Business
Peoples Bancorp Announces Third Quarter 2022 Results
NEWTON, NC / ACCESSWIRE / October 24, 2022 / 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 / October 24, 2022 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported third quarter 2022 results with highlights as follows:Third quarter 2022 highlights:Net earnings were $5.3 million or $0.96 per share and $0.93 per diluted share for the three months ended September 30, 2022, as compared to $3.4 million or $0.61 per share and $0.59 per diluted share for the same period one year ago.The Bank recognized $54,000 in Small Business Administration (SBA) Paycheck Protection Program (PPP) loan fee income during the three months ended September 30, 2022, as compared to $489,000 in PPP loan fee income for the same period one year ago.Year to date highlights:Net earnings were $12.0 million or $2.18 per share and $2.11 per diluted share for the nine months ended September 30, 2022, as compared to $12.1 million or $2.16 per share and $2.10 per diluted share for the same period one year ago.The Bank recognized $948,000 in SBA PPP loan fee income during the nine months ended September 30, 2022, as compared to $3.0 million in PPP loan fee income for the same period one year ago.Cash dividends were $0.69 per share during the nine months ended September 30, 2022, as compared to $0.49 per share for the prior year period.Total loans were $1.0 billion at September 30, 2022, as compared to $884.9 million at December 31, 2021, despite a $17.9 million reduction in PPP loans during the nine months ended September 30, 2022.Non-performing assetswere $3.7 million or 0.22% of total assets at September 30, 2022, compared to $3.2 million or 0.20% of total assets at December 31, 2021.Total deposits were $1.5 billion at September 30, 2022, compared to $1.4 billion at December 31, 2021.Core deposits, a non-GAAP measure, were $1.5 billion or 97.99% of total deposits at September 30, 2022, compared to $1.4 billion or 98.14% of total deposits at December 31, 2021.Net interest margin was 3.02% for the nine months ended September 30, 2022, compared to 3.08% for the nine months ended September 30, 2021.Three months ended September 30, 2022Net earnings were $5.3 million or $0.96 per share and $0.93 per diluted share for the three months ended September 30, 2022, as compared to $3.4 million or $0.61 per share and $0.59 per diluted share for the prior year period...