Peoples Bancorp Announces Second Quarter 2024 Results
Peoples Bancorp of North Carolina (NASDAQ:PEBK) reported second quarter 2024 results with net earnings of $4.9 million or $0.93 per share, compared to $4.8 million or $0.88 per share in the same period last year. Key highlights include:
- Net interest margin decreased to 3.34% from 3.56% year-over-year
- Total loans increased to $1.11 billion from $1.09 billion at year-end 2023
- Total deposits grew to $1.48 billion from $1.39 billion at year-end 2023
- Non-performing assets were 0.25% of total assets, slightly up from 0.24% at year-end 2023
- Core deposits increased to 90.02% of total deposits from 89.30% at year-end 2023
The increase in earnings was attributed to higher non-interest income and lower provision for credit losses, partially offset by decreased net interest income and increased non-interest expenses.
Peoples Bancorp del Carolina del Nord (NASDAQ:PEBK) ha riportato i risultati del secondo trimestre 2024 con utili netti di 4.9 milioni di dollari, ovvero 0.93 dollari per azione, rispetto ai 4.8 milioni di dollari, ovvero 0.88 dollari per azione, nello stesso periodo dell'anno precedente. I punti salienti includono:
- Il margine d'interesse netto è diminuito al 3.34% rispetto al 3.56% dell'anno precedente
- I prestiti totali sono aumentati a 1.11 miliardi di dollari dai 1.09 miliardi di dollari a fine anno 2023
- I depositi totali sono cresciuti a 1.48 miliardi di dollari dai 1.39 miliardi di dollari a fine anno 2023
- Le attività non performanti erano lo 0.25% delle attività totali, leggermente in aumento rispetto allo 0.24% a fine anno 2023
- I depositi core sono aumentati al 90.02% dei depositi totali rispetto all'89.30% a fine anno 2023
L'aumento degli utili è stato attribuito a un incremento delle entrate non d'interesse e a una riduzione delle svalutazioni per perdite su crediti, parzialmente compensato da una diminuzione del reddito da interessi netti e da un aumento delle spese non d'interesse.
Peoples Bancorp de Carolina del Norte (NASDAQ:PEBK) reportó los resultados del segundo trimestre de 2024 con ganancias netas de 4.9 millones de dólares, o 0.93 dólares por acción, en comparación con 4.8 millones de dólares, o 0.88 dólares por acción, en el mismo periodo del año pasado. Los aspectos destacados incluyen:
- El margen de interés neto disminuyó al 3.34% del 3.56% del año anterior
- Los préstamos totales aumentaron a 1.11 mil millones de dólares desde 1.09 mil millones de dólares a finales de 2023
- Los depósitos totales crecieron a 1.48 mil millones de dólares desde 1.39 mil millones de dólares a finales de 2023
- Los activos no productivos representaron el 0.25% de los activos totales, ligeramente por encima del 0.24% a finales de 2023
- Los depósitos básicos aumentaron al 90.02% de los depósitos totales desde el 89.30% a finales de 2023
El aumento en las ganancias se atribuyó a mayores ingresos no por intereses y a una menor provisión para pérdidas de crédito, compensado parcialmente por una disminución en los ingresos por intereses netos y un aumento en los gastos no por intereses.
노스 캐롤라이나의 Peoples Bancorp (NASDAQ:PEBK)는 2024년 2분기 실적을 보고했으며, 순이익은 490만 달러 또는 주당 0.93 달러로, 지난해 같은 기간의 480만 달러 또는 주당 0.88 달러와 비교됩니다. 주요 사항은 다음과 같습니다:
- 순이자 마진은 지난해 3.56%에서 3.34%로 감소했습니다.
- 총 대출은 2023년 연말의 10억 9천만 달러에서 11억 1천만 달러로 증가했습니다.
- 총 예금은 2023년 연말의 13억 9천만 달러에서 14억 8천만 달러로 증가했습니다.
- 부실 자산은 총 자산의 0.25%로, 2023년 연말의 0.24%에서 약간 증가했습니다.
- 핵심 예금은 총 예금의 90.02%로 증가했으며, 2023년 연말의 89.30%에서 증가했습니다.
이익 증가의 원인은 비이자 수입 증가와 신용 손실에 대한 적립금 감소 때문이며, 이는 순이자 수익 감소와 비이자 비용 증가에 의해 부분적으로 상쇄되었습니다.
Peoples Bancorp de Caroline du Nord (NASDAQ:PEBK) a rapporté les résultats du deuxième trimestre 2024 avec un bénéfice net de 4,9 millions de dollars, soit 0,93 dollar par action, contre 4,8 millions de dollars, soit 0,88 dollar par action, au même période de l'année dernière. Les points clés comprennent :
- La marge d'intérêt nette a diminué à 3,34 % contre 3,56 % l’an dernier
- Les prêts totaux ont augmenté à 1,11 milliard de dollars contre 1,09 milliard de dollars à la fin de l'année 2023
- Les dépôts totaux ont crû à 1,48 milliard de dollars contre 1,39 milliard de dollars à la fin de l'année 2023
- Les actifs non performants représentaient 0,25 % des actifs totaux, légèrement en hausse par rapport à 0,24 % à la fin de l'année 2023
- Les dépôts de base ont augmenté à 90,02 % de l'ensemble des dépôts contre 89,30 % à la fin de l'année 2023
L'augmentation des bénéfices a été attribuée à des revenus non liés aux intérêts plus élevés et à une provision pour pertes sur créances plus basse, compensée en partie par une diminution du revenu net d'intérêts et une augmentation des charges non liées aux intérêts.
Peoples Bancorp aus North Carolina (NASDAQ:PEBK) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht, mit einem Nettogewinn von 4,9 Millionen Dollar oder 0,93 Dollar pro Aktie, im Vergleich zu 4,8 Millionen Dollar oder 0,88 Dollar pro Aktie im gleichen Zeitraum des Vorjahres. Die wichtigsten Highlights sind:
- Die Nettomargen sind von 3,56 % im Vorjahr auf 3,34 % gesunken
- Die Gesamtdarlehen stiegen von 1,09 Milliarden Dollar zum Jahresende 2023 auf 1,11 Milliarden Dollar
- Die Gesamteinlagen wuchsen von 1,39 Milliarden Dollar zum Jahresende 2023 auf 1,48 Milliarden Dollar
- Die notleidenden Vermögenswerte betrugen 0,25 % der Gesamtaktiva, ein leichter Anstieg von 0,24 % zum Jahresende 2023
- Die Kern-Einlagen erhöhten sich von 89,30 % zum Jahresende 2023 auf 90,02 % der Gesamteinlagen
Der Anstieg der Einnahmen wurde auf höhere Nichtzins-Einnahmen und niedrigere Rückstellungen für Kreditverluste zurückgeführt, die teilweise durch niedrigere Zinserträge und höhere Nichtzins-Aufwendungen ausgeglichen wurden.
- Net earnings increased to $4.9 million from $4.8 million year-over-year
- Total loans grew to $1.11 billion from $1.09 billion at year-end 2023
- Total deposits increased to $1.48 billion from $1.39 billion at year-end 2023
- Core deposits rose to 90.02% of total deposits from 89.30% at year-end 2023
- Non-interest income increased due to higher appraisal management fee income and SBIC investment income
- Net interest margin decreased to 3.34% from 3.56% year-over-year
- Non-performing assets slightly increased to 0.25% of total assets from 0.24% at year-end 2023
- Net interest income decreased due to higher interest expenses
- Non-interest expenses increased, primarily due to higher salaries and employee benefits
Insights
The results reported by Peoples Bancorp highlight several key financial metrics that are essential in evaluating its performance. The net earnings for Q2 2024 were
Firstly, the net interest margin fell to
Another point to note is the year-to-date net earnings, which rose to
Overall, despite the pressure on net interest margins, the company's ability to grow its earnings and manage credit risks effectively speaks to its operational resilience.
From a market perspective, Peoples Bancorp's performance is reflective of broader market trends amongst regional banks. The increase in deposits to
However, the decline in their net interest margin and the increase in non-interest expenses could be a concern if it persists. Non-interest expense rose to
The Bank’s strategy to mitigate interest expense by shifting customer funds from repurchase agreements to deposits through the ICS network is innovative, potentially reducing costs associated with repurchase agreements and enhancing liquidity. This strategy could become a model for similar-sized banks in managing liquidity in shifting interest rate environments.
From a risk management standpoint, the decrease in the provision for credit losses from an expense of
Moreover, non-performing assets remain relatively stable at
In summary, Peoples Bancorp shows strong credit quality management, which is essential for sustaining long-term profitability and investor confidence.
NEWTON, NC / ACCESSWIRE / July 22, 2024 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the "Company"), the parent company of Peoples Bank (the "Bank"), reported second quarter 2024 results with highlights as follows:
Second quarter 2024 highlights:
Net earnings were
$4.9 million or$0.93 per share and$0.89 per diluted share for the three months ended June 30, 2024, compared to$4.8 million or$0.88 per share and$0.85 per diluted share for the same period one year ago.Net interest margin was
3.34% for the three months ended June 30, 2024, compared to3.56% for the three months ended June 30, 2023.
Year to date highlights:
Net earnings were
$8.8 million or$1.67 per share and$1.61 per diluted share for the six months ended June 30, 2024, as compared to$8.0 million or$1.46 per share and$1.41 per diluted share for the same period one year ago.Cash dividends were
$0.54 per share during the six months ended June 30, 2024, compared to$0.53 per share for the prior year period.Total loans were
$1.11 billion at June 30, 2024, compared to$1.09 billion at December 31, 2023.Non-performing assets were
$4.2 million or0.25% of total assets at June 30, 2024, compared to$3.9 million or0.24% of total assets at December 31, 2023.Total deposits were
$1.48 billion at June 30, 2024, compared to$1.39 billion at December 31, 2023.Core deposits, a non-GAAP measure, were
$1.33 billion or90.02% of total deposits at June 30, 2024, compared to$1.24 billion or89.30% of total deposits at December 31, 2023.Net interest margin was
3.34% for the six months ended June 30, 2024, compared to3.67% for the six months ended June 30, 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
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
June 30, 2024, December 31, 2023 and June 30, 2023
(Dollars in thousands)
|
| June 30, |
|
| December 31, 2023 |
|
| June 30, |
| |||
| (Unaudited) |
|
| (Audited) |
|
| (Unaudited) |
| ||||
ASSETS: |
|
|
|
|
|
|
|
|
| |||
Cash and due from banks |
| $ | 31,909 |
|
| $ | 32,819 |
|
| $ | 41,219 |
|
Interest-bearing deposits |
|
| 50,926 |
|
|
| 49,556 |
|
|
| 47,822 |
|
Cash and cash equivalents |
|
| 82,835 |
|
|
| 82,375 |
|
|
| 89,041 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities available for sale |
|
| 393,260 |
|
|
| 391,924 |
|
|
| 394,084 |
|
Other investments |
|
| 2,779 |
|
|
| 2,874 |
|
|
| 2,602 |
|
Total securities |
|
| 396,039 |
|
|
| 394,798 |
|
|
| 396,686 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mortgage loans held for sale |
|
| 1,288 |
|
|
| 686 |
|
|
| 1,560 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans |
|
| 1,110,672 |
|
|
| 1,093,066 |
|
|
| 1,057,724 |
|
Less: Allowance for credit losses on loans |
|
| (10,016 | ) |
|
| (11,041 | ) |
|
| (9,789 | ) |
Net loans |
|
| 1,100,656 |
|
|
| 1,082,025 |
|
|
| 1,047,935 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Premises and equipment, net |
|
| 15,888 |
|
|
| 16,702 |
|
|
| 16,734 |
|
Cash surrender value of life insurance |
|
| 18,365 |
|
|
| 18,134 |
|
|
| 17,912 |
|
Accrued interest receivable and other assets |
|
| 40,327 |
|
|
| 41,190 |
|
|
| 41,706 |
|
Total assets |
| $ | 1,655,398 |
|
| $ | 1,635,910 |
|
| $ | 1,611,574 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES AND SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
| $ | 415,977 |
|
| $ | 432,687 |
|
| $ | 454,702 |
|
Interest-bearing demand, MMDA & savings |
|
| 710,446 |
|
|
| 620,244 |
|
|
| 679,823 |
|
Time, over |
|
| 147,333 |
|
|
| 148,904 |
|
|
| 105,284 |
|
Other time |
|
| 202,200 |
|
|
| 190,210 |
|
|
| 129,715 |
|
Total deposits |
|
| 1,475,956 |
|
|
| 1,392,045 |
|
|
| 1,369,524 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Securities sold under agreements to repurchase |
|
| 18,824 |
|
|
| 86,715 |
|
|
| 93,172 |
|
Junior subordinated debentures |
|
| 15,464 |
|
|
| 15,464 |
|
|
| 15,464 |
|
Accrued interest payable and other liabilities |
|
| 20,842 |
|
|
| 20,670 |
|
|
| 21,044 |
|
Total liabilities |
|
| 1,531,086 |
|
|
| 1,514,894 |
|
|
| 1,499,204 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
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 at 6/30/24, 5,534,499 shares at 12/31/23, |
|
|
|
|
|
|
|
|
|
|
|
|
5,590,799 at 6/30/23 |
|
| 48,678 |
|
|
| 50,625 |
|
|
| 51,809 |
|
Common stock held by deferred compensation trust, |
|
|
|
|
|
|
|
|
|
|
|
|
at cost; 166,247 shares at 6/30/24, 163,702 shares |
|
|
|
|
|
|
|
|
|
|
|
|
at 12/31/23, 165,142 shares at 6/30/23 |
|
| (1,980 | ) |
|
| (1,910 | ) |
|
| (1,967 | ) |
Deferred compensation |
|
| 1,980 |
|
|
| 1,910 |
|
|
| 1,967 |
|
Retained earnings |
|
| 115,623 |
|
|
| 109,756 |
|
|
| 104,304 |
|
Accumulated other comprehensive loss |
|
| (39,989 | ) |
|
| (39,365 | ) |
|
| (43,743 | ) |
Total shareholders' equity |
|
| 124,312 |
|
|
| 121,016 |
|
|
| 112,370 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and shareholders' equity |
| $ | 1,655,398 |
|
| $ | 1,635,910 |
|
| $ | 1,611,574 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2024 and 2023
(Dollars in thousands, except per share amounts)
| Three months ended |
|
| Six months ended |
| |||||||||||
| June 30, |
|
| June 30, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
| |||||
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest and fees on loans |
| $ | 15,571 |
|
| $ | 13,667 |
|
| $ | 30,709 |
|
| $ | 26,550 |
|
Interest on due from banks |
|
| 725 |
|
|
| 517 |
|
|
| 1,632 |
|
|
| 900 |
|
Interest on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government sponsored enterprises |
|
| 2,551 |
|
|
| 2,280 |
|
|
| 5,142 |
|
|
| 4,510 |
|
State and political subdivisions |
|
| 695 |
|
|
| 696 |
|
|
| 1,390 |
|
|
| 1,558 |
|
Other |
|
| 528 |
|
|
| 439 |
|
|
| 1,007 |
|
|
| 882 |
|
Total interest income |
|
| 20,070 |
|
|
| 17,599 |
|
|
| 39,880 |
|
|
| 34,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand, MMDA & savings deposits |
|
| 2,438 |
|
|
| 1,648 |
|
|
| 4,498 |
|
|
| 3,136 |
|
Time deposits |
|
| 3,628 |
|
|
| 1,638 |
|
|
| 7,309 |
|
|
| 2,154 |
|
Junior subordinated debentures |
|
| 283 |
|
|
| 259 |
|
|
| 567 |
|
|
| 507 |
|
Other |
|
| 305 |
|
|
| 283 |
|
|
| 786 |
|
|
| 494 |
|
Total interest expense |
|
| 6,654 |
|
|
| 3,828 |
|
|
| 13,160 |
|
|
| 6,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET INTEREST INCOME |
|
| 13,416 |
|
|
| 13,771 |
|
|
| 26,720 |
|
|
| 28,109 |
|
PROVISION FOR CREDIT LOSSES |
|
| (468 | ) |
|
| 375 |
|
|
| (377 | ) |
|
| 599 |
|
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES |
|
| 13,884 |
|
|
| 13,396 |
|
|
| 27,097 |
|
|
| 27,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
| 1,346 |
|
|
| 1,328 |
|
|
| 2,686 |
|
|
| 2,669 |
|
Other service charges and fees |
|
| 180 |
|
|
| 163 |
|
|
| 364 |
|
|
| 345 |
|
Loss on sale of securities |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (2,488 | ) |
Mortgage banking income |
|
| 74 |
|
|
| 39 |
|
|
| 125 |
|
|
| 132 |
|
Insurance and brokerage commissions |
|
| 219 |
|
|
| 206 |
|
|
| 465 |
|
|
| 434 |
|
Appraisal management fee income |
|
| 3,181 |
|
|
| 2,590 |
|
|
| 5,595 |
|
|
| 4,684 |
|
Miscellaneous |
|
| 2,521 |
|
|
| 2,077 |
|
|
| 4,324 |
|
|
| 4,238 |
|
Total non-interest income |
|
| 7,521 |
|
|
| 6,403 |
|
|
| 13,559 |
|
|
| 10,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NON-INTEREST EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 6,827 |
|
|
| 6,286 |
|
|
| 13,807 |
|
|
| 12,786 |
|
Occupancy |
|
| 2,105 |
|
|
| 1,981 |
|
|
| 4,216 |
|
|
| 3,995 |
|
Appraisal management fee expense |
|
| 2,523 |
|
|
| 2,049 |
|
|
| 4,427 |
|
|
| 3,699 |
|
Other |
|
| 3,676 |
|
|
| 3,303 |
|
|
| 7,197 |
|
|
| 6,841 |
|
Total non-interest expense |
|
| 15,131 |
|
|
| 13,619 |
|
|
| 29,647 |
|
|
| 27,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EARNINGS BEFORE INCOME TAXES |
|
| 6,274 |
|
|
| 6,180 |
|
|
| 11,009 |
|
|
| 10,203 |
|
INCOME TAXES |
|
| 1,386 |
|
|
| 1,372 |
|
|
| 2,173 |
|
|
| 2,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET EARNINGS |
| $ | 4,888 |
|
| $ | 4,808 |
|
| $ | 8,836 |
|
| $ | 7,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PER SHARE AMOUNTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings |
| $ | 0.93 |
|
| $ | 0.88 |
|
| $ | 1.67 |
|
| $ | 1.46 |
|
Diluted net earnings |
| $ | 0.89 |
|
| $ | 0.85 |
|
| $ | 1.61 |
|
| $ | 1.41 |
|
Cash dividends |
| $ | 0.19 |
|
| $ | 0.19 |
|
| $ | 0.54 |
|
| $ | 0.53 |
|
Book value |
| $ | 23.49 |
|
| $ | 20.71 |
|
| $ | 23.49 |
|
| $ | 20.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FINANCIAL HIGHLIGHTS
For the three and six months ended June 30, 2024 and 2023, and the year ended December 31, 2023
(Dollars in thousands)
| Three months ended |
|
| Six months ended |
|
| Year ended |
| ||||||||||||
| June 30, |
|
| June 30, |
|
| December 31, |
| ||||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
| ||||||
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Audited) |
| ||||||
SELECTED AVERAGE BALANCES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Available for sale securities |
| $ | 445,098 |
|
| $ | 450,666 |
|
| $ | 444,289 |
|
| $ | 463,387 |
|
| $ | 454,823 |
|
Loans |
|
| 1,108,684 |
|
|
| 1,056,062 |
|
|
| 1,100,671 |
|
|
| 1,046,646 |
|
|
| 1,061,075 |
|
Earning assets |
|
| 1,610,811 |
|
|
| 1,550,703 |
|
|
| 1,608,396 |
|
|
| 1,549,822 |
|
|
| 1,561,825 |
|
Assets |
|
| 1,650,008 |
|
|
| 1,603,916 |
|
|
| 1,648,905 |
|
|
| 1,600,262 |
|
|
| 1,605,386 |
|
Deposits |
|
| 1,461,596 |
|
|
| 1,403,751 |
|
|
| 1,444,950 |
|
|
| 1,410,542 |
|
|
| 1,395,265 |
|
Shareholders' equity |
|
| 119,443 |
|
|
| 114,090 |
|
|
| 120,927 |
|
|
| 113,965 |
|
|
| 116,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SELECTED KEY DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent) (1) |
|
| 3.35 | % |
|
| 3.56 | % |
|
| 3.34 | % |
|
| 3.67 | % |
|
| 3.51 | % |
Return on average assets |
|
| 1.19 | % |
|
| 1.20 | % |
|
| 1.08 | % |
|
| 1.01 | % |
|
| 0.97 | % |
Return on average shareholders' equity |
|
| 16.46 | % |
|
| 16.90 | % |
|
| 14.69 | % |
|
| 14.12 | % |
|
| 13.37 | % |
Average shareholders' equity to total average assets |
|
| 7.24 | % |
|
| 7.11 | % |
|
| 7.33 | % |
|
| 7.12 | % |
|
| 7.24 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| June 30, 2024 |
|
| June 30, 2023 |
|
| December 31, 2023 |
| ||||
|
|
|
|
|
|
|
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Audited) |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
ALLOWANCE FOR CREDIT LOSSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans |
|
|
|
|
|
|
|
|
| $ | 10,016 |
|
| $ | 9,789 |
|
| $ | 11,041 |
|
Allowance for credit losses on unfunded commitments |
|
|
|
|
|
|
|
|
|
| 1,565 |
|
|
| 2,259 |
|
|
| 1,770 |
|
Provision for credit losses (2) |
|
|
|
|
|
|
|
|
|
| (377 | ) |
|
| 599 |
|
|
| 1,566 |
|
Charge-offs (2) |
|
|
|
|
|
|
|
|
|
| (1,228 | ) |
|
| (343 | ) |
|
| (698 | ) |
Recoveries (2) |
|
|
|
|
|
|
|
|
|
| 375 |
|
|
| 240 |
|
|
| 392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
ASSET QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
|
|
|
|
|
|
|
| $ | 4,156 |
|
| $ | 3,561 |
|
| $ | 3,887 |
|
90 days past due and still accruing |
|
|
|
|
|
|
|
|
|
| - |
|
|
| - |
|
|
| - |
|
Other real estate owned |
|
|
|
|
|
|
|
|
|
| - |
|
|
| - |
|
|
| - |
|
Total non-performing assets |
|
|
|
|
|
|
|
|
| $ | 4,156 |
|
| $ | 3,561 |
|
| $ | 3,887 |
|
Non-performing assets to total assets |
|
|
|
|
|
|
|
|
|
| 0.25 | % |
|
| 0.22 | % |
|
| 0.24 | % |
Allowance for credit losses on loans to non-performing assets |
|
|
|
|
|
|
|
|
|
| 241.00 | % |
|
| 274.89 | % |
|
| 284.05 | % |
Allowance for credit losses on loans to total loans |
|
|
|
|
|
|
|
|
|
| 0.90 | % |
|
| 0.93 | % |
|
| 1.01 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
LOAN RISK GRADE ANALYSIS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of loans by risk grade |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Risk Grade 1 (excellent quality) |
|
|
|
|
|
|
|
|
|
| 0.29 | % |
|
| 0.27 | % |
|
| 0.30 | % |
Risk Grade 2 (high quality) |
|
|
|
|
|
|
|
|
|
| 19.57 | % |
|
| 19.90 | % |
|
| 19.78 | % |
Risk Grade 3 (good quality) |
|
|
|
|
|
|
|
|
|
| 72.99 | % |
|
| 73.82 | % |
|
| 72.96 | % |
Risk Grade 4 (management attention) |
|
|
|
|
|
|
|
|
|
| 5.95 | % |
|
| 4.97 | % |
|
| 5.59 | % |
Risk Grade 5 (watch) |
|
|
|
|
|
|
|
|
|
| 0.66 | % |
|
| 0.49 | % |
|
| 0.84 | % |
Risk Grade 6 (substandard) |
|
|
|
|
|
|
|
|
|
| 0.54 | % |
|
| 0.55 | % |
|
| 0.53 | % |
Risk Grade 7 (doubtful) |
|
|
|
|
|
|
|
|
|
| 0.00 | % |
|
| 0.00 | % |
|
| 0.00 | % |
Risk Grade 8 (loss) |
|
|
|
|
|
|
|
|
|
| 0.00 | % |
|
| 0.00 | % |
|
| 0.00 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
At June 30, 2024, including non-accrual loans, there were two 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 six months ended June 30, 2024 and 2023 and the year ended December 31, 2023.
Contact:
Lance A. Sellers
President and Chief Executive Officer
Jeffrey N. Hooper
Executive Vice President and Chief Financial Officer
828-464-5620, Fax 828-465-6780
SOURCE: Peoples Bancorp of North Carolina, Inc.
View the original press release on accesswire.com
FAQ
What was Peoples Bancorp's (PEBK) earnings per share for Q2 2024?
How did Peoples Bancorp's (PEBK) total loans change in Q2 2024?
What was Peoples Bancorp's (PEBK) net interest margin in Q2 2024?
How did Peoples Bancorp's (PEBK) total deposits change in Q2 2024?
