Business
Peoples Bancorp Announces Third Quarter 2024 Results
NEWTON, NC / ACCESSWIRE / October 21, 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 / October 21, 2024 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the \"Company\"), the parent company of Peoples Bank (the \"Bank\"), reported third quarter 2024 results with highlights as follows:Third quarter 2024 highlights:Net earnings were $4.0 million or $0.74 per share and $0.72 per diluted share for the three months ended September 30, 2024, 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 3.35% for the three months ended September 30, 2024, compared to 3.39% for the three months ended September 30, 2023.Year to date highlights:Net earnings were $12.8 million or $2.41 per share and $2.33 per diluted share for the nine months ended September 30, 2024, as compared to $12.1 million or $2.22 per share and $2.15 per diluted share for the same period one year ago.Cash dividends were $0.73 per share during the nine months ended September 30, 2024, compared to $0.72 per share for the prior year period.Total loans were $1.12 billion at September 30, 2024, compared to $1.09 billion at December 31, 2023.Non-performing assets were $3.9 million or 0.24% of total assets at September 30, 2024 and December 31, 2023.Total deposits were $1.48 billion at September 30, 2024, compared to $1.39 billion at December 31, 2023.Core deposits, a non-GAAP measure, were $1.34 billion or 90.30% of total deposits at September 30, 2024, compared to $1.24 billion or 89.30% of total deposits at December 31, 2023.Net interest margin was 3.34% for the nine months ended September 30, 2024, compared to 3.57% for the nine months ended September 30, 2023.Net earnings were $4.0 million or $0.74 per share and $0.72 per diluted share for the three months ended September 30, 2024, compared to $4.1 million or $0.76 per share and $0.74 per diluted share for the prior year period. William D. Cable, Sr., President and Chief Executive Officer, attributed the decrease in third quarter net earnings to a decrease in non-interest income and an increase in non-interest expense, which were partially offset by an increase in net interest income and a decrease in the provision for credit losses, compared to the prior year period, as discussed below.Net interest income was $13.5 million for the three months ended September 30, 2024, compared to $13.3 million for the...