Business
Peoples Bancorp Announces Fourth Quarter and Full Year 2022 Results
NEWTON, NC / ACCESSWIRE / January 23, 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 / January 23, 2023 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported fourth quarter and full year 2022 results with highlights as follows:Fourth quarter 2022 highlights:Net earnings were $4.1 million or $0.76 per share and $0.74 per diluted share for the three months ended December 31, 2022, as compared to $3.0 million or $0.55 per share and $0.53 per diluted share for the same period one year ago.Full year 2022 highlights:Net earnings were $16.1 million or $2.94 per share and $2.85 per diluted share for the year ended December 31, 2022, as compared to $15.1 million or $2.71 per share and $2.63 per diluted share for the year ended December 31, 2021.The Bank recognized $948,000 in SBA PPP loan fee income during the year ended December 31, 2022, as compared to $3.4 million in PPP loan fee income for the previous year.Cash dividends were $0.87 per share during the year ended December 31, 2022, as compared to $0.66 per share for the prior year.Total loans were $1.0 billion at December 31, 2022, as compared to $884.9 million at December 31, 2021, despite a $17.9 million reduction in PPP loans during the year ended December 31, 2022.Non-performing assets were $3.7 million or 0.23% of total assets at December 31, 2022, compared to $3.2 million or 0.20% of total assets at December 31, 2021.Total deposits were $1.4 billion at December 31, 2022 and 2021.Core deposits, a non-GAAP measure, were $1.4 billion or 97.84% of total deposits at December 31, 2022, compared to $1.4 billion or 98.14% of total deposits at December 31, 2021.Net interest margin was 3.22% for the year ended December 31, 2022, compared to 2.99% for the year ended December 31, 2021.Three months ended December 31, 2022Net earnings were $4.1 million or $0.76 per share and $0.74 per diluted share for the three months ended December 31, 2022, as compared to $3.0 million or $0.55 per share and $0.53 per diluted share for the prior year period. Lance A. Sellers, President and Chief Executive Officer, attributed the increase in fourth quarter net earnings to an increase in net interest income which was partially offset by an increase in the provision for loan losses, a decrease in non-interest income and an increase in non-interest expense, compared to the prior year perio...