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, 2022
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 prior year period. Lance A. Sellers, President and Chief Executive Officer, attributed the increase in third quarter net earnings to an increase in net interest income and an increase in non-interest income, which were partially offset by an increase in the provision for loan losses and an increase in non-interest expense, compared to the prior year period, as discussed below.
Net interest income was $13.8 million for the three months ended September 30, 2022, compared to $10.6 million for the three months ended September 30, 2021. The increase in net interest income is due to a $3.2 million increase in interest income and a $43,000 decrease in interest expense. The increase in interest income is due to a $1.2 million increase in interest income and fees on loans, a $811,000 increase in interest income on balances due from banks and a $1.1 million increase in interest income on investment securities. The increase in interest income and fees on loans is primarily due to an increase in total loans and rate increases by the Federal Reserve, partially offset by a decrease in fee income on SBA PPP loans. The increase in interest income on balances due from banks is primarily due to rate increases by the Federal Reserve The increase in interest income on investment securities is primarily due to additional securities purchased with additional cash resulting from an increase in deposits combined with higher yields on securities purchased during the second and third quarters of 2022. The decrease in interest expense is primarily due to a decrease in rates paid on interest-bearing liabilities. Net interest income after the provision for loan losses was $13.4 million for the three months ended September 30, 2022, compared to $10.7 million for the three months ended September 30, 2021. The provision for loan losses for the three months ended September 30, 2022 was $408,000, compared to a recovery of $182,000 for the three months ended September 30, 2021. The increase in the provision for loan losses is primarily attributable to an increase in reserves due to a net increase in the volume of loans in the general reserve pool.
Non-interest income was $6.8 million for the three months ended September 30, 2022, compared to $6.0 million for the three months ended September 30, 2021. The increase in non-interest income is primarily attributable to a $757,000 increase in appraisal management fee income due to an increase in appraisal volume and a $435,000 increase in service charge income, primarily due to service charge changes implemented in March 2022, which were partially offset by a $457,000 decrease in mortgage banking income due to a decrease in mortgage loan volume and additional mortgage loans being retained in the Bank's portfolio.
Non-interest expense was $13.5 million for the three months ended September 30, 2022, compared to $12.6 million for the three months ended September 30, 2021. The increase in non-interest expense is primarily attributable to a $595,000 increase in appraisal management fee expense due to an increase in appraisal volume, a $123,000 increase in salaries and employee benefits expense primarily due to an increase in insurance costs and a $130,000 increase in other non-interest expenses.
Nine months ended September 30, 2022
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 prior year period. The decrease in year-to-date net earnings is primarily attributable to an increase in non-interest expense and an increase in the provision for loan losses, which were partially offset by an increase in net interest income and an increase in non-interest income compared to the prior year period, as discussed below.
Net interest income was $35.8 million for the nine months ended September 30, 2022, compared to $33.3 million for the nine months ended September 30, 2021. The increase in net interest income is due to a $2.1 million increase in interest income and a $393,000 decrease in interest expense. The increase in interest income is primarily due to a $1.5 million increase in interest income on investment securities and a $1.3 million increase in interest income on balances due from banks, which were partially offset by a $747,000 decrease in interest income and fees on loans. The increase in interest income on investment securities is primarily due to additional securities purchased with additional cash resulting from an increase in deposits combined with higher yields on securities purchased during the second and third quarters of 2022. The increase in interest income on balances due from banks is primarily due to rate increases by the Federal Reserve The decrease in interest income and fees on loans is primarily due to a decrease in fee income on SBA PPP loans. The decrease in interest expense is primarily due to a decrease in rates paid on interest-bearing liabilities. Net interest income after the provision for loan losses was $34.9 million for the nine months ended September 30, 2022, compared to $34.2 million for the nine months ended September 30, 2021. The provision for loan losses for the nine months ended September 30, 2022 was $889,000, compared to a recovery of $863,000 for the nine months ended September 30, 2021. The increase in the provision for loan losses is primarily attributable to an increase in reserves due to a net increase in the volume of loans in the general reserve pool.
Non-interest income was $21.2 million for the nine months ended September 30, 2022, compared to $18.0 million for the nine months ended September 30, 2021. The increase in non-interest income is primarily attributable to a $3.9 million increase in appraisal management fee income due to an increase in appraisal volume and a $1.1 million increase in service charge income, primarily due to service charge changes implemented in March 2022, which were partially offset by a $1.8 million decrease in mortgage banking income due to a decrease in mortgage loan volume and additional mortgage loans being retained in the Bank's portfolio.
Non-interest expense was $41.0 million for the nine months ended September 30, 2022, compared to $37.0 million for the nine months ended September 30, 2021. The increase in non-interest expense is primarily attributable to a $3.0 million increase in appraisal management fee expense due to an increase in appraisal volume and a $566,000 increase in salaries and employee benefits expense primarily due to an increase in insurance costs and a $476,000 increase in other non-interest expenses.
Income tax expense was $1.4 million for the three months ended September 30, 2022, compared to $824,000 for the three months ended September 30, 2021. The effective tax rate was 21.06% for the three months ended September 30, 2022, compared to 19.55% for the three months ended September 30, 2021. Income tax expense was $3.1 million for the nine months ended September 30, 2022 and 2021. The effective tax rate was 20.40% for the nine months ended September 30, 2022, compared to 20.17% for the nine months ended September 30, 2021.
Total assets were $1.7 billion as of September 30, 2022, compared to $1.6 billion at December 31, 2021. Available for sale securities were $444.4 million as of September 30, 2022, compared to $406.5 million as of December 31, 2021. Total loans were $1.0 billion as of September 30, 2022, compared to $884.9 million as of December 31, 2021. The increase in loans was achieved despite a $17.9 million reduction in PPP loans during the nine months ended September 30, 2022. The Bank had $103,000 and $18.0 million in PPP loans at September 30, 2022 and December 31, 2021, respectively.
Non-performing assets were $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. Non-performing assets include $3.7 million in commercial and residential mortgage loans and $19,000 in other loans at September 30, 2022, compared to $3.2 million in commercial and residential mortgage loans and $51,000 in other loans at December 31, 2021.
The allowance for loan losses was $10.0 million or 1.00% of total loans at September 30, 2022, compared to $9.4 million or 1.06% at December 31, 2021. Management believes the current level of the allowance for loan losses is adequate; however, there is no assurance that additional adjustments to the allowance will not be required because of changes in economic conditions, regulatory requirements or other factors.
Deposits were $1.5 billion at September 30, 2022, compared to $1.4 billion at December 31, 2021. Core deposits, a non-GAAP measure, which include noninterest-bearing demand deposits, NOW, MMDA, savings and non-brokered certificates of deposit of denominations less than $250,000, were $1.5 billion and $1.4 billion at September 30, 2022 and December 31, 2021, respectively. Management believes it is useful to calculate and present core deposits because of the positive impact this low cost funding source provides to the Bank's funding base. Certificates of deposit in amounts of $250,000 or more totaled $30.1 million at September 30, 2022, compared to $26.3 million at December 31, 2021.
Securities sold under agreements to repurchase were $38.0 million at September 30, 2022, compared to $37.1 million at December 31, 2021. Junior subordinated debentures were $15.5 million at September 30, 2022 and December 31, 2021. Shareholders' equity was $103.9 million, or 6.78% of total assets, at September 30, 2022, compared to $142.4 million, or 8.77% of total assets, at December 31, 2021. The decrease in shareholders' equity is primarily due to an increase in the unrealized loss on investment securities available for sale due to rate changes from December 31, 2021 to September 30, 2022. The Company repurchased 22,000 shares of its common stock during the nine months ended September 30, 2022 under the Company's stock repurchase program, which was authorized in January 2022.
Peoples Bank operates 17 banking offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg, Rowan and Forsyth Counties. The Company's common stock is publicly traded and is quoted on the Nasdaq Global Market under the symbol "PEBK."
Statements made in this earnings release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this release was prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate," and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, (1) competition in the markets served by the Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company's other filings with the Securities and Exchange Commission, including but not limited to those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
CONSOLIDATED BALANCE SHEETSSeptember 30, 2022, December 31, 2021 and September 30, 2021(Dollars in thousands)
| September 30, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||
| (Unaudited) | (Audited) | (Unaudited) | ||||||||||
| ASSETS: | ||||||||||||
| Cash and due from banks | $ | 55,063 | $ | 44,711 | $ | 42,098 | ||||||
| Interest-bearing deposits | 100,398 | 232,788 | 221,210 | |||||||||
| Cash and cash equivalents | 155,461 | 277,499 | 263,308 | |||||||||
| Investment securities available for sale | 444,367 | 406,549 | 402,905 | |||||||||
| Other investments | 2,762 | 3,668 | 3,725 | |||||||||
| Total securities | 447,129 | 410,217 | 406,630 | |||||||||
| Mortgage loans held for sale | 975 | 3,637 | 9,086 | |||||||||
| Loans | 1,004,907 | 884,869 | 891,005 | |||||||||
| Less: Allowance for loan losses | (10,030 | ) | (9,355 | ) | (8,963 | ) | ||||||
| Net loans | 994,877 | 875,514 | 882,042 | |||||||||
| Premises and equipment, net | 18,508 | 16,104 | 16,625 | |||||||||
| Cash surrender value of life insurance | 17,601 | 17,365 | 17,265 | |||||||||
| Accrued interest receivable and other assets | 41,739 | 23,857 | 21,295 | |||||||||
| Total assets | $ | 1,676,290 | $ | 1,624,193 | $ | 1,616,251 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing demand | $ | 563,142 | $ | 514,319 | $ | 529,118 | ||||||
| Interest-bearing demand, MMDA & savings | 839,532 | 797,179 | 777,721 | |||||||||
| Time, $250,000 or more | 30,118 | 26,333 | 26,357 | |||||||||
| Other time | 68,299 | 74,917 | 76,769 | |||||||||
| Total deposits | 1,501,091 | 1,412,748 | 1,409,965 | |||||||||
| Securities sold under agreements to repurchase | 37,986 | 37,094 | 32,332 | |||||||||
| Junior subordinated debentures | 15,464 | 15,464 | 15,464 | |||||||||
| Accrued interest payable and other liabilities | 17,825 | 16,518 | 14,948 | |||||||||
| Total liabilities | 1,572,366 | 1,481,824 | 1,472,709 | |||||||||
| Shareholders' equity: | ||||||||||||
| Preferred stock, no par value; authorized | ||||||||||||
| 5,000,000 shares; no shares issued and outstanding | - | - | - | |||||||||
| Common stock, no par value; authorized | ||||||||||||
| 20,000,000 shares; issued and outstanding | ||||||||||||
| 5,641,030 shares at 9/30/22, 5,661,569 shares at | ||||||||||||
| 12/31/21, 5,661,569 shares at 9/30/21 | 52,752 | 53,305 | 53,305 | |||||||||
| Common stock held by deferred compensation trust, | ||||||||||||
| at cost; 167,889 shares at 9/30/22, 162,193 shares | ||||||||||||
| at 12/31/21, 160,611 shares at 9/30/21 | (2,150 | ) | (1,992 | ) | (1,946 | ) | ||||||
| Deferred compensation | 2,150 | 1,992 | 1,946 | |||||||||
| Retained earnings | 97,029 | 88,968 | 86,927 | |||||||||
| Accumulated other comprehensive income (loss) | (45,857 | ) | 96 | 3,310 | ||||||||
| Total shareholders' equity | 103,924 | 142,369 | 143,542 | |||||||||
| Total liabilities and shareholders' equity | $ | 1,676,290 | $ | 1,624,193 | $ | 1,616,251 | ||||||
CONSOLIDATED STATEMENTS OF INCOME For the three and nine months ended September 30, 2022 and 2021(Dollars in thousands, except per share amounts)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| INTEREST INCOME: | ||||||||||||||||
| Interest and fees on loans | $ | 11,051 | $ | 9,807 | $ | 30,727 | $ | 31,474 | ||||||||
| Interest on due from banks | 900 | 89 | 1,453 | 172 | ||||||||||||
| Interest on investment securities: | ||||||||||||||||
| U.S. Government sponsored enterprises | 1,580 | 679 | 2,676 | 1,899 | ||||||||||||
| State and political subdivisions | 1,056 | 825 | 3,009 | 2,222 | ||||||||||||
| Other | 24 | 21 | 67 | 93 | ||||||||||||
| Total interest income | 14,611 | 11,421 | 37,932 | 35,860 | ||||||||||||
| INTEREST EXPENSE: | ||||||||||||||||
| Interest-bearing demand, MMDA & savings deposits | 494 | 577 | 1,263 | 1,617 | ||||||||||||
| Time deposits | 134 | 181 | 421 | 584 | ||||||||||||
| Junior subordinated debentures | 146 | 69 | 324 | 211 | ||||||||||||
| Other | 44 | 34 | 117 | 106 | ||||||||||||
| Total interest expense | 818 | 861 | 2,125 | 2,518 | ||||||||||||
| NET INTEREST INCOME | 13,793 | 10,560 | 35,807 | 33,342 | ||||||||||||
| PROVISION FOR (RECOVERY OF) LOAN LOSSES | 408 | (182 | ) | 889 | (863 | ) | ||||||||||
| NET INTEREST INCOME AFTER | ||||||||||||||||
| PROVISION FOR LOAN LOSSES | 13,385 | 10,742 | 34,918 | 34,205 | ||||||||||||
| NON-INTEREST INCOME: | ||||||||||||||||
| Service charges | 1,458 | 1,023 | 4,000 | 2,859 | ||||||||||||
| Other service charges and fees | 169 | 187 | 540 | 570 | ||||||||||||
| Mortgage banking income | 59 | 516 | 358 | 2,109 | ||||||||||||
| Insurance and brokerage commissions | 213 | 266 | 709 | 764 | ||||||||||||
| Appraisal management fee income | 2,711 | 1,954 | 9,656 | 5,775 | ||||||||||||
| Miscellaneous | 2,183 | 2,094 | 5,904 | 5,876 | ||||||||||||
| Total non-interest income | 6,793 | 6,040 | 21,167 | 17,953 | ||||||||||||
| NON-INTEREST EXPENSES: | ||||||||||||||||
| Salaries and employee benefits | 6,177 | 6,054 | 18,469 | 17,903 | ||||||||||||
| Occupancy | 2,038 | 1,999 | 5,886 | 5,891 | ||||||||||||
| Appraisal management fee expense | 2,151 | 1,556 | 7,680 | 4,646 | ||||||||||||
| Other | 3,089 | 2,959 | 9,004 | 8,528 | ||||||||||||
| Total non-interest expense | 13,455 | 12,568 | 41,039 | 36,968 | ||||||||||||
| EARNINGS BEFORE INCOME TAXES | 6,723 | 4,214 | 15,046 | 15,190 | ||||||||||||
| INCOME TAXES | 1,416 | 824 | 3,070 | 3,064 | ||||||||||||
| NET EARNINGS | $ | 5,307 | $ | 3,390 | $ | 11,976 | $ | 12,126 | ||||||||
| PER SHARE AMOUNTS | ||||||||||||||||
| Basic net earnings | $ | 0.96 | $ | 0.61 | $ | 2.18 | $ | 2.16 | ||||||||
| Diluted net earnings | $ | 0.93 | $ | 0.59 | $ | 2.11 | $ | 2.10 | ||||||||
| Cash dividends | $ | 0.18 | $ | 0.17 | $ | 0.69 | $ | 0.49 | ||||||||
| Book value | $ | 18.99 | $ | 26.09 | $ | 18.99 | $ | 26.09 | ||||||||
FINANCIAL HIGHLIGHTSFor the three and nine months ended September 30, 2022 and 2021, and the year ended December 31, 2021(Dollars in thousands)
| Three months ended | Nine months ended | Year ended | ||||||||||||||||||
| September 30, | September 30, | December 31, | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2021 | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||
| SELECTED AVERAGE BALANCES: | ||||||||||||||||||||
| Available for sale securities | $ | 490,617 | $ | 378,808 | $ | 453,371 | $ | 329,957 | $ | 349,647 | ||||||||||
| Loans | 971,592 | 889,455 | 925,178 | 917,473 | 908,682 | |||||||||||||||
| Earning assets | 1,624,128 | 1,534,672 | 1,595,485 | 1,462,616 | 1,483,519 | |||||||||||||||
| Assets | 1,686,147 | 1,619,442 | 1,665,600 | 1,547,405 | 1,568,417 | |||||||||||||||
| Deposits | 1,506,666 | 1,420,294 | 1,477,264 | 1,353,636 | 1,372,857 | |||||||||||||||
| Shareholders' equity | 114,289 | 144,650 | 127,835 | 146,912 | 147,741 | |||||||||||||||
| SELECTED KEY DATA: | ||||||||||||||||||||
| Net interest margin (tax equivalent) (1) | 3.39 | % | 2.76 | % | 3.02 | % | 3.08 | % | 2.99 | % | ||||||||||
| Return on average assets | 1.25 | % | 0.83 | % | 0.96 | % | 1.05 | % | 0.96 | % | ||||||||||
| Return on average shareholders' equity | 18.42 | % | 9.30 | % | 12.53 | % | 11.04 | % | 10.24 | % | ||||||||||
| Average shareholders' equity to total average assets | 6.78 | % | 8.93 | % | 7.68 | % | 9.49 | % | 9.42 | % | ||||||||||
| ALLOWANCE FOR LOAN LOSSES: | ||||||||||||||||||||
| Balance, beginning of period | $ | 9,789 | $ | 9,287 | $ | 9,355 | $ | 9,908 | $ | 9,908 | ||||||||||
| Provision for (Recovery of) loan losses | 408 | (182 | ) | 889 | (863 | ) | (1,163 | ) | ||||||||||||
| Charge-offs | (306 | ) | (306 | ) | (590 | ) | (542 | ) | (762 | ) | ||||||||||
| Recoveries | 139 | 164 | 376 | 460 | 1,372 | |||||||||||||||
| Balance, end of period | $ | 10,030 | $ | 8,963 | $ | 10,030 | $ | 8,963 | $ | 9,355 | ||||||||||
| September 30, 2022 | September 30, 2021 | December 31, 2021 | ||||||||||||||||||
| (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||||
| ASSET QUALITY: | ||||||||||||||||||||
| Non-accrual loans | $ | 3,708 | $ | 2,704 | $ | 3,230 | ||||||||||||||
| 90 days past due and still accruing | - | - | - | |||||||||||||||||
| Other real estate owned | - | - | - | |||||||||||||||||
| Total non-performing assets | $ | 3,708 | $ | 2,704 | $ | 3,230 | ||||||||||||||
| Non-performing assets to total assets | 0.22 | % | 0.17 | % | 0.20 | % | ||||||||||||||
| Loans modifications related to COVID-19 | $ | - | $ | - | $ | - | ||||||||||||||
| Allowance for loan losses to non-performing assets | 270.50 | % | 331.47 | % | 289.63 | % | ||||||||||||||
| Allowance for loan losses to total loans | 1.00 | % | 1.01 | % | 1.06 | % | ||||||||||||||
| Allowance for loan losses to total loans, excluding PPP loans | 1.00 | % | 1.04 | % | 1.08 | % | ||||||||||||||
| LOAN RISK GRADE ANALYSIS: | ||||||||||||||||||||
| Percentage of loans by risk grade | ||||||||||||||||||||
| Risk Grade 1 (excellent quality) | 0.57 | % | 0.94 | % | 0.78 | % | ||||||||||||||
| Risk Grade 2 (high quality) | 19.68 | % | 19.07 | % | 19.12 | % | ||||||||||||||
| Risk Grade 3 (good quality) | 72.87 | % | 69.24 | % | 70.41 | % | ||||||||||||||
| Risk Grade 4 (management attention) | 5.63 | % | 8.15 | % | 7.70 | % | ||||||||||||||
| Risk Grade 5 (watch) | 0.59 | % | 1.88 | % | 1.23 | % | ||||||||||||||
| Risk Grade 6 (substandard) | 0.66 | % | 0.72 | % | 0.76 | % | ||||||||||||||
| Risk Grade 7 (doubtful) | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
| Risk Grade 8 (loss) | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
At September 30, 2022, including non-accrual loans, there were no relationships exceeding $1.0 million in the Watch and Substandard risk grades.
(1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed using an effective tax rate of 22.98% and is reduced by the related nondeductible portion of interest expense.
Contact:
Lance A. SellersPresident and Chief Executive OfficerJeffrey N. HooperExecutive Vice President and Chief Financial Officer828-464-5620, Fax 828-465-6780
SOURCE: Peoples Bancorp of North Carolina, Inc.
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