secwatch.observer — SEC 8-K summary
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Issuer:     PEOPLES BANCORP OF NORTH CAROLINA INC (PEBK)
CIK:        0001093672
Form:       8-K
Filed at:   2023-04-24T23:59:59+00:00
Accession:  0001654954-23-005077
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1093672/000165495423005077/0001654954-23-005077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1093672/000165495423005077/pebk_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-005077

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