Peoples Bancorp Of North Carolina, Inc. · NASDAQ:PEBK
Peoples Bancorp Of North Carolina — Q4 2024 Earnings Presentation
13 slides from Peoples Bancorp Of North Carolina's earnings presentation, Jan 21, 2025
Slide 1: Fourth Quarter 2024 Earnings Conference Call
Fourth Quarter 2024 Earnings Conference Call January 21, 2025 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation which are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Ref
Slide 3: Use of Non-US GAAP Financial Measures
Use of Non-US GAAP Financial Measures This presentation contains financial information and performance measures determined by methods other than those in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Management uses these “non-US GAAP” financia
Slide 4: 2024 Financial Highlights
2024 Financial Highlights • Tangible equity to tangible assets improved 68 Net income grew to $117.2 million, or $3.31 of basis points to 8.01% diluted earnings per share (“EPS”) for 2024 • Book value and tangible book value per share – Net interest income improved 3% grew to $31.26 and $19.94, resp
Slide 5: Loans
Loans Loan Balances and Yields Loans Balances by Segment (Dollars in billions) 5% 7.16% 7.27% 7.12% 7.13% 7.01% 29% 21% $4.33 $4.45 $4.64 $4.69 $4.80 11% 12% 22% $1.83 $1.76 $1.69 $1.59 $1.56 Consumer loans Owner occupied commercial real estate Non-owner occupied commercial real estate 12/31/2023 3/
Slide 6: North Star Leasing
North Star Leasing North Star Leasing North Star Leasing by Segment 18% 14.43% 14.49% 14.31% 41% 11% 6.72% 9% 6% 8% 7% 1.54% 1.65% Restaurant Titled - Vocational TItled - Trucking/Trailer/Fleet Brewery/Distillery 2022 2023 2024 Heavy Equipment Manufacturing - Production Net Charge-Off Rate Net Yield
Slide 7: Asset Quality
Asset Quality Asset Quality Metrics Asset quality metrics improved during the 4.14% fourth quarter of 2024 – Nonperforming assets declined as a result of 3.82% 3.79% 3.79% 3.80% reductions in administrative past due leases and premiums received from carriers for Premium Finance past due accounts – C
Slide 8: Net Interest Income
Net Interest Income Net Interest Income Accretion Income Net interest income declined (Dollars in Thousands) (Dollars in Thousands) 3% compared to the linked $339,374 $348,701 quarter, and was attributable to $25,169 $25,171 lower accretion income $88,369 $88,912 $86,536 $9,347 $8,061 $4,856 – Accre
Slide 9: Non-Interest Income
Non-Interest Income Non-Interest Income (Dollars in Thousands) Non-interest income grew 1% compared to the linked quarter – Commercial loan swap fee income increased $1 million, coupled with improved bank owned life insurance income, which was partially offset by lower mortgage banking income – Non-
Slide 10: Non-Interest Expense
Non-Interest Expense Core Non-Interest Expense – Core non-interest expense increased 4% compared to the linked quarter (Dollars in Thousands) – Core non-interest expense was higher for the full year of 2024 due to the $273,647 larger footprint and ongoing operating costs of the Limestone Merger $247
Slide 11: Deposits
Deposits Deposit Balances and Costs Deposit Balances by Segment (Dollars in billions) 7% 20% 12% $6.03 $6.09 $5.58 $5.86 $5.83 1.94% 2.01% 2.01% 10% 1.85% 1.67% 14% 12% 25% Non-interest-bearing deposits $1.57 Interest-bearing demand accounts $1.47 $1.47 $1.45 $1.51 Retail certificates of deposit Mon
Slide 12: Capital
Capital Capital Metrics 13.40% 13.44% 13.49% 13.59% 13.17% 12.37% 12.50% 12.53% 12.59% 12.40% 11.69% 11.74% 11.80% 11.96% 11.56% 9.86% 9.73% 9.48% 9.43% 9.56% 8.25% 8.01% 7.37% 7.61% 7.33% 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Common equity tier 1 capital ratio Tier 1 risk-based capita
Slide 13: 2025 Outlook
2025 Outlook A high level look at our expectations for 2025: Operating Leverage – Generating positive operating leverage for 2025, compared to 2024 Net Interest Income – Assuming another 50 basis point rate reduction by the Federal Reserve, spread over the first nine months of 2025, we anticipate ou
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