Business
Peoples Bancorp Announces First Quarter 2025 Results
NEWTON, NC / ACCESS Newswire / April 21, 2025 / 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 / ACCESS Newswire / April 21, 2025 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported first quarter 2025 results with highlights as follows:First quarter 2025 highlights:Net earnings were $4.3 million or $0.82 per share and $0.79 per diluted share for the three months ended March 31, 2025, as compared to $3.9 million or $0.74 per share and $0.72 per diluted share for the same period one year ago.Cash dividends were $0.36 per share for the three months ended March 31, 2025, compared to $0.35 per share for the prior year period.Total loans were $1.15 billion at March 31, 2025, compared to $1.14 billion at December 31, 2024.Non-performing assets were $5.1 million or 0.30% of total assets at March 31, 2025, compared to $4.8 million or 0.29% of total assets at December 31, 2024.Total deposits were $1.52 billion at March 31, 2025, compared to $1.48 billion at December 31, 2024.Core deposits, a non-GAAP measure, were $1.37 billion or 90.22% of total deposits at March 31, 2025, compared to $1.34 billion or 90.17% of total deposits at December 31, 2024.Net interest margin was 3.51% for the three months ended March 31, 2025, compared to 3.33% for the three months ended March 31, 2024.Net earnings were $4.3 million or $0.82 per share and $0.79 per diluted share for the three months ended March 31, 2025, as compared to $3.9 million or $0.74 per share and $0.72 per diluted share for the prior year period. William D. Cable, Sr., President and Chief Executive Officer, attributed the increase in first quarter net earnings to increases in net interest income and non-interest income, which were partially offset by an increase in the provision for credit losses and an increase in non-interest expense, compared to the prior year period, as discussed below.Net interest income was $13.9 million for the three months ended March 31, 2025, compared to $13.3 million for the three months ended March 31, 2024. The increase in net interest income is due to a $160,000 increase in interest income and a $480,000 decrease in interest expense. The increase in interest income is primarily due to a $878,000 increase in interest income and fees on loans, which was partially offset by a $557,000 decrease in interest income on balances due from banks and a $161,000 decrease...