Peoples Bancorp Q1 net earnings $3.2M ($0.58/share) down from $3.5M YoY; net interest margin expands to 3.77%

PEOPLES BANCORP OF NORTH CAROLINA INC

2023-Q1 EPS reported $0.56

Net earnings $3.2M ($0.58 basic EPS, $0.56 diluted) vs $3.5M ($0.63, $0.61) a year ago.
Net interest income rose to $14.3M from $10.7M; net interest margin 3.77% vs 2.79% YoY.
Non-interest income fell to $3.6M from $7.0M, driven by $2.5M net loss on securities sales and lower appraisal fees.
Total loans grew to $1.1B from $1.0B; deposits flat at $1.4B but time deposits up on promotional rates.
Adopted CECL on Jan 1, 2023, reducing retained earnings by $838K (net of tax); allowance for credit losses on loans $9.6M (0.92% of loans).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PEOPLES BANCORP OF NORTH CAROLINA INC reported three months ended March 31, 2023 results: net income $3.2 million, EPS $0.58 per share and $0.56 per diluted share.

Period: three months ended March 31, 2023
Net income: $3.2 million
EPS: $0.58 per share and $0.56 per diluted share
Result: reported results

Exact text from the filing

Net earnings were $3.2 million or $0.58 per share and $0.56 per diluted share for the three months ended March 31, 2023

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Source: SEC EDGAR

accession 0001654954-23-005077

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