Peoples Bancorp Announces Fourth Quarter and Annual Earnings Results

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

Fourth Quarter Highlights:

  • Net earnings were $1.3 million or $0.24 basic and diluted net earnings per share for the three months ended December 31, 2016, as compared to $2.2 million or $0.40 basic net earnings per share and $0.39 diluted net earnings per share for the same period one year ago.
  • Prepaid $23.5 million FHLB borrowings with weighted average rate of 4.28%. A prepayment penalty of $1.3 million, which is included in other non-interest expenses, was incurred as the result of prepaying $23.5 million in FHLB borrowings.

Year to date Highlights:

  • Net earnings were $9.2 million or $1.68 basic net earnings per share and $1.65 diluted net earnings per share for the year ended December 31, 2016, as compared to $9.6 million or $1.73 basic net earnings per share and $1.72 diluted net earnings per share for the same period one year ago.
  • Non-performing assets declined to $4.1 million or 0.4% of total assets at December 31, 2016, compared to $9.1 million or 0.9% of total assets at December 31, 2015.
  • Total loans increased $34.7 million to $723.8 million at December 31, 2016, compared to $689.1 million at December 31, 2015.
  • Core deposits were $865.4 million or 96.9% of total deposits at December 31, 2016, compared to $805.0 million or 96.7% of total deposits at December 31, 2015.
  • 2016 non-interest expense reflects the following non-recurring expenses totaling $2.8 million:
    • $1.5 million consulting fees associated with the FDIC Consent Order (the “Order”) issued in August 2015.
    • $1.3 million penalties on FHLB borrowing prepayments.

Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in fourth quarter net earnings to an increase in non-interest expense and a decrease in the credit to the provision for loan losses, which were partially offset by an increase in net interest income and an increase in non-interest income.

Read the complete earnings release here.


SOURCE Peoples Bancorp of North Carolina, Inc.

Contact: Lance A. Sellers, President and Chief Executive Officer, or A. Joseph Lampron, Executive Vice President and Chief Financial Officer, of Peoples Bancorp, +1-828-464-5620, Fax 828-465-6780