Peoples Bancorp Announces Second Quarter Earnings Results

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

Second quarter highlights:

  • Net earnings were $2.8 million or $0.52 basic net earnings per share and $0.51 diluted net earnings per share for the three months ended June 30, 2017, as compared to $3.0 million or $0.54 basic net earnings per share and $0.53 diluted net earnings per share for the same period one year ago.

Year to date highlights:

  • Net earnings were $5.0 million or $0.92 basic net earnings per share and $0.91 diluted net earnings per share for the three months ended June 30, 2017, as compared to $5.4 million or $0.98 basic net earnings per share and $0.97 diluted net earnings per share for the same period one year ago.
  • Non-performing assets declined to $4.7 million or 0.4% of total assets at June 30, 2017, compared to $6.2 million or 0.6% of total assets at June 30, 2016.
  • Total loans increased $43.0 million to $745.0 million at June 30, 2017, compared to $702.0 million at June 30, 2016.
  • Core deposits were $869.3 million or 97.4% of total deposits at June 30, 2017, compared to $815.0 million or 96.9% of total deposits at June 30, 2016.

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

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