Business
Peoples Bancorp Announces Fourth Quarter and Full Year 2024 Results
NEWTON, NC / ACCESS Newswire / February 12, 2025 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the "Company"), the parent company of Peoples Bank
About this update from Peoples Bancorp Of North Carolina, Inc.
[{"type":"text","content":"NEWTON, NC / ACCESS Newswire / February 12, 2025 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported fourth quarter and full year 2024 results with highlights as follows:Fourth quarter 2024 highlights:Net earnings were $3.6 million or $0.67 per share and $0.65 per diluted share for the three months ended December 31, 2024, as compared to $3.4 million or $0.64 per share and $0.62 per diluted share for the same period one year ago.Net interest margin was 3.39% for the three months ended December 31, 2024, compared to 3.32% for three months ended December 31, 2023.Full year 2024 highlights:Net earnings were $16.4 million or $3.08 per share and $2.98 per diluted share for the year ended December 31, 2024, compared to $15.5 million or $2.87 per share and $2.77 per diluted share for the year ended December 31, 2023.Cash dividends were $0.92 per share for the year ended December 31, 2024, compared to $0.91 per share for the prior year period.Total loans were $1.14 billion at December 31, 2024, compared to $1.09 billion at December 31, 2023.Non-performing assets were $4.4 million or 0.27% of total assets at December 31, 2024, compared to $3.9 million or 0.24% of total assets at December 31, 2023.Total deposits were $1.48 billion at December 31, 2024, compared to $1.39 billion at December 31, 2023.Core deposits, a non-GAAP measure, were $1.34 billion or 90.17% of total deposits at December 31, 2024, compared to $1.24 billion or 89.30% of total deposits at December 31, 2023.Net interest margin was 3.36% for the year ended December 31, 2024, compared to 3.51% for the year ended December 31, 2023.Net earnings were $3.6 million or $0.67 per share and $0.65 per diluted share for the three months ended December 31, 2024, as compared to $3.4 million or $0.64 per share and $0.62 per diluted share for the prior year period. William D. Cable, Sr., President and Chief Executive Officer, attributed the increase in fourth quarter net earnings to an increase in net interest income, a decrease in the provision for credit losses and an increase in non-interest income, which was partially offset by an increase in non-interest expense, compared to the prior year period, as discussed below.Net interest income was $13.8 million for the three months ended December 31, 2024, co...