief Financial Officer
828-464-5620
SOURCE: Peoples Bancorp of North Carolina, Inc.
View the original press release on ACCESS Newswire
FAQ
What were Peoples Bancorp's (PEBK) Q4 2024 earnings per share?
How much did PEBK's total deposits grow in 2024?
What was PEBK's dividend payment for 2024?
How did PEBK's loan portfolio perform in 2024?
What was PEBK's net interest margin for full-year 2024?
