Peoples Bancorp Announces Third Quarter 2024 Results
Peoples Bancorp of North Carolina, parent company of Peoples Bank, reported third quarter 2024 results. Net earnings were $4.0 million or $0.74 per share, slightly down from $4.1 million or $0.76 per share in Q3 2023. Net interest margin decreased to 3.35% from 3.39% year-over-year. Year-to-date net earnings increased to $12.8 million or $2.41 per share, up from $12.1 million or $2.22 per share. Total loans grew to $1.12 billion, and total deposits rose to $1.48 billion. Non-performing assets remained stable at $3.9 million. Net interest income for Q3 2024 was $13.5 million, driven by higher interest income on loans and securities. Non-interest income increased to $7.1 million, while non-interest expenses rose to $15.0 million, mainly due to higher occupancy and appraisal management fees. The provision for credit losses decreased to $297,000. The effective tax rate increased to 25.76% due to changes in North Carolina's corporate tax rate.
Peoples Bancorp della Carolina del Nord, società madre di Peoples Bank, ha riferito i risultati del terzo trimestre 2024. Gli utili netti sono stati di 4,0 milioni di dollari, pari a 0,74 dollari per azione, in leggero calo rispetto ai 4,1 milioni di dollari o 0,76 dollari per azione nel Q3 2023. Il margine di interesse netto è diminuito al 3,35% rispetto al 3,39% anno su anno. Gli utili netti da inizio anno sono aumentati a 12,8 milioni di dollari, pari a 2,41 dollari per azione, rispetto ai 12,1 milioni di dollari o 2,22 dollari per azione. Il totale dei prestiti è cresciuto fino a 1,12 miliardi di dollari, e i depositi totali sono aumentati a 1,48 miliardi di dollari. Le attività non performanti sono rimaste stabili a 3,9 milioni di dollari. Il reddito netto da interessi per il Q3 2024 è stato di 13,5 milioni di dollari, sostenuto da un aumento del reddito da interessi sui prestiti e titoli. Il reddito non da interessi è aumentato a 7,1 milioni di dollari, mentre le spese non da interessi sono salite a 15,0 milioni di dollari, principalmente a causa dell'aumento delle spese per occupazione e gestione delle valutazioni. La provvista per perdite su crediti è diminuita a 297.000 dollari. L'aliquota fiscale effettiva è aumentata al 25,76% a causa delle modifiche nell'aliquota fiscale delle società della Carolina del Nord.
Peoples Bancorp de Carolina del Norte, empresa matriz de Peoples Bank, reportó los resultados del tercer trimestre de 2024. Las ganancias netas fueron de 4,0 millones de dólares, o 0,74 dólares por acción, una ligera disminución respecto a los 4,1 millones de dólares o 0,76 dólares por acción en el tercer trimestre de 2023. El margen de interés neto disminuyó al 3,35% desde el 3,39% en comparación anual. Las ganancias netas acumuladas en lo que va del año aumentaron a 12,8 millones de dólares, o 2,41 dólares por acción, frente a los 12,1 millones de dólares o 2,22 dólares por acción. El total de préstamos creció a 1,12 mil millones de dólares, y los depósitos totales subieron a 1,48 mil millones de dólares. Los activos no rentables se mantuvieron estables en 3,9 millones de dólares. Los ingresos netos por intereses para el tercer trimestre de 2024 fueron de 13,5 millones de dólares, impulsados por un mayor ingreso por intereses en préstamos y valores. Los ingresos no relacionados con intereses aumentaron a 7,1 millones de dólares, mientras que los gastos no relacionados con intereses subieron a 15,0 millones de dólares, principalmente por el aumento en tarifas de ocupación y gestión de evaluaciones. La provisión para pérdidas crediticias disminuyó a 297,000 dólares. La tasa impositiva efectiva aumentó al 25,76% debido a cambios en la tasa impositiva corporativa de Carolina del Norte.
노스캐롤라이나의 피플스 뱅콥(Peoples Bancorp), 피플스 은행(Peoples Bank)의 모기업이 2024년 3분기 결과를 보고했습니다. 순이익은 400만 달러로 주당 0.74달러로, 2023년 3분기 410만 달러 또는 주당 0.76달러에서 소폭 감소했습니다. 순이자 마진은 전년 대비 3.39%에서 3.35%로 감소했습니다. 올해 누적 순이익은 1280만 달러 또는 주당 2.41달러로, 1210만 달러 또는 주당 2.22달러에서 증가했습니다. 총 대출은 11억 2000만 달러로 증가했고, 총 예금은 14억 8000만 달러로 증가했습니다. 부실 자산은 390만 달러로 안정세를 유지했습니다. 2024년 3분기 순이자 수익은 1350만 달러로 대출과 증권에서의 높은 이자 수익에 힘입었습니다. 비이자 수익은 710만 달러로 증가했으며, 비이자 비용은 1500만 달러로 증가했고, 이는 주로 점유 및 감정 관리 수수료의 증가 때문입니다. 신용 손실 충당금은 29만 7000달러로 감소했습니다. 노스캐롤라이나의 법인세율 변화로 인해 유효 세율은 25.76%로 증가했습니다.
Peoples Bancorp de Caroline du Nord, la société mère de Peoples Bank, a annoncé les résultats du troisième trimestre 2024. Les bénéfices nets ont été de 4,0 millions de dollars, soit 0,74 dollar par action, en légère baisse par rapport à 4,1 millions de dollars, soit 0,76 dollar par action au T3 2023. La marge d'intérêt nette a diminué à 3,35% contre 3,39% d'une année sur l'autre. Les bénéfices nets depuis le début de l'année ont augmenté à 12,8 millions de dollars, soit 2,41 dollars par action, contre 12,1 millions de dollars, soit 2,22 dollars par action. Le total des prêts a atteint 1,12 milliard de dollars, et les dépôts totaux ont augmenté à 1,48 milliard de dollars. Les actifs non performants sont restés stables à 3,9 millions de dollars. Les revenus nets d'intérêts pour le T3 2024 s'élevaient à 13,5 millions de dollars, soutenus par des revenus d'intérêts plus élevés sur les prêts et les titres. Les revenus non liés aux intérêts ont augmenté à 7,1 millions de dollars, tandis que les dépenses non liées aux intérêts ont augmenté à 15,0 millions de dollars, principalement en raison de frais plus élevés de location et de gestion des évaluations. La provision pour pertes sur crédits a diminué à 297 000 dollars. Le taux d'imposition efficace a augmenté à 25,76% en raison des modifications apportées au taux d'imposition des sociétés en Caroline du Nord.
Peoples Bancorp von North Carolina, das Mutterunternehmen der Peoples Bank, hat die Ergebnisse für das dritte Quartal 2024 bekannt gegeben. Der Nettogewinn betrug 4,0 Millionen Dollar oder 0,74 Dollar pro Aktie, was einen leichten Rückgang gegenüber 4,1 Millionen Dollar oder 0,76 Dollar pro Aktie im Q3 2023 darstellt. Die Nettzinsmarge sank im Jahresvergleich von 3,39% auf 3,35%. Der Nettogewinn seit Jahresbeginn stieg auf 12,8 Millionen Dollar oder 2,41 Dollar pro Aktie, gegenüber 12,1 Millionen Dollar oder 2,22 Dollar pro Aktie. Die Gesamtverbindlichkeiten wuchsen auf 1,12 Milliarden Dollar, und die Gesamteinlagen stiegen auf 1,48 Milliarden Dollar. Die notleidenden Vermögenswerte blieben mit 3,9 Millionen Dollar stabil. Der Nettozinsüberschuss für das Q3 2024 betrug 13,5 Millionen Dollar, angetrieben durch höhere Zinserträge bei Krediten und Wertpapieren. Die Zinseinnahmen stiegen auf 7,1 Millionen Dollar, während nichtzinsbezogene Aufwendungen auf 15,0 Millionen Dollar anstiegen, hauptsächlich aufgrund höherer Kosten für Unterkunft und Bewertungsmanagement. Die Rückstellung für Kreditverluste sank auf 297.000 Dollar. Der effektive Steuersatz stieg auf 25,76% aufgrund von Änderungen im Unternehmenssteuersatz von North Carolina.
- Year-to-date net earnings increased to $12.8 million or $2.41 per share.
- Total loans grew to $1.12 billion.
- Total deposits rose to $1.48 billion.
- Non-interest income increased to $7.1 million.
- Provision for credit losses decreased to $297,000.
- Q3 net earnings decreased to $4.0 million from $4.1 million.
- Net interest margin decreased to 3.35% from 3.39%.
- Non-interest expenses increased to $15.0 million.
- Effective tax rate increased to 25.76% from 22.09%.
- Net charge-offs increased to $956,000 from $297,000 year-over-year.
Insights
Peoples Bancorp's Q3 2024 results show a mixed performance. Net earnings decreased slightly to
Key positives include:
- Loan growth: Total loans increased to
$1.12 billion from$1.09 billion at year-end 2023 - Deposit growth: Total deposits rose to
$1.48 billion from$1.39 billion - Stable asset quality: Non-performing assets remained at
0.24% of total assets
Challenges include a compressed net interest margin of
Peoples Bancorp's results reflect the broader challenges facing regional banks. The slight decline in quarterly earnings amid rising interest rates highlights the pressure on net interest margins. However, the bank's ability to grow both loans and deposits is commendable, indicating strong customer relationships and market position.
The reduction in the allowance for credit losses to
The shift from repurchase agreements to ICS deposits (
Overall, PEBK is navigating the challenging environment relatively well, but investors should watch for continued pressure on margins and any signs of credit quality deterioration.
NEWTON, NC / ACCESSWIRE / October 21, 2024 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the "Company"), the parent company of Peoples Bank (the "Bank"), reported third quarter 2024 results with highlights as follows:
Third quarter 2024 highlights:
Net earnings were
$4.0 million or$0.74 per share and$0.72 per diluted share for the three months ended September 30, 2024, compared to$4.1 million or$0.76 per share and$0.74 per diluted share for the same period one year ago.Net interest margin was
3.35% for the three months ended September 30, 2024, compared to3.39% for the three months ended September 30, 2023.
Year to date highlights:
Net earnings were
$12.8 million or$2.41 per share and$2.33 per diluted share for the nine months ended September 30, 2024, as compared to$12.1 million or$2.22 per share and$2.15 per diluted share for the same period one year ago.Cash dividends were
$0.73 per share during the nine months ended September 30, 2024, compared to$0.72 per share for the prior year period.Total loans were
$1.12 billion at September 30, 2024, compared to$1.09 billion at December 31, 2023.Non-performing assets were
$3.9 million or0.24% of total assets at September 30, 2024 and December 31, 2023.Total deposits were
$1.48 billion at September 30, 2024, compared to$1.39 billion at December 31, 2023.Core deposits, a non-GAAP measure, were
$1.34 billion or90.30% of total deposits at September 30, 2024, compared to$1.24 billion or89.30% of total deposits at December 31, 2023.Net interest margin was
3.34% for the nine months ended September 30, 2024, compared to3.57% for the nine months ended September 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
September 30, 2024, December 31, 2023 and September 30, 2023
(Dollars in thousands)
|
| September 30, 2024 |
|
| December 31, |
|
| September 30, |
| |||
| (Unaudited) |
|
| (Audited) |
|
| (Unaudited) |
| ||||
ASSETS: |
|
|
|
|
|
|
|
|
| |||
Cash and due from banks |
| $ | 36,061 |
|
| $ | 32,819 |
|
| $ | 35,762 |
|
Interest-bearing deposits |
|
| 37,101 |
|
|
| 49,556 |
|
|
| 40,857 |
|
Cash and cash equivalents |
|
| 73,162 |
|
|
| 82,375 |
|
|
| 76,619 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities available for sale |
|
| 398,573 |
|
|
| 391,924 |
|
|
| 378,794 |
|
Other investments |
|
| 2,753 |
|
|
| 2,874 |
|
|
| 2,900 |
|
Total securities |
|
| 401,326 |
|
|
| 394,798 |
|
|
| 381,694 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mortgage loans held for sale |
|
| 1,218 |
|
|
| 686 |
|
|
| 1,848 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans |
|
| 1,124,177 |
|
|
| 1,093,066 |
|
|
| 1,078,173 |
|
Less: Allowance for credit losses on loans |
|
| (10,616 | ) |
|
| (11,041 | ) |
|
| (10,285 | ) |
Net loans |
|
| 1,113,561 |
|
|
| 1,082,025 |
|
|
| 1,067,888 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Premises and equipment, net |
|
| 15,206 |
|
|
| 16,702 |
|
|
| 16,782 |
|
Cash surrender value of life insurance |
|
| 18,482 |
|
|
| 18,134 |
|
|
| 18,021 |
|
Accrued interest receivable and other assets |
|
| 38,695 |
|
|
| 41,190 |
|
|
| 44,412 |
|
Total assets |
| $ | 1,661,650 |
|
| $ | 1,635,910 |
|
| $ | 1,607,264 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES AND SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
| $ | 408,766 |
|
| $ | 432,687 |
|
| $ | 444,627 |
|
Interest-bearing demand, MMDA & savings |
|
| 728,142 |
|
|
| 620,244 |
|
|
| 633,003 |
|
Time, over |
|
| 143,573 |
|
|
| 148,904 |
|
|
| 137,715 |
|
Other time |
|
| 199,496 |
|
|
| 190,210 |
|
|
| 165,423 |
|
Total deposits |
|
| 1,479,977 |
|
|
| 1,392,045 |
|
|
| 1,380,768 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Securities sold under agreements to repurchase |
|
| 8,429 |
|
|
| 86,715 |
|
|
| 83,024 |
|
Junior subordinated debentures |
|
| 15,464 |
|
|
| 15,464 |
|
|
| 15,464 |
|
Accrued interest payable and other liabilities |
|
| 21,498 |
|
|
| 20,670 |
|
|
| 20,656 |
|
Total liabilities |
|
| 1,525,368 |
|
|
| 1,514,894 |
|
|
| 1,499,912 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
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 9/30/24, 5,534,499 shares at 12/31/23, |
|
|
|
|
|
|
|
|
|
|
|
|
5,549,799 at 9/30/23 |
|
| 48,678 |
|
|
| 50,625 |
|
|
| 50,969 |
|
Common stock held by deferred compensation trust, |
|
|
|
|
|
|
|
|
|
|
|
|
at cost; 158,905 shares at 9/30/24, 163,702 shares |
|
|
|
|
|
|
|
|
|
|
|
|
at 12/31/23, 167,193 shares at 9/30/23 |
|
| (1,772 | ) |
|
| (1,910 | ) |
|
| (2,011 | ) |
Deferred compensation |
|
| 1,772 |
|
|
| 1,910 |
|
|
| 2,011 |
|
Retained earnings |
|
| 118,542 |
|
|
| 109,756 |
|
|
| 107,372 |
|
Accumulated other comprehensive loss |
|
| (30,938 | ) |
|
| (39,365 | ) |
|
| (50,989 | ) |
Total shareholders' equity |
|
| 136,282 |
|
|
| 121,016 |
|
|
| 107,352 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and shareholders' equity |
| $ | 1,661,650 |
|
| $ | 1,635,910 |
|
| $ | 1,607,264 |
|
CONSOLIDATED STATEMENTS OF INCOME
For the three and nine months ended September 30, 2024 and 2023
(Dollars in thousands, except per share amounts)
| Three months ended |
|
| Nine months ended |
| |||||||||||
| September 30, |
|
| September 30, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
| |||||
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest and fees on loans |
| $ | 16,098 |
|
| $ | 14,145 |
|
| $ | 46,807 |
|
| $ | 40,695 |
|
Interest on due from banks |
|
| 608 |
|
|
| 606 |
|
|
| 2,240 |
|
|
| 1,506 |
|
Interest on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government sponsored enterprises |
|
| 2,503 |
|
|
| 2,358 |
|
|
| 7,645 |
|
|
| 6,868 |
|
State and political subdivisions |
|
| 695 |
|
|
| 696 |
|
|
| 2,085 |
|
|
| 2,254 |
|
Other |
|
| 563 |
|
|
| 501 |
|
|
| 1,570 |
|
|
| 1,383 |
|
Total interest income |
|
| 20,467 |
|
|
| 18,306 |
|
|
| 60,347 |
|
|
| 52,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand, MMDA & savings deposits |
|
| 2,892 |
|
|
| 1,752 |
|
|
| 7,390 |
|
|
| 4,888 |
|
Time deposits |
|
| 3,611 |
|
|
| 2,512 |
|
|
| 10,920 |
|
|
| 4,666 |
|
Junior subordinated debentures |
|
| 283 |
|
|
| 284 |
|
|
| 850 |
|
|
| 791 |
|
Other |
|
| 132 |
|
|
| 418 |
|
|
| 918 |
|
|
| 912 |
|
Total interest expense |
|
| 6,918 |
|
|
| 4,966 |
|
|
| 20,078 |
|
|
| 11,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET INTEREST INCOME |
|
| 13,549 |
|
|
| 13,340 |
|
|
| 40,269 |
|
|
| 41,449 |
|
PROVISION FOR CREDIT LOSSES |
|
| 297 |
|
|
| 562 |
|
|
| (80 | ) |
|
| 1,161 |
|
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES |
|
| 13,252 |
|
|
| 12,778 |
|
|
| 40,349 |
|
|
| 40,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
| 1,515 |
|
|
| 1,412 |
|
|
| 4,201 |
|
|
| 4,081 |
|
Other service charges and fees |
|
| 163 |
|
|
| 165 |
|
|
| 527 |
|
|
| 510 |
|
Gain/(loss) on sale of securities |
|
| 5 |
|
|
| - |
|
|
| 5 |
|
|
| (2,488 | ) |
Mortgage banking income |
|
| 138 |
|
|
| 72 |
|
|
| 263 |
|
|
| 204 |
|
Insurance and brokerage commissions |
|
| 251 |
|
|
| 291 |
|
|
| 717 |
|
|
| 725 |
|
Appraisal management fee income |
|
| 3,073 |
|
|
| 2,785 |
|
|
| 8,668 |
|
|
| 7,469 |
|
Miscellaneous |
|
| 1,950 |
|
|
| 2,049 |
|
|
| 6,273 |
|
|
| 6,286 |
|
Total non-interest income |
|
| 7,095 |
|
|
| 6,774 |
|
|
| 20,654 |
|
|
| 16,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NON-INTEREST EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 6,602 |
|
|
| 6,722 |
|
|
| 20,409 |
|
|
| 19,508 |
|
Occupancy |
|
| 2,446 |
|
|
| 1,988 |
|
|
| 6,662 |
|
|
| 5,983 |
|
Appraisal management fee expense |
|
| 2,436 |
|
|
| 2,182 |
|
|
| 6,863 |
|
|
| 5,881 |
|
Other |
|
| 3,532 |
|
|
| 3,363 |
|
|
| 10,729 |
|
|
| 10,204 |
|
Total non-interest expense |
|
| 15,016 |
|
|
| 14,255 |
|
|
| 44,663 |
|
|
| 41,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EARNINGS BEFORE INCOME TAXES |
|
| 5,331 |
|
|
| 5,297 |
|
|
| 16,340 |
|
|
| 15,499 |
|
INCOME TAXES |
|
| 1,373 |
|
|
| 1,170 |
|
|
| 3,546 |
|
|
| 3,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET EARNINGS |
| $ | 3,958 |
|
| $ | 4,127 |
|
| $ | 12,794 |
|
| $ | 12,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
PER SHARE AMOUNTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings |
| $ | 0.74 |
|
| $ | 0.76 |
|
| $ | 2.41 |
|
| $ | 2.22 |
|
Diluted net earnings |
| $ | 0.72 |
|
| $ | 0.74 |
|
| $ | 2.33 |
|
| $ | 2.15 |
|
Cash dividends |
| $ | 0.19 |
|
| $ | 0.19 |
|
| $ | 0.73 |
|
| $ | 0.72 |
|
Book value |
| $ | 25.72 |
|
| $ | 19.94 |
|
| $ | 25.72 |
|
| $ | 19.94 |
|
FINANCIAL HIGHLIGHTS
For the three and nine months ended September 30, 2024 and 2023, and the year ended December 31, 2023
(Dollars in thousands)
|
| Three months ended |
|
| Nine months ended |
|
| Year ended |
| |||||||||||
|
| September 30, |
|
| September 30, |
|
| December 31, |
| |||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
| |||||
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Audited) |
| |||||
SELECTED AVERAGE BALANCES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Available for sale securities |
| $ | 440,519 |
|
| $ | 448,042 |
|
| $ | 443,023 |
|
| $ | 458,216 |
|
| $ | 454,823 |
|
Loans |
|
| 1,120,545 |
|
|
| 1,064,135 |
|
|
| 1,107,344 |
|
|
| 1,052,540 |
|
|
| 1,061,075 |
|
Earning assets |
|
| 1,609,727 |
|
|
| 1,561,298 |
|
|
| 1,608,843 |
|
|
| 1,553,689 |
|
|
| 1,561,825 |
|
Assets |
|
| 1,653,202 |
|
|
| 1,602,799 |
|
|
| 1,650,348 |
|
|
| 1,601,117 |
|
|
| 1,605,386 |
|
Deposits |
|
| 1,480,119 |
|
|
| 1,373,251 |
|
|
| 1,456,759 |
|
|
| 1,397,975 |
|
|
| 1,395,265 |
|
Shareholders' equity |
|
| 127,465 |
|
|
| 111,527 |
|
|
| 125,751 |
|
|
| 115,879 |
|
|
| 116,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED KEY DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax equivalent) (1) |
|
| 3.35 | % |
|
| 3.39 | % |
|
| 3.34 | % |
|
| 3.57 | % |
|
| 3.51 | % |
Return on average assets |
|
| 0.95 | % |
|
| 1.02 | % |
|
| 1.04 | % |
|
| 1.01 | % |
|
| 0.97 | % |
Return on average shareholders' equity |
|
| 12.35 | % |
|
| 14.68 | % |
|
| 13.59 | % |
|
| 13.97 | % |
|
| 13.37 | % |
Average shareholders' equity to total average assets |
|
| 7.71 | % |
|
| 6.96 | % |
|
| 7.62 | % |
|
| 7.24 | % |
|
| 7.24 | % |
| September 30, 2024 |
|
| September 30, 2023 |
|
| December 31, |
| ||||
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Audited) |
| |||
|
|
|
|
|
|
|
|
|
| |||
ALLOWANCE FOR CREDIT LOSSES: |
|
|
|
|
|
|
|
|
| |||
Allowance for credit losses on loans |
| $ | 10,616 |
|
| $ | 10,285 |
|
| $ | 11,041 |
|
Allowance for credit losses on unfunded commitments |
|
| 1,159 |
|
|
| 2,131 |
|
|
| 1,770 |
|
Provision for credit losses (2) |
|
| (80 | ) |
|
| 1,161 |
|
|
| 1,566 |
|
Charge-offs (2) |
|
| (1,436 | ) |
|
| (579 | ) |
|
| (698 | ) |
Recoveries (2) |
|
| 480 |
|
|
| 282 |
|
|
| 392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
| $ | 3,921 |
|
| $ | 3,614 |
|
| $ | 3,887 |
|
90 days past due and still accruing |
|
| - |
|
|
| 99 |
|
|
| - |
|
Other real estate owned |
|
| - |
|
|
| - |
|
|
| - |
|
Total non-performing assets |
| $ | 3,921 |
|
| $ | 3,713 |
|
| $ | 3,887 |
|
Non-performing assets to total assets |
|
| 0.24 | % |
|
| 0.23 | % |
|
| 0.24 | % |
Allowance for credit losses on loans to non-performing assets |
|
| 270.75 | % |
|
| 277.00 | % |
|
| 284.05 | % |
Allowance for credit losses on loans to total loans |
|
| 0.94 | % |
|
| 0.95 | % |
|
| 1.01 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN RISK GRADE ANALYSIS: |
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of loans by risk grade |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Grade 1 (excellent quality) |
|
| 0.27 | % |
|
| 0.44 | % |
|
| 0.30 | % |
Risk Grade 2 (high quality) |
|
| 19.74 | % |
|
| 19.74 | % |
|
| 19.78 | % |
Risk Grade 3 (good quality) |
|
| 72.74 | % |
|
| 73.35 | % |
|
| 72.96 | % |
Risk Grade 4 (management attention) |
|
| 6.08 | % |
|
| 5.15 | % |
|
| 5.59 | % |
Risk Grade 5 (watch) |
|
| 0.66 | % |
|
| 0.78 | % |
|
| 0.84 | % |
Risk Grade 6 (substandard) |
|
| 0.51 | % |
|
| 0.54 | % |
|
| 0.53 | % |
Risk Grade 7 (doubtful) |
|
| 0.00 | % |
|
| 0.00 | % |
|
| 0.00 | % |
Risk Grade 8 (loss) |
|
| 0.00 | % |
|
| 0.00 | % |
|
| 0.00 | % |
At September 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 nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023.
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 accesswire.com
FAQ
What were PEBK's third quarter 2024 earnings?
How did PEBK's net interest margin change in Q3 2024?
What is the total loan amount for PEBK as of September 30, 2024?
How much did PEBK's total deposits increase by September 30, 2024?
What was PEBK's provision for credit losses in Q3 2024?
