Peoples Bancorp Q3 net income $5.3M ($0.93 diluted), up from $3.4M ($0.59) YoY

PEOPLES BANCORP OF NORTH CAROLINA INC

2022-Q3 EPS reported $2.11

Net earnings $5.3M, $0.96 basic / $0.93 diluted per share vs $3.4M, $0.59 diluted a year ago.
Net interest income rose 30% to $13.8M on higher loan volume and Fed rate hikes; PPP fee income fell to $54k.
Total loans grew to $1.0B (13% from Dec 2021) despite $17.9M PPP runoff; non-performing assets low at 0.22%.
Non-interest expense increased to $13.5M on higher appraisal and salary costs; provision for loan losses $408k.
YTD cash dividends raised to $0.69 per share from $0.49; equity declined to $103.9M on unrealized securities losses.

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