Peoples Bancorp Announces Third Quarter 2023 Results

About this update from Peoples Bancorp Of North Carolina, Inc.

NEWTON, NC / ACCESSWIRE / October 23, 2023 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the "Company"), the parent company of Peoples Bank (the "Bank"), reported third quarter 2023 results with highlights as follows:Third quarter 2023 highlights:Net earnings were $4.1 million or $0.76 per share and $0.74 per diluted share for the three months ended September 30, 2023, as compared to $5.3 million or $0.96 per share and $0.93 per diluted share for the same period one year ago.Net interest margin was 3.39% for the three months ended September 30, 2023 and September 30, 2022.Year to date highlights:Net earnings were $12.1 million or $2.22 per share and $2.15 per diluted share for the nine months ended September 30, 2023, as compared to $12.0 million or $2.18 per share and $2.11 per diluted share for the same period one year ago.Cash dividends were $0.72 per share during the nine months ended September 30, 2023, as compared to $0.69 per share for the prior year period.Total loans were $1.1 billion at September 30, 2023, as compared to $1.0 billion at December 31, 2022.Non-performing assets were $3.7 million or 0.23% of total assets at September 30, 2023 and December 31, 2022.Total deposits were $1.4 billion at September 30, 2023 and December 31, 2022.Core deposits, a non-GAAP measure, were $1.2 billion or 90.03% of total deposits at September 30, 2023, compared to $1.4 billion or 98.14% of total deposits at December 31, 2022.Net interest margin was 3.57% for the nine months ended September 30, 2023, compared to 3.02% for the nine months ended September 30, 2022.Net earnings were $4.1 million or $0.76 per share and $0.74 per diluted share for the three months ended September 30, 2023, as compared to $5.3 million or $0.96 per share and $0.93 per diluted share for the prior year period. Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in third quarter net earnings to a decrease in net interest income, an increase in the provision for credit losses and an increase in non-interest expense, compared to the prior year period, as discussed below.Net interest income was $13.3 million for the three months ended September 30, 2023, compared to $13.8 million for the three months ended September 30, 2022. The decrease in net interest income is due to a $4.1 million increase in interest expense, partially offset by a $3.7 million ...

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