Peoples Bancorp Announces First Quarter 2026 Results
Peoples Bancorp (NASDAQ:PEBK) reported first quarter 2026 results on April 20, 2026.
Rhea-AI Summary
Peoples Bancorp (NASDAQ:PEBK) reported first quarter 2026 results on April 20, 2026. Net earnings were $4.4 million, or $0.83 per share (diluted $0.80), and the company paid a $0.38 cash dividend per share. Total loans rose to $1.24 billion and total deposits to $1.54 billion. Net interest income increased to $15.1 million and net interest margin was 3.68%. Non-performing assets were $4.8 million (0.28% of assets). The allowance for credit losses on loans was $10.5 million (0.84% of loans). Shareholders' equity totaled $158.1 million.
Positive
- Shareholders' equity +14.1% year-over-year to $158.1 million
- Book value per share +13.9% year-over-year to $29.78
- Average shareholders' equity increased +19.5% versus prior year to $155.8 million
Negative
- Provision for credit losses +109% year-over-year to $560,000
- Non-performing assets +14.3% quarter-over-quarter to $4.8 million
- Time deposits $250k+ decreased 10.4% quarter-over-quarter to $143.7 million
Details
News Market Reaction – PEBK
In the Apr 20 session, PEBK declined 0.57%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- Net earnings
- $4.398M
- Q1 2026 net earnings vs $4.345M in Q1 2025
- Basic EPS
- $0.83
- Q1 2026 basic net earnings per share vs $0.82 prior year
- Diluted EPS
- $0.80
- Q1 2026 diluted EPS vs $0.79 prior year
- Cash dividend
- $0.38 per share
- Q1 2026 cash dividend vs $0.36 prior-year quarter
- Total loans
- $1.243B
- Total loans at March 31, 2026 vs $1.204B at Dec 31, 2025
- Net interest margin
- 3.68%
- Tax-equivalent NIM Q1 2026 vs 3.51% in Q1 2025
- Non-performing assets
- 0.28% of assets
- NPA ratio at March 31, 2026 vs 0.25% at Dec 31, 2025
- Return on equity
- 11.45%
- Q1 2026 ROE vs 13.52% in Q1 2025
Previous Earnings Reports
-
Stronger Q4 and full‑year 2025 earnings with higher loans and equity.
-
Mixed Q3 2025 results with lower EPS but higher NIM and strong capital.
-
Q2 2025 earnings growth with expanding net interest margin and loans.
-
Q1 2025 net earnings and margin improvement with rising loans and deposits.
-
Q4 and 2024 earnings growth with higher loans, deposits and core deposits.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
net interest margin financial
provision for credit losses financial
non-performing assets financial
allowance for credit losses financial
junior subordinated debentures financial
mortgage banking income financial
other real estate owned financial
Form 10-K regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEWTON, NC / ACCESS Newswire / April 20, 2026 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the "Company"), the parent company of Peoples Bank (the "Bank"), reported first quarter 2026 results with highlights as follows:
First quarter 2026 highlights:
Net earnings were
$4.4 million or$0.83 per share and$0.80 per diluted share for the three months ended March 31, 2026, as compared to$4.3 million or$0.82 per share and$0.79 per diluted share for the same period one year ago.Cash dividends were
$0.38 per share for the three months ended March 31, 2026, compared to$0.36 per share for the prior year period.Total loans were
$1.24 billion at March 31, 2026, compared to$1.20 billion at December 31, 2025.Non-performing assets were
$4.8 million or0.28% of total assets at March 31, 2026, compared to$4.2 million or0.25% of total assets at December 31, 2025.Total deposits were
$1.54 billion at March 31, 2026, compared to$1.51 billion at December 31, 2025.Core deposits, a non-GAAP measure, were
$1.40 billion or90.70% of total deposits at March 31, 2026, compared to$1.35 billion or89.44% of total deposits at December 31, 2025.Net interest margin was
3.68% for the three months ended March 31, 2026, compared to3.51% for the three months ended March 31, 2025.
Net earnings were
Net interest income was
Non-interest income was
Non-interest expense was
Income tax expense was
Total assets were
Non-performing assets were
The allowance for credit losses on loans was
Deposits were
Junior subordinated debentures were
Peoples Bank operates 15 banking offices in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg and Iredell 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 listed 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, 2025.
CONSOLIDATED BALANCE SHEETS
March 31, 2026 and 2025
(Dollars in thousands)
March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
(Unaudited) | (Audited) | (Unaudited) | ||||||||||
ASSETS: | ||||||||||||
Cash and due from banks | $ | 31,870 | $ | 27,721 | $ | 32,372 | ||||||
Interest-bearing deposits | 29,386 | 30,384 | 70,148 | |||||||||
Cash and cash equivalents | 61,256 | 58,105 | 102,520 | |||||||||
Investment securities available for sale | 370,139 | 377,363 | 374,350 | |||||||||
Other investments | 2,604 | 2,595 | 2,674 | |||||||||
Total securities | 372,743 | 379,958 | 377,024 | |||||||||
Mortgage loans held for sale | 1,662 | 1,136 | 544 | |||||||||
Loans | 1,243,250 | 1,204,388 | 1,152,080 | |||||||||
Less: Allowance for credit losses on loans | (10,458 | ) | (10,126 | ) | (10,047 | ) | ||||||
Net loans | 1,232,792 | 1,194,262 | 1,142,033 | |||||||||
Premises and equipment, net | 14,133 | 14,162 | 15,074 | |||||||||
Cash surrender value of life insurance | 17,967 | 17,837 | 17,796 | |||||||||
Accrued interest receivable and other assets | 33,925 | 36,688 | 37,994 | |||||||||
Total assets | $ | 1,734,478 | $ | 1,702,148 | $ | 1,692,985 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 407,979 | $ | 394,563 | $ | 412,761 | ||||||
Interest-bearing demand, MMDA & savings | 806,589 | 760,883 | 756,241 | |||||||||
Time, | 143,219 | 160,389 | 148,352 | |||||||||
Other time | 182,770 | 193,390 | 200,215 | |||||||||
Total deposits | 1,540,557 | 1,509,225 | 1,517,569 | |||||||||
Junior subordinated debentures | 15,464 | 15,464 | 15,464 | |||||||||
Accrued interest payable and other liabilities | 20,340 | 20,341 | 21,444 | |||||||||
Total liabilities | 1,576,361 | 1,545,030 | 1,554,477 | |||||||||
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 | ||||||||||||
5,461,490 shares at 3/31/26, 5,459,441 shares | ||||||||||||
at 12/31/25, 5,459,441 shares at 3/31/25 | 48,782 | 48,708 | 48,708 | |||||||||
Common stock held by deferred compensation trust, | ||||||||||||
at cost; 151,721 shares at 3/31/26, 150,288 shares | ||||||||||||
at 12/31/25, 161,680 shares at 3/31/25 | (1,564 | ) | (1,510 | ) | (1,842 | ) | ||||||
Deferred compensation | 1,564 | 1,510 | 1,842 | |||||||||
Retained earnings | 137,968 | 135,645 | 123,439 | |||||||||
Accumulated other comprehensive loss | (28,633 | ) | (27,235 | ) | (33,639 | ) | ||||||
Total shareholders' equity | 158,117 | 157,118 | 138,508 | |||||||||
Total liabilities and shareholders' equity | $ | 1,734,478 | $ | 1,702,148 | $ | 1,692,985 | ||||||
CONSOLIDATED STATEMENTS OF INCOME
For the three months ended March 31, 2026 and 2025
(Dollars in thousands, except per share amounts)
Three months ended | ||||||||
March 31, | ||||||||
2026 | 2025 | |||||||
(Unaudited) | (Unaudited) | |||||||
INTEREST INCOME: | ||||||||
Interest and fees on loans | $ | 17,473 | $ | 16,016 | ||||
Interest on due from banks | 241 | 350 | ||||||
Interest on investment securities: | ||||||||
U.S. Government sponsored enterprises | 1,921 | 2,261 | ||||||
State and political subdivisions | 694 | 694 | ||||||
Other | 547 | 649 | ||||||
Total interest income | 20,876 | 19,970 | ||||||
INTEREST EXPENSE: | ||||||||
Interest-bearing demand, MMDA & savings deposits | 2,887 | 2,652 | ||||||
Time deposits | 2,669 | 3,133 | ||||||
Junior subordinated debentures | 217 | 241 | ||||||
Total interest expense | 5,773 | 6,026 | ||||||
NET INTEREST INCOME | 15,103 | 13,944 | ||||||
PROVISION FOR CREDIT LOSSES | 560 | 268 | ||||||
NET INTEREST INCOME AFTER | ||||||||
PROVISION FOR CREDIT LOSSES | 14,543 | 13,676 | ||||||
NON-INTEREST INCOME: | ||||||||
Service charges | 1,401 | 1,412 | ||||||
Other service charges and fees | 178 | 186 | ||||||
Gain/(loss) on sale of securities | - | (4 | ) | |||||
Mortgage banking income | 135 | 27 | ||||||
Insurance and brokerage commissions | 269 | 237 | ||||||
Appraisal management fee income | 2,620 | 3,042 | ||||||
Miscellaneous | 1,867 | 1,629 | ||||||
Total non-interest income | 6,470 | 6,529 | ||||||
NON-INTEREST EXPENSES: | ||||||||
Salaries and employee benefits | 7,246 | 6,788 | ||||||
Occupancy | 2,307 | 2,028 | ||||||
Appraisal management fee expense | 2,095 | 2,419 | ||||||
Other | 3,717 | 3,338 | ||||||
Total non-interest expense | 15,365 | 14,573 | ||||||
EARNINGS BEFORE INCOME TAXES | 5,648 | 5,632 | ||||||
INCOME TAXES | 1,250 | 1,287 | ||||||
NET EARNINGS | $ | 4,398 | $ | 4,345 | ||||
PER SHARE AMOUNTS | ||||||||
Basic net earnings | $ | 0.83 | $ | 0.82 | ||||
Diluted net earnings | $ | 0.80 | $ | 0.79 | ||||
Cash dividends | $ | 0.38 | $ | 0.36 | ||||
Book value | $ | 29.78 | $ | 26.14 | ||||
FINANCIAL HIGHLIGHTS
For the three months ended March 31, 2026 and 2025, and the year ended December 31, 2025
(Dollars in thousands)
Three months ended | Year ended | |||||||||||
March 31, | December 31, | |||||||||||
2026 | 2025 | 2025 | ||||||||||
(Unaudited) | (Unaudited) | (Audited) | ||||||||||
SELECTED AVERAGE BALANCES: | ||||||||||||
Available for sale securities | $ | 410,359 | $ | 433,212 | $ | 418,469 | ||||||
Loans | 1,222,522 | 1,142,331 | 1,165,212 | |||||||||
Earning assets | 1,663,131 | 1,611,620 | 1,653,293 | |||||||||
Assets | 1,712,284 | 1,651,336 | 1,695,711 | |||||||||
Deposits | 1,527,738 | 1,490,822 | 1,525,479 | |||||||||
Shareholders' equity | 155,796 | 130,353 | 148,795 | |||||||||
SELECTED KEY DATA: | ||||||||||||
Net interest margin (tax equivalent) (1) | 3.68 | % | 3.51 | % | 3.57 | % | ||||||
Return on average assets | 1.04 | % | 1.07 | % | 1.17 | % | ||||||
Return on average shareholders' equity | 11.45 | % | 13.52 | % | 13.33 | % | ||||||
Average shareholders' equity to total average assets | 9.10 | % | 7.89 | % | 8.77 | % | ||||||
March 31, 2026 | March 31, 2025 | December 31, 2025 | ||||||||||
(Unaudited) | (Unaudited) | (Audited) | ||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||
Allowance for credit losses on loans | $ | 10,458 | $ | 10,047 | $ | 10,126 | ||||||
Allowance for credit losses on unfunded commitments | 1,563 | 1,286 | 1,403 | |||||||||
Provision for credit losses (2) | 560 | 268 | 938 | |||||||||
Charge-offs (2) | (163 | ) | (112 | ) | (852 | ) | ||||||
Recoveries (2) | 95 | 81 | 347 | |||||||||
ASSET QUALITY: | ||||||||||||
Non-accrual loans | $ | 4,846 | $ | 4,983 | $ | 4,176 | ||||||
90 days past due and still accruing | - | - | - | |||||||||
Other real estate owned | - | 125 | - | |||||||||
Total non-performing assets | $ | 4,846 | $ | 5,108 | $ | 4,176 | ||||||
Non-performing assets to total assets | 0.28 | % | 0.30 | % | 0.25 | % | ||||||
Allowance for credit losses on loans to non-performing assets | 215.81 | % | 196.69 | % | 242.48 | % | ||||||
Allowance for credit losses on loans to total loans | 0.84 | % | 0.87 | % | 0.84 | % | ||||||
LOAN RISK GRADE ANALYSIS: | ||||||||||||
Percentage of loans by risk grade | ||||||||||||
Risk Grade 1 (excellent quality) | 0.24 | % | 0.24 | % | 0.24 | % | ||||||
Risk Grade 2 (high quality) | 19.66 | % | 19.97 | % | 19.42 | % | ||||||
Risk Grade 3 (good quality) | 73.25 | % | 71.45 | % | 72.92 | % | ||||||
Risk Grade 4 (management attention) | 6.16 | % | 7.35 | % | 6.71 | % | ||||||
Risk Grade 5 (watch) | 0.25 | % | 0.42 | % | 0.30 | % | ||||||
Risk Grade 6 (substandard) | 0.44 | % | 0.57 | % | 0.41 | % | ||||||
Risk Grade 7 (doubtful) | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
Risk Grade 8 (loss) | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
At March 31, 2026, including non-accrual loans, there were no relationships exceeding
(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
(2) For the three months ended March 31, 2026 and 2025, and the year ended December 31, 2025.
(END)
CONTACT:
William D. Cable, Sr.
President and Chief Executive Officer
Jeffrey N. Hooper
Executive Vice President and Chief Financial Officer
828-464-5620
SOURCE: Peoples Bancorp of North Carolina, Inc.
View the original press release on ACCESS Newswire
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.