Peoples Bancorp Announces Second Quarter 2025 Results
Peoples Bancorp (NASDAQ:PEBK) reported strong Q2 2025 financial results, with net earnings of $5.2 million ($0.97 per share), up from $4.9 million ($0.93 per share) in Q2 2024. The company's net interest margin improved to 3.57% from 3.35% year-over-year.
For the first half of 2025, net earnings reached $9.5 million ($1.79 per share), compared to $8.8 million in H1 2024. Total loans grew to $1.16 billion, while deposits increased to $1.51 billion. The bank maintained strong asset quality with non-performing assets at just 0.28% of total assets.
Core deposits, representing 90.05% of total deposits, stood at $1.36 billion. The company's allowance for credit losses was $9.8 million, or 0.85% of total loans, reflecting stable credit quality.
Peoples Bancorp (NASDAQ:PEBK) ha riportato solidi risultati finanziari nel secondo trimestre del 2025, con un utile netto di 5,2 milioni di dollari (0,97 dollari per azione), in aumento rispetto ai 4,9 milioni di dollari (0,93 dollari per azione) del secondo trimestre 2024. Il margine di interesse netto della società è migliorato, passando dal 3,35% al 3,57% su base annua.
Nel primo semestre del 2025, l'utile netto ha raggiunto i 9,5 milioni di dollari (1,79 dollari per azione), rispetto agli 8,8 milioni del primo semestre 2024. I prestiti totali sono cresciuti fino a 1,16 miliardi di dollari, mentre i depositi sono saliti a 1,51 miliardi di dollari. La banca ha mantenuto un'elevata qualità degli attivi, con attività deteriorate pari a solo lo 0,28% del totale degli attivi.
I depositi core, che rappresentano il 90,05% del totale dei depositi, ammontavano a 1,36 miliardi di dollari. La copertura per perdite su crediti della società era di 9,8 milioni di dollari, ovvero lo 0,85% dei prestiti totali, a conferma della stabilità della qualità del credito.
Peoples Bancorp (NASDAQ:PEBK) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ganancias netas de 5.2 millones de dólares (0.97 dólares por acción), frente a 4.9 millones de dólares (0.93 dólares por acción) en el segundo trimestre de 2024. El margen de interés neto de la compañía mejoró a 3.57% desde 3.35% interanual.
En la primera mitad de 2025, las ganancias netas alcanzaron 9.5 millones de dólares (1.79 dólares por acción), en comparación con 8.8 millones en el primer semestre de 2024. Los préstamos totales crecieron a 1.16 mil millones de dólares, mientras que los depósitos aumentaron a 1.51 mil millones de dólares. El banco mantuvo una sólida calidad de activos con activos no productivos en solo el 0.28% del total de activos.
Los depósitos principales, que representan el 90.05% del total de depósitos, se situaron en 1.36 mil millones de dólares. La provisión para pérdidas crediticias de la compañía fue de 9.8 millones de dólares, o el 0.85% de los préstamos totales, reflejando una calidad crediticia estable.
Peoples Bancorp (NASDAQ:PEBK)는 2025년 2분기에 강력한 재무 실적을 보고했으며, 순이익은 520만 달러(주당 0.97달러)로 2024년 2분기의 490만 달러(주당 0.93달러)에서 증가했습니다. 회사의 순이자 마진은 전년 대비 3.35%에서 3.57%로 개선되었습니다.
2025년 상반기 순이익은 950만 달러(주당 1.79달러)에 달했으며, 2024년 상반기의 880만 달러와 비교됩니다. 총 대출액은 11억 6천만 달러로 증가했고, 예금은 15억 1천만 달러로 늘어났습니다. 은행은 총 자산의 0.28%에 불과한 부실 자산 비율을 유지하며 높은 자산 품질을 유지했습니다.
총 예금의 90.05%를 차지하는 핵심 예금은 13억 6천만 달러에 달했습니다. 회사의 대손충당금은 980만 달러로 총 대출의 0.85%에 해당하며, 안정적인 신용 품질을 반영합니다.
Peoples Bancorp (NASDAQ:PEBK) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net de 5,2 millions de dollars (0,97 dollar par action), en hausse par rapport à 4,9 millions de dollars (0,93 dollar par action) au deuxième trimestre 2024. La marge nette d'intérêt de la société s'est améliorée, passant de 3,35 % à 3,57 % en glissement annuel.
Pour le premier semestre 2025, le bénéfice net a atteint 9,5 millions de dollars (1,79 dollar par action), contre 8,8 millions au premier semestre 2024. Les prêts totaux ont augmenté pour atteindre 1,16 milliard de dollars, tandis que les dépôts ont progressé à 1,51 milliard de dollars. La banque a maintenu une bonne qualité d'actifs avec des actifs non performants représentant seulement 0,28 % du total des actifs.
Les dépôts de base, représentant 90,05 % du total des dépôts, s'élevaient à 1,36 milliard de dollars. La provision pour pertes sur prêts de la société était de 9,8 millions de dollars, soit 0,85 % du total des prêts, reflétant une qualité de crédit stable.
Peoples Bancorp (NASDAQ:PEBK) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 5,2 Millionen US-Dollar (0,97 US-Dollar je Aktie), gegenüber 4,9 Millionen US-Dollar (0,93 US-Dollar je Aktie) im zweiten Quartal 2024. Die Nettozinsmarge des Unternehmens verbesserte sich von 3,35 % auf 3,57 % im Jahresvergleich.
Für das erste Halbjahr 2025 erreichte der Nettogewinn 9,5 Millionen US-Dollar (1,79 US-Dollar je Aktie), verglichen mit 8,8 Millionen US-Dollar im ersten Halbjahr 2024. Die Gesamtkredite stiegen auf 1,16 Milliarden US-Dollar, während die Einlagen auf 1,51 Milliarden US-Dollar zunahmen. Die Bank hielt eine starke Vermögensqualität mit notleidenden Vermögenswerten von nur 0,28 % der Gesamtvermögenswerte aufrecht.
Kern-Einlagen, die 90,05 % der Gesamteinlagen ausmachen, beliefen sich auf 1,36 Milliarden US-Dollar. Die Rückstellung für Kreditausfälle des Unternehmens betrug 9,8 Millionen US-Dollar bzw. 0,85 % der Gesamtkredite, was auf eine stabile Kreditqualität hinweist.
- Net earnings increased to $5.2 million in Q2 2025, up from $4.9 million year-over-year
- Net interest margin improved to 3.57% from 3.35% year-over-year
- Total deposits grew to $1.51 billion from $1.48 billion at year-end 2024
- Strong asset quality with non-performing assets at only 0.28% of total assets
- Core deposits represent 90.05% of total deposits, indicating stable funding
- Allowance for credit losses on unfunded commitments increased to $1.3 million from $1.1 million
- Effective tax rate increased to 22.69% from 19.74% year-over-year
- Investment securities available for sale decreased to $371.6 million from $388.0 million
Insights
Peoples Bancorp posted solid Q2 2025 results with improved earnings, widening net interest margin, and stable asset quality metrics.
Peoples Bancorp (PEBK) delivered $5.2 million in Q2 2025 net earnings (
The bank's net interest margin expanded to
Loan growth remained positive with total loans increasing to
Asset quality remains strong with non-performing assets holding steady at
Shareholder equity increased to
The bank's performance demonstrates resilience in its core banking operations despite the challenging interest rate environment, with widening margins, controlled expenses, and stable asset quality positioning it well for continued growth.
NEWTON, NC / ACCESS Newswire / July 21, 2025 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) (the "Company"), the parent company of Peoples Bank (the "Bank"), reported second quarter 2025 results with highlights as follows:
Second quarter 2025 highlights:
Net earnings were
$5.2 million or$0.97 per share and$0.95 per diluted share for the three months ended June 30, 2025, as compared to$4.9 million or$0.93 per share and$0.89 per diluted share for the same period one year ago.Net interest margin was
3.57% for the three months ended June 30, 2025, compared to3.35% for the three months ended June 30, 2024.
Year to date highlights:
Net earnings were
$9.5 million or$1.79 per share and$1.74 per diluted share for the six months ended June 30, 2025, as compared to$8.8 million or$1.67 per share and$1.61 per diluted share for the same period one year ago.Cash dividends were
$0.56 per share during the six months ended June 30, 2025, compared to$0.54 per share for the prior year period.Total loans were
$1.16 billion at June 30, 2025, compared to$1.14 billion at December 31, 2024.Non-performing assets were
$4.8 million or0.28% of total assets at June 30, 2025, compared to$4.8 million or0.29% of total assets at December 31, 2024.Total deposits were
$1.51 billion at June 30, 2025, compared to$1.48 billion at December 31, 2024.Core deposits, a non-GAAP measure, were
$1.36 billion or90.05% of total deposits at June 30, 2025, compared to$1.34 billion or90.17% of total deposits at December 31, 2024.Net interest margin was
3.54% for the six months ended June 30, 2025, compared to3.34% for the six months ended June 30, 2024.
Net earnings were
Net interest income was
Non-interest income was
Non-interest expense was
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 16 banking offices 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 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, 2024.
CONSOLIDATED BALANCE SHEETS
June 30, 2025, December 31, 2024 and June 30, 2024
(Dollars in thousands)
June 30, 2025 | December 31, 2024 | June 30, 2024 | ||||||||||
(Unaudited) | (Audited) | (Unaudited) | ||||||||||
ASSETS: | ||||||||||||
Cash and due from banks | $ | 33,017 | $ | 30,919 | $ | 31,909 | ||||||
Interest-bearing deposits | 68,983 | 28,347 | 50,926 | |||||||||
Cash and cash equivalents | 102,000 | 59,266 | 82,835 | |||||||||
Investment securities available for sale | 371,614 | 388,003 | 393,260 | |||||||||
Other investments | 2,648 | 2,728 | 2,779 | |||||||||
Total securities | 374,262 | 390,731 | 396,039 | |||||||||
Mortgage loans held for sale | 1,541 | 1,367 | 1,288 | |||||||||
Loans | 1,157,975 | 1,138,404 | 1,110,672 | |||||||||
Less: Allowance for credit losses on loans | (9,792 | ) | (9,995 | ) | (10,016 | ) | ||||||
Net loans | 1,148,183 | 1,128,409 | 1,100,656 | |||||||||
Premises and equipment, net | 14,644 | 14,847 | 15,888 | |||||||||
Cash surrender value of life insurance | 17,587 | 17,675 | 18,365 | |||||||||
Accrued interest receivable and other assets | 35,628 | 39,667 | 40,327 | |||||||||
Total assets | $ | 1,693,845 | $ | 1,651,962 | $ | 1,655,398 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 406,556 | $ | 402,254 | $ | 415,977 | ||||||
Interest-bearing demand, MMDA & savings | 754,125 | 741,363 | 710,446 | |||||||||
Time, over | 150,580 | 145,939 | 147,333 | |||||||||
Other time | 202,558 | 195,175 | 202,200 | |||||||||
Total deposits | 1,513,819 | 1,484,731 | 1,475,956 | |||||||||
Securities sold under agreements to repurchase | - | - | 18,824 | |||||||||
Junior subordinated debentures | 15,464 | 15,464 | 15,464 | |||||||||
Accrued interest payable and other liabilities | 20,557 | 21,204 | 20,842 | |||||||||
Total liabilities | 1,549,840 | 1,521,399 | 1,531,086 | |||||||||
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 | ||||||||||||
5,459,441 shares at 6/30/25, 5,457,646 shares | ||||||||||||
at 12/31/24, 5,457,646 at 6/30/24 | 48,708 | 48,658 | 48,678 | |||||||||
Common stock held by deferred compensation trust, | ||||||||||||
at cost; 150,463 shares at 6/30/25, 158,580 shares | ||||||||||||
at 12/31/24, 166,247 shares at 6/30/24 | (1,527 | ) | (1,757 | ) | (1,980 | ) | ||||||
Deferred compensation | 1,527 | 1,757 | 1,980 | |||||||||
Retained earnings | 127,506 | 121,062 | 115,623 | |||||||||
Accumulated other comprehensive loss | (32,209 | ) | (39,157 | ) | (39,989 | ) | ||||||
Total shareholders' equity | 144,005 | 130,563 | 124,312 | |||||||||
Total liabilities and shareholders' equity | $ | 1,693,845 | $ | 1,651,962 | $ | 1,655,398 | ||||||
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2025 and 2024
(Dollars in thousands, except per share amounts)
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
INTEREST INCOME: | ||||||||||||||||
Interest and fees on loans | $ | 16,648 | $ | 15,571 | $ | 32,664 | $ | 30,709 | ||||||||
Interest on due from banks | 706 | 725 | 1,056 | 1,632 | ||||||||||||
Interest on investment securities: | ||||||||||||||||
U.S. Government sponsored enterprises | 2,087 | 2,551 | 4,348 | 5,142 | ||||||||||||
State and political subdivisions | 694 | 695 | 1,388 | 1,390 | ||||||||||||
Other | 585 | 528 | 1,234 | 1,007 | ||||||||||||
Total interest income | 20,720 | 20,070 | 40,690 | 39,880 | ||||||||||||
INTEREST EXPENSE: | ||||||||||||||||
Interest-bearing demand, MMDA & savings deposits | 2,729 | 2,438 | 5,381 | 4,498 | ||||||||||||
Time deposits | 3,152 | 3,628 | 6,285 | 7,309 | ||||||||||||
Junior subordinated debentures | 242 | 283 | 483 | 567 | ||||||||||||
Other | - | 305 | - | 786 | ||||||||||||
Total interest expense | 6,123 | 6,654 | 12,149 | 13,160 | ||||||||||||
NET INTEREST INCOME | 14,597 | 13,416 | 28,541 | 26,720 | ||||||||||||
PROVISION FOR CREDIT LOSSES | (213 | ) | (468 | ) | 55 | (377 | ) | |||||||||
NET INTEREST INCOME AFTER | ||||||||||||||||
PROVISION FOR CREDIT LOSSES | 14,810 | 13,884 | 28,486 | 27,097 | ||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||
Service charges | 1,372 | 1,346 | 2,784 | 2,686 | ||||||||||||
Other service charges and fees | 156 | 180 | 342 | 364 | ||||||||||||
Gain/(loss) on sale of securities | - | - | (4 | ) | - | |||||||||||
Mortgage banking income | 41 | 74 | 68 | 125 | ||||||||||||
Insurance and brokerage commissions | 258 | 219 | 495 | 465 | ||||||||||||
Appraisal management fee income | 3,973 | 3,181 | 7,015 | 5,595 | ||||||||||||
Miscellaneous | 1,893 | 2,521 | 3,522 | 4,324 | ||||||||||||
Total non-interest income | 7,693 | 7,521 | 14,222 | 13,559 | ||||||||||||
NON-INTEREST EXPENSES: | ||||||||||||||||
Salaries and employee benefits | 7,168 | 6,827 | 13,956 | 13,807 | ||||||||||||
Occupancy | 2,058 | 2,105 | 4,086 | 4,216 | ||||||||||||
Appraisal management fee expense | 3,156 | 2,523 | 5,575 | 4,427 | ||||||||||||
Other | 3,458 | 3,676 | 6,796 | 7,197 | ||||||||||||
Total non-interest expense | 15,840 | 15,131 | 30,413 | 29,647 | ||||||||||||
EARNINGS BEFORE INCOME TAXES | 6,663 | 6,274 | 12,295 | 11,009 | ||||||||||||
INCOME TAXES | 1,503 | 1,386 | 2,790 | 2,173 | ||||||||||||
NET EARNINGS | $ | 5,160 | $ | 4,888 | $ | 9,505 | $ | 8,836 | ||||||||
PER SHARE AMOUNTS | ||||||||||||||||
Basic net earnings | $ | 0.97 | $ | 0.93 | $ | 1.79 | $ | 1.67 | ||||||||
Diluted net earnings | $ | 0.95 | $ | 0.89 | $ | 1.74 | $ | 1.61 | ||||||||
Cash dividends | $ | 0.20 | $ | 0.19 | $ | 0.56 | $ | 0.54 | ||||||||
Book value | $ | 27.12 | $ | 23.49 | $ | 27.12 | $ | 23.49 | ||||||||
FINANCIAL HIGHLIGHTS
For the three and six months ended June 30, 2025 and 2024, and the year ended December 31, 2024
(Dollars in thousands)
Three months ended | Six months ended | Year ended | ||||||||||||||||||
June 30, | June 30, | December 31, | ||||||||||||||||||
2025 | 2024 | 2025 | 2024 | 2024 | ||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||
SELECTED AVERAGE BALANCES: | ||||||||||||||||||||
Available for sale securities | $ | 415,919 | $ | 445,098 | $ | 424,518 | $ | 444,289 | $ | 442,097 | ||||||||||
Loans | 1,156,140 | 1,108,684 | 1,149,274 | 1,100,671 | 1,113,488 | |||||||||||||||
Earning assets | 1,639,475 | 1,610,811 | 1,625,624 | 1,608,396 | 1,611,816 | |||||||||||||||
Assets | 1,680,854 | 1,650,008 | 1,666,177 | 1,648,905 | 1,653,356 | |||||||||||||||
Deposits | 1,513,519 | 1,461,596 | 1,502,234 | 1,444,950 | 1,465,965 | |||||||||||||||
Shareholders' equity | 137,223 | 119,443 | 136,373 | 120,927 | 129,866 | |||||||||||||||
SELECTED KEY DATA: | ||||||||||||||||||||
Net interest margin (tax equivalent) (1) | 3.57 | % | 3.35 | % | 3.54 | % | 3.34 | % | 3.36 | % | ||||||||||
Return on average assets | 1.23 | % | 1.19 | % | 1.15 | % | 1.08 | % | 0.99 | % | ||||||||||
Return on average shareholders' equity | 15.08 | % | 16.46 | % | 14.06 | % | 14.69 | % | 12.59 | % | ||||||||||
Average shareholders' equity to total average assets | 8.16 | % | 7.24 | % | 8.18 | % | 7.33 | % | 7.85 | % | ||||||||||
June 30, 2025 | June 30, 2024 | December 31, 2024 | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||
Allowance for credit losses on loans | $ | 9,792 | $ | 10,016 | $ | 9,995 | ||||||||||||||
Allowance for credit losses on unfunded commitments | 1,258 | 1,565 | 1,101 | |||||||||||||||||
Provision for (recovery of) credit losses (2) | 55 | (377 | ) | (285 | ) | |||||||||||||||
Charge-offs (2) | (284 | ) | (1,228 | ) | (1,981 | ) | ||||||||||||||
Recoveries (2) | 183 | 375 | 551 | |||||||||||||||||
ASSET QUALITY: | ||||||||||||||||||||
Non-accrual loans | $ | 4,822 | $ | 4,156 | $ | 4,440 | ||||||||||||||
90 days past due and still accruing | - | - | - | |||||||||||||||||
Other real estate owned | - | - | 369 | |||||||||||||||||
Total non-performing assets | $ | 4,822 | $ | 4,156 | $ | 4,809 | ||||||||||||||
Non-performing assets to total assets | 0.28 | % | 0.25 | % | 0.29 | % | ||||||||||||||
Allowance for credit losses on loans to non-performing assets | 203.07 | % | 241.00 | % | 207.84 | % | ||||||||||||||
Allowance for credit losses on loans to total loans | 0.85 | % | 0.90 | % | 0.88 | % | ||||||||||||||
LOAN RISK GRADE ANALYSIS: | ||||||||||||||||||||
Percentage of loans by risk grade | ||||||||||||||||||||
Risk Grade 1 (excellent quality) | 0.29 | % | 0.29 | % | ||||||||||||||||
Risk Grade 2 (high quality) | 20.23 | % | 19.57 | % | ||||||||||||||||
Risk Grade 3 (good quality) | 71.53 | % | 72.99 | % | ||||||||||||||||
Risk Grade 4 (management attention) | 6.97 | % | 5.95 | % | ||||||||||||||||
Risk Grade 5 (watch) | 0.46 | % | 0.66 | % | ||||||||||||||||
Risk Grade 6 (substandard) | 0.52 | % | 0.54 | % | ||||||||||||||||
Risk Grade 7 (doubtful) | 0.00 | % | 0.00 | % | ||||||||||||||||
Risk Grade 8 (loss) | 0.00 | % | 0.00 | % | ||||||||||||||||
At June 30, 2025, including non-accrual loans, there was one relationship 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 six months ended June 30, 2025 and 2024 and the year ended December 31, 2024.
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
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