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 $2.2 million or $0.41 basic net earnings per share and $0.40 diluted net earnings per share for the three months ended March 31, 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.
- Non-performing assets declined to $3.6 million or 0.3% of total assets at March 31, 2017, compared to $8.5 million or 0.8% of total assets at March 31, 2016.
- Total loans increased $42.9 million to $735.9 million at March 31, 2017, compared to $693.0 million at March 31, 2016.
- Core deposits were $883.4 million or 97.2% of total deposits at March 31, 2017, compared to $826.0 million or 96.8% of total deposits at March 31, 2016.
Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in first quarter net earnings to a decrease in non-interest income and an increase in non-interest expense, which were partially offset by an increase in net interest income and an increase in the credit to the provision for loan losses.
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