Business
Peoples Bancorp Announces Second Quarter 2023 Results
NEWTON, NC / ACCESSWIRE / July 24, 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 / July 24, 2023 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported second quarter 2023 results with highlights as follows:Second quarter 2023 highlights:Net earnings were $4.8 million or $0.88 per share and $0.85 per diluted share for the three months ended June 30, 2023, as compared to $3.2 million or $0.59 per share and $0.57 per diluted share for the same period one year ago.Net interest margin was 3.56% for the three months ended June 30, 2023, compared to 2.87% for the three months ended June 30, 2022.Year to date highlights:Net earnings were $8.0 million or $1.46 per share and $1.41 per diluted share for the six months ended June 30, 2023, as compared to $6.7 million or $1.21 per share and $1.18 per diluted share for the same period one year ago.Cash dividends were $0.53 per share during the six months ended June 30, 2023, as compared to $0.51 per share for the prior year period.Total loans were $1.1 billion at June 30, 2023, as compared to $1.0 billion at December 31, 2022.Non-performing assets were $3.6 million or 0.22% of total assets at June 30, 2023, compared to $3.7 million or 0.23% of total assets at December 31, 2022.Total deposits were $1.4 billion at June 30, 2023 and December 31, 2022.Core deposits, a non-GAAP measure, were $1.3 billion or 92.26% of total deposits at June 30, 2023, compared to $1.4 billion or 98.14% of total deposits at December 31, 2022.Net interest margin was 3.67% for the six months ended June 30, 2023, compared to 2.83% for the six months ended June 30, 2022.Net earnings were $4.8 million or $0.88 per share and $0.85 per diluted share for the three months ended June 30, 2023, as compared to $3.2 million or $0.59 per share and $0.57 per diluted share for the prior year period. Lance A. Sellers, President and Chief Executive Officer, attributed the increase in second quarter net earnings to an increase in net interest income, a decrease in non-interest expense and a decrease in the provision for credit losses, which were partially offset by a decrease in non-interest income, compared to the prior year period, as discussed below.Net interest income was $13.8 million for the three months ended June 30, 2023, compared to $11.3 million for the three months ended June 30, 2022. The increase i...