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 year to date earnings results with highlights as follows:

Fourth quarter highlights:

  • Net earnings were $3.4 million or $0.57 basic and diluted net earnings per share for the three months ended December 31, 2018, as compared to $2.0 million or $0.34 basic and diluted net earnings per share for the same period one year ago.

Year to date highlights:

  • Net earnings were a record $13.4 million or $2.23 basic net earnings per share and $2.22 diluted net earnings per share for the year ended December 31, 2018, as compared to $10.3 million or $1.71 basic net earnings per share and $1.69 diluted net earnings per share for the same period one year ago.
  • Total loans increased $44.2 million to $804.0 million at December 31, 2018, compared to $759.8 million at December 31, 2017.
  • Core deposits were $859.2 million or 98.0% of total deposits at December 31, 2018, compared to $887.4 million or 97.9% of total deposits at December 31, 2017.

Lance A. Sellers, President and Chief Executive Officer, attributed the increase in fourth quarter net earnings to an increase in net interest income and an increase in non-interest income, which were partially offset by an increase in the provision for loan losses and an increase in non-interest expense during the three months ended December 31, 2018, as compared to the three months ended December 31, 2017, as discussed below.

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