Peoples Bancorp Q1 net earnings rise to $0.74/share from $0.58 YoY; NIM narrows to 3.33%

PEOPLES BANCORP OF NORTH CAROLINA INC

2024-Q1 EPS reported $0.72

Net earnings $3.9M ($0.74 per share) vs $3.2M ($0.58) in Q1 2023; dividend raised to $0.35/share.
Net interest income $13.3M, down from $14.3M YoY; net interest margin 3.33% vs 3.77%.
Non-interest income $6.0M, up from $3.6M, due to absence of securities losses ($2.5M loss in Q1 2023).
Total loans flat at $1.1B; deposits up to $1.5B from $1.4B; core deposits 89.75% of total.
Non-performing assets $4.0M, 0.24% of total assets; allowance for credit losses 0.98% 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 first quarter 2024 results: net income $3.9 million, EPS $0.74 per share and $0.72 per diluted share.

Period: first quarter 2024
Net income: $3.9 million
EPS: $0.74 per share and $0.72 per diluted share
Result: reported results

Exact text from the filing

Peoples Bancorp of North Carolina, Inc. (NASDAQ: PEBK) (the “Company”), the parent company of Peoples Bank (the “Bank”), reported first quarter 2024 results with highlights as follows: First quarter 2024 highlights: · Net earnings were $3.9 million or $0.74 per share and $0.72 per diluted share for the three months ended March 31, 2024, compared to $3.2 million or $0.58 per share and 0.56 per diluted share for the same period one year ago.

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Source: SEC EDGAR

accession 0001654954-24-004837

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