Peoples Bancorp Announces Cash Dividend | NC Bank | Peoples Bank

Peoples Bancorp Announces Fourth Quarter Earnings Results, Annual Earnings Results and a Special Cash Dividend

January 23, 2020

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

Fourth quarter highlights:

  • Net earnings were $3.0 million or $0.50 basic and diluted net earnings per share for the three months ended December 31, 2019, as compared to $3.4 million or $0.57 basic and diluted net earnings per share for the same period one year ago.
  • The Company redeemed $5.0 million of outstanding trust preferred securities in December 2019.

Year to date highlights:

  • Net earnings were a record $14.1 million or $2.37 basic net earnings per share and $2.36 diluted net earnings per share for the year ended December 31, 2019, as compared to $13.4 million or $2.23 basic net earnings per share and $2.22 diluted net earnings per share for the same period one year ago.
  • Total loans increased $45.9 million to $849.9 million at December 31, 2019, compared to $804.0 million at December 31, 2018.
  • Core deposits were $932.2 million or 96.45% of total deposits at December 31, 2019, compared to $859.2 million or 97.95% of total deposits at December 31, 2018.

Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in fourth quarter net earnings to an increase in non-interest expense, which was partially offset by an increase in net interest income and a decrease in the provision for loan losses during the three months ended December 31, 2019, compared to the three months ended December 31, 2018, as discussed here.

Contact


Lance A. Sellers
President and Chief Executive Officer

A. Joseph Lampron, Jr.
Executive Vice President and Chief Financial Officer

828-464-5620, Fax 828-465-6780