Item 8.01. Other Matters
On February 17, 2005, the Board of Directors of Peoples Bancorp of North Carolina, Inc. of Newton, North Carolina authorized a 10% stock dividend and a $0.10 per share cash dividend. As a result of the stock dividend, each shareholder will receive one new share of stock for every ten shares of stock they held as of the record date. Shareholders will receive a cash payment in lieu of any fractional shares resulting from the stock dividend. The cash dividend will be paid based on the number of shares held by shareholders as adjusted by the stock dividend. The stock and cash dividends will be distributed on March 16, 2005 to shareholders of record on March 3, 2005.
All previously reported per share amounts will be restated to reflect this stock dividend. Restated earnings per share for the year ended December 31, 2004 will be $1.28 basic net earnings per share and $1.26 diluted net earnings per share, as compared to $0.58 basic net earnings per share and $0.57 diluted net earnings per share, for the year ended December 31, 2003.
The Company had 3,137,860 shares of common stock outstanding at February 17, 2005. The Company's stock transfer agent is Registrar and Transfer Company.
A copy of the press release is attached hereto as Exhibit (99)(a) and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
(99)(a) Press Release, dated February 23, 2005
Disclosure about forward-looking statements
This Form 8-K contains forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management’s business strategy, national, regional, and local market conditions and legislative and regulatory conditions.
Readers should not place undue reliance on forward-looking statements, which reflect management’s view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission.
