Business
Peoples Bancorp Announces Fourth Quarter and Full Year 2023 Results
NEWTON, NC / ACCESSWIRE / January 22, 2024 / 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 22, 2024 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported fourth quarter and full year 2023 results with highlights as follows:Fourth quarter 2023 highlights:Net earnings were $3.4 million or $0.64 per share and $0.62 per diluted share for the three months ended December 31, 2023, as compared to $4.1 million or $0.76 per share and $0.74 per diluted share for the same period one year ago.Net interest margin was 3.32% for the three months ended December 31, 2023, compared to 3.78% for three months ended December 31, 2022.Full year 2023 highlights:Net earnings were $15.5 million or $2.87 per share and $2.77 per diluted share for the year ended December 31, 2023, as compared to $16.1 million or $2.94 per share and $2.85 per diluted share for the year ended December 31, 2022.Cash dividends were $0.91 per share during the year ended December 31, 2023, as compared to $0.87 per share for the prior year.Total loans were $1.1 billion at December 31, 2023, as compared to $1.0 billion at December 31, 2022.Non-performing assets were $3.9 million or 0.24% of total assets at December 31, 2023, compared to $3.7 million or 0.23% at December 31, 2022.Total deposits were $1.4 billion at December 31, 2023 and December 31, 2022.Core deposits, a non-GAAP measure, were $1.2 billion or 89.30% of total deposits at December 31, 2023, compared to $1.4 billion or 98.14% of total deposits at December 31, 2022.Net interest margin was 3.51% for the year ended December 31, 2023, compared to 3.22% for the year ended December 31, 2022.Net earnings were $3.4 million or $0.64 per share and $0.62 per diluted share for the three months ended December 31, 2023, as compared to $4.1 million or $0.76 per share and $0.74 per diluted share for the prior year period. Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in fourth quarter net earnings to a decrease in net interest income, which was partially offset by a decrease in the provision for credit losses, an increase in non-interest income and a decrease in non-interest expense, compared to the prior year period, as discussed below.Net interest income was $13.3 million for the three months ended December 31, 2023, compared to $15.3 million for the three months ended Dece...