Peoples Bancorp Announces Third Quarter Earnings Results

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

Third Quarter Highlights:

  • Net earnings were $3.2 million or $0.59 basic net earnings per share and $0.58 diluted net earnings per share for the three months ended September 30, 2017, as compared to $2.5 million or $0.45 basic net earnings per share and $0.44 diluted net earnings per share for the same period one year ago.
  • Peoples Bank received notice that the Consent Order issued on August 31, 2015 was terminated effective August 30, 2017.

Year to Date Highlights:

  • Net earnings were $8.3 million or $1.52 basic net earnings per share and $1.49 diluted net earnings per share for the nine months ended September 30, 2017, as compared to $7.9 million or $1.43 basic net earnings per share and $1.42 diluted net earnings per share for the same period one year ago.
  • Total loans increased $34.4 million to $747.4 million at September 30, 2017, compared to $713.0 million at September 30, 2016.
  • Core deposits were $879.6 million or 97.6% of total deposits at September 30, 2017, compared to $835.6 million or 96.8% of total deposits at September 30, 2016.

Lance A. Sellers, President and Chief Executive Officer, attributed the increase in third quarter net earnings to an increase in net interest income, an increase in non-interest income and a decrease in non-interest expense, which were partially offset by a decrease in the credit to the provision for loan losses during the three months ended September 30, 2017, as compared to the three months ended September 30, 2016, as discussed in the complete release.

Click here to read the complete earnings release.

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