Peoples Bancorp of North Carolina, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 23, 2023 at 09:07 am EDT
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Peoples Bancorp of North Carolina, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 13.34 million compared to USD 13.79 million a year ago. Net income was USD 4.13 million compared to USD 5.31 million a year ago. Basic earnings per share from continuing operations was USD 0.76 compared to USD 0.96 a year ago. Diluted earnings per share from continuing operations was USD 0.74 compared to USD 0.93 a year ago.
For the nine months, net interest income was USD 41.45 million compared to USD 35.81 million a year ago. Net income was USD 12.11 million compared to USD 11.98 million a year ago. Basic earnings per share from continuing operations was USD 2.22 compared to USD 2.18 a year ago. Diluted earnings per share from continuing operations was USD 2.15 compared to USD 2.11 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.