Peoples Bancorp Announces Cash Dividend | NC Bank | Peoples Bank

Peoples Bancorp Announces Second Quarter Earnings Results

August 21, 2020

Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK), the parent company of Peoples Bank, reported second quarter earnings results with highlights as follows:

Second quarter highlights:

  • Net earnings were $2.6 million or $0.44 basic and diluted net earnings per share for the three months ended June 30, 2020, as compared to $3.8 million or $0.64 basic and diluted net earnings per share for the same period one year ago.
  • The Bank originated 1,116 Small Business Administration (SBA) Paycheck Protection Program (PPP) loans, totaling $98.8 million, during the second quarter of 2020. The Bank has received $4.0 million in fees from the SBA for PPP loans originated as of June 30, 2020.

Year to date highlights:

  • Net earnings were $4.9 million or $0.84 basic and diluted net earnings per share for the six months ended June 30, 2020, as compared to $7.5 million or $1.25 basic and diluted net earnings per share for the same period one year ago.
  • Total loans increased $133.2 million to $966.5 million at June 30, 2020, compared to $833.3 million at June 30, 2019.
  • Core deposits were $1.1 billion or 97.88% of total deposits at June 30, 2020, compared to $889.8 million or 98.41% of total deposits at June 30, 2019.

Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in second quarter net earnings to a decrease in net interest income, an increase in the provision for loan losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income during the three months ended June 30, 2020, compared to the three months ended June 30, 2019, as discussed here.

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