Business
Peoples Bancorp Announces First Quarter 2022 Results
NEWTON, NC / ACCESSWIRE / April 25, 2022 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the "Company"), the parent company of Peoples Bank (the
About this update from Peoples Bancorp Of North Carolina, Inc.
[{"type":"text","content":"NEWTON, NC / ACCESSWIRE / April 25, 2022 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported first quarter 2022 results with highlights as follows:First quarter 2022 highlights:Net earnings were $3.5 million or $0.63 per share and $0.61 per diluted share for the three months ended March 31, 2022, as compared to $4.1 million or $0.73 per share and $0.71 per diluted share for the same period one year ago.The Bank recognized $600,000 in Small Business Administration (SBA) Paycheck Protection Program (PPP) loan fee income during the three months ended March 31, 2022, as compared to $999,000 in PPP loan fee income for the same period one year ago.Cash dividends were $0.33 per share during the three months ended March 31, 2022, as compared to $0.16 per share for the prior year period.Total loans were $889.8 million at March 31, 2022, as compared to $884.9 million at December 31, 2021, despite a $11.4 million reduction in PPP loans during the first quarter of 2022.Core deposits were $1.4 billion or 98.26% of total deposits at March 31, 2022, compared to $1.3 billion or 97.89% of total deposits at March 31, 2021.Net earnings were $3.5 million or $0.63 per share and $0.61 per diluted share for the three months ended March 31, 2022, as compared to $4.1 million or $0.73 per share and $0.71 per diluted share for the prior year period. Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in first quarter net earnings to a decrease in net interest income, an increase in the provision for loan losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income compared to the prior year period, as discussed below.Net interest income was $10.7 million for the three months ended March 31, 2022, compared to $11.1 million for the three months ended March 31, 2021. The decrease in net interest income is due to a $593,000 decrease in interest income, which was partially offset by a $152,000 decrease in interest expense. The decrease in interest income is primarily due to a $922,000 decrease in interest income and fees on loans, which was partially offset by an increase in interest income on investment securities. The decrease in interest income and fees on loans is primarily due to a decrease in...