Business
Peoples Bancorp Announces Fourth Quarter Earnings Results, Annual Earnings Results and a Special Cash Dividend
NEWTON, NC / ACCESSWIRE / January 23, 2020 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK), the parent company of Peoples Bank, reported fourth
About this update from Peoples Bancorp Of North Carolina, Inc.
[{"type":"text","content":"NEWTON, NC / ACCESSWIRE / January 23, 2020 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK), the parent company of Peoples Bank, reported fourth quarter and year to date earnings results with highlights as follows:Fourth quarter highlights: Net earnings were $3.0 million or $0.50 basic and diluted net earnings per share for the three months ended December 31, 2019, as compared to $3.4 million or $0.57 basic and diluted net earnings per share for the same period one year ago.The Company redeemed $5.0 million of outstanding trust preferred securities in December 2019.Year to date highlights: Net earnings were a record $14.1 million or $2.37 basic net earnings per share and $2.36 diluted net earnings per share for the year ended December 31, 2019, as compared to $13.4 million or $2.23 basic net earnings per share and $2.22 diluted net earnings per share for the same period one year ago.Total loans increased $45.9 million to $849.9 million at December 31, 2019, compared to $804.0 million at December 31, 2018.Core deposits were $932.2 million or 96.45% of total deposits at December 31, 2019, compared to $859.2 million or 97.95% of total deposits at December 31, 2018.Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in fourth quarter net earnings to an increase in non-interest expense, which was partially offset by an increase in net interest income and a decrease in the provision for loan losses during the three months ended December 31, 2019, compared to the three months ended December 31, 2018, as discussed below.Net interest income was $11.4 million for the three months ended December 31, 2019, compared to $11.3 million for the three months ended December 31, 2018. The increase in net interest income was primarily due to a $689,000 increase in interest income, which was partially offset by a $616,000 increase in interest expense. The increase in interest income was primarily attributable to an increase in the average outstanding balance of loans, compared to the same period last year. The increase in interest expense was primarily due to an increase in interest rates on deposits. Net interest income after the provision for loan losses was $11.2 million for the three months ended December 31, 2019, compared to $10.9 million for the three months ended December 31, 2018. The provision for loan lo...