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Peoples Bancorp of North Carolina, Inc. reports developments as the Nasdaq-listed bank holding company for Peoples Bank, a North Carolina commercial bank with banking offices and loan production offices in the state. Company news commonly covers quarterly earnings, net interest income and margin, loan and deposit trends, asset quality, and non-interest income from appraisal management, mortgage banking, insurance and brokerage commissions, and SBIC investment activity.
Other recurring updates include regular and special cash dividends, dividend reinvestment and stock purchase plan references, and operating disclosures tied to the bank's North Carolina branch and lending footprint.
Peoples Bancorp of North Carolina (Nasdaq:PEBK) has announced a significant leadership change. Bill Cable will assume the role of President and CEO on September 19, 2024, following the retirement of Lance Sellers in early 2025. Cable, who has been with Peoples Bank since 1995 and served as Chief Operating Officer since 2000, brings extensive banking experience to the position. Under Sellers' 12-year tenure as CEO, the bank's assets grew from $1 billion to $1.6 billion, achieving 5 years of record earnings and providing shareholders a total return of over 380%. The Board of Directors expressed confidence in Cable's leadership abilities to continue the bank's success as a strong, independent community bank.
Peoples Bancorp of North Carolina (NASDAQ:PEBK) reported second quarter 2024 results with net earnings of $4.9 million or $0.93 per share, compared to $4.8 million or $0.88 per share in the same period last year. Key highlights include:
- Net interest margin decreased to 3.34% from 3.56% year-over-year
- Total loans increased to $1.11 billion from $1.09 billion at year-end 2023
- Total deposits grew to $1.48 billion from $1.39 billion at year-end 2023
- Non-performing assets were 0.25% of total assets, slightly up from 0.24% at year-end 2023
- Core deposits increased to 90.02% of total deposits from 89.30% at year-end 2023
The increase in earnings was attributed to higher non-interest income and lower provision for credit losses, partially offset by decreased net interest income and increased non-interest expenses.
Peoples Bancorp of North Carolina (NASDAQ:PEBK) announced the authorization of a stock repurchase program valued at up to $2 million. The company's Board of Directors approved the plan, set to enhance shareholder value by utilizing the company's strong balance sheet and capital position. As of March 31, 2024, the company reported assets of $1.7 billion and stockholder's equity of $121.1 million. Purchase decisions under this program will be driven by market conditions and other factors, with flexibility to suspend the program if necessary. Peoples Bank operates 16 banking offices across various counties in North Carolina and has loan production offices in additional counties.
Peoples Bancorp of North Carolina, headquartered in Newton, NC, announced a regular cash dividend of $0.19 per share for the second quarter of 2024. This dividend will be paid on June 14, 2024, to shareholders recorded by June 3, 2024. The company encourages shareholders to enroll in its Dividend Reinvestment and Stock Purchase Plan for more benefits. Peoples Bank, a subsidiary of Peoples Bancorp, operates 17 banking offices across North Carolina and several loan production offices in key counties. Shares of Peoples Bancorp are traded on the Nasdaq Global Market under the symbol 'PEBK'.
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