Peoples Bancorp Q2 net earnings fall to $3.2M from $4.6M; diluted EPS $0.57 vs $0.80

PEOPLES BANCORP OF NORTH CAROLINA INC

2022-Q2 EPS reported $1.18

Net earnings $3.2M ($0.57 diluted) vs $4.6M ($0.80) in Q2 2021; provision for loan losses turned to $410K from recovery of $226K.
PPP loan fee income dropped to $293K from $1.5M in Q2; total loans grew to $959.5M despite $16.6M PPP reduction.
Non-interest income rose to $7.3M (+$1.3M) driven by appraisal fees, but mortgage banking income fell $624K.
Non-interest expense increased to $14.2M from $12.1M, led by higher appraisal expenses and salaries.
Shareholders' equity fell to $112.4M (6.70% of assets) from $142.4M (8.77%) due to unrealized securities losses; dividends for H1 2022 were $0.51 vs $0.32.

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