Peoples Bancorp of North Carolina, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
January 22, 2024 at 10:09 am EST
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Peoples Bancorp of North Carolina, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net interest income was USD 13.27 million compared to USD 15.3 million a year ago. Net income was USD 3.44 million compared to USD 4.15 million a year ago. Basic earnings per share from continuing operations was USD 0.64 compared to USD 0.76 a year ago. Diluted earnings per share from continuing operations was USD 0.62 compared to USD 0.74 a year ago.
For the full year, net interest income was USD 54.72 million compared to USD 51.11 million a year ago. Net income was USD 15.55 million compared to USD 16.12 million a year ago. Basic earnings per share from continuing operations was USD 2.87 compared to USD 2.94 a year ago. Diluted earnings per share from continuing operations was USD 2.77 compared to USD 2.85 a year ago.
Peoples Bancorp of North Carolina, Inc. serves as the holding company for Peoples Bank (the Bank). The Bank is a state-chartered commercial bank. The Bank has a diversified loan portfolio, with no foreign loans and few agricultural loans. The Bankâs loan portfolio also includes Individual Taxpayer Identification Number (ITIN) mortgage loans generated through its former Banco offices. It has four subsidiaries, such as Peoples Investment Services, Inc., Real Estate Advisory Services, Inc., Community Bank Real Estate Solutions, LLC (CBRES) and PB Real Estate Holdings, LLC. Peoples Investment Services, Inc. provides the Bankâs customers access to investment counseling and non-deposit investment products. Real Estate Advisory Services, Inc. provides real estate appraisal and real estate brokerage services. CBRES serves as a clearinghouse for appraisal services for community banks. PB Real Estate Holdings, LLC acquires, manages, and disposes of real property, other collateral, and assets.