Business
Peoples Bancorp Announces First Quarter 2023 Results
NEWTON, NC / ACCESSWIRE / April 24, 2023 / 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 24, 2023 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported first quarter 2023 results with highlights as follows:First quarter 2023 highlights:Net earnings were $3.2 million or $0.58 per share and $0.56 per diluted share for the three months ended March 31, 2023, as compared to $3.5 million or $0.63 per share and $0.61 per diluted share for the same period one year ago.Cash dividends were $0.34 per share during the three months ended March 31, 2023, as compared to $0.33 per share for the same period one year ago.Total loans were $1.1 billion at March 31, 2023, as compared to $1.0 billion at December 31, 2022.Non-performing assetswere $3.6 million or 0.23% of total assets at March 31, 2023, compared to $3.7 million or 0.23% of total assets at December 31, 2022.Total deposits were $1.4 billion at March 31, 2023 and December 31, 2022.Core deposits, a non-GAAP measure, were $1.4 billion or 96.33% of total deposits at March 31, 2023, compared to $1.4 billion or 97.84% of total deposits at December 31, 2022.Net interest margin was 3.77% for the three months ended March 31, 2023, compared to 2.79% for the three months ended March 31, 2022.Net earnings were $3.2 million or $0.58 per share and $0.56 per diluted share for the three months ended March 31, 2023, as compared to $3.5 million or $0.63 per share and $0.61 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 non-interest income, an increase in non-interest expense and an increase in the provision for credit losses, which were partially offset by an increase in net interest income, compared to the prior year period, as discussed below.Net interest income was $14.3 million for the three months ended March 31, 2023, compared to $10.7 million for the three months ended March 31, 2022. The increase in net interest income is due to a $5.5 million increase in interest income, partially offset by a $1.8 million increase in interest expense. The increase in interest income is due to a $3.1 million increase in interest income and fees on loans, a $272,000 increase in interest income on balances due from banks and a $2.1 million increase in interest income ...