Peoples Bancorp of North Carolina, Inc. (NASDAQ: PEBK), the parent company of Peoples Bank, reported first quarter earnings results with highlights as follows:
First quarter highlights:
- Net earnings were $3.3 million or $0.55 basic and diluted net earnings per share for the three months ended March 31, 2018, as compared to $2.2 million or $0.37 basic net earnings per share and $0.36 diluted net earnings per share for the same period one year ago.
- Total loans increased $29.9 million to $765.8 million at March 31, 2018, compared to $735.9 million at March 31, 2017.
- Core deposits were $889.0 million or 97.94% of total deposits at March 31, 2018, compared to $883.4 million or 97.25% of total deposits at March 31, 2017.
Lance A. Sellers, President and Chief Executive Officer, attributed the increase in first 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 an increase in the provision for loan losses during the three months ended March 31, 2018, as compared to the three months ended March 31, 2017, as discussed below.
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