Ownership / Peoples Bancorp of North Carolina, Inc. | Tables in SEC filings

PEBK Peoples Bancorp of North Carolina, Inc.

Quarterly report

PEOPLES BANCORP OF NORTH CAROLINA, INC.
Consolidated Statements of Earnings
Three and Nine Months Ended September 30, 2024 and 2023
(Dollars in thousands, except per share amounts)

	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)

Interest income:
Interest and fees on loans	$	16,098		14,145		46,807		40,695
Interest on due from banks		608		606		2,240		1,506
Interest on investment securities:
U.S. Government sponsored enterprises		2,503		2,358		7,645		6,868
State and political subdivisions		695		696		2,085		2,254
Other		563		501		1,570		1,383
Total interest income		20,467		18,306		60,347		52,706

Interest expense:
NOW, MMDA & savings deposits		2,892		1,752		7,390		4,888
Time deposits		3,611		2,512		10,920		4,666
Junior subordinated debentures		283		284		850		791
Other		132		418		918		912
Total interest expense		6,918		4,966		20,078		11,257

Net interest income		13,549		13,340		40,269		41,449

Provision for (recovery of) credit losses		297		562		(80)		1,161

Net interest income after provision for loan losses		13,252		12,778		40,349		40,288

Non-interest income:
Service charges		1,515		1,412		4,201		4,081
Other service charges and fees		163		165		527		510
Gain (loss) on sale of securities, net		5		-		5		(2,488)
Mortgage banking income		138		72		263		204
Insurance and brokerage commissions		252		291		717		725
Appraisal management fee income		3,073		2,785		8,668		7,469
Miscellaneous		1,949		2,049		6,273		6,286
Total non-interest income		7,095		6,774		20,654		16,787

Non-interest expense:
Salaries and employee benefits		6,602		6,722		20,409		19,508
Occupancy		2,446		1,988		6,662		5,983
Professional fees		590		406		1,617		1,255
Advertising		188		217		565		562
Debit card expense		333		392		1,070		947
FDIC Insurance		189		186		572		556
Appraisal management fee expense		2,436		2,182		6,863		5,881
Miscellaneous		2,232		2,162		6,905		6,884
Total non-interest expense		15,016		14,255		44,663		41,576

Earnings before income taxes		5,331		5,297		16,340		15,499

Income tax expense		1,373		1,170		3,546		3,393

Net earnings	$	3,958		4,127		12,794		12,106

Basic net earnings per share	$	0.74		0.76		2.41		2.22
Diluted net earnings per share	$	0.72		0.74		2.33		2.15
Cash dividends declared per share	$	0.19		0.19		0.73		0.72

See accompanying Notes to Consolidated Financial Statements.

	September 30		December 31,
Assets	2024		2023
	(Unaudited)		(Audited)

Cash and due from banks	$	36,061		32,819
Interest-bearing deposits		37,101		49,556
Cash and cash equivalents		73,162		82,375

Investment securities available for sale		398,573		391,924
Other investments		2,753		2,874
Total securities		401,326		394,798

Mortgage loans held for sale		1,218		686

Loans		1,124,177		1,093,066
Less allowance for credit losses		(10,616)		(11,041)
Net loans		1,113,561		1,082,025

Premises and equipment, net		15,206		16,702
Cash surrender value of life insurance		18,482		18,134
Right of use lease asset		4,194		4,731
Accrued interest receivable and other assets		34,501		36,459
Total assets	$	1,661,650		1,635,910

Liabilities and Shareholders' Equity

Deposits:
Noninterest-bearing demand	$	408,766		432,687
Interest-bearing demand, MMDA & savings		728,142		620,244
Time, over $250,000		143,573		148,904
Other time		199,496		190,210
Total deposits		1,479,977		1,392,045

Securities sold under agreements to repurchase		8,429		86,715
Junior subordinated debentures		15,464		15,464
Lease liability		4,312		4,832
Accrued interest payable and other liabilities		17,186		15,838
Total liabilities		1,525,368		1,514,894

Commitments and contingencies

Shareholders' equity:
Preferred stock, no par value; authorized 5,000,000 shares; no shares issued and outstanding		-		-
Common stock, no par value; authorized 20,000,000 shares; issued and outstanding 5,457,646 shares at September 30, 2024 and 5,534,499 shares at December 31, 2023		48,678		50,625
Common stock held by deferred compensation trust, at cost; 158,905
shares at September 30, 2024 and 163,702 shares at December 31, 2023		(1,772)		(1,910)
Deferred compensation		1,772		1,910
Retained earnings		118,542		109,756
Accumulated other comprehensive loss		(30,938)		(39,365)
Total shareholders' equity		136,282		121,016

Total liabilities and shareholders' equity	$	1,661,650		1,635,910

(Dollars in thousands)
	September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasuries	$	7,980		-		606		7,374
U.S. Government sponsored enterprises		9,540		-		433		9,107
GSE - Mortgage-backed securities		247,554		263		17,900		229,917
Private label mortgage-backed securities		43,931		166		1,137		42,960
State and political subdivisions		129,733		-		20,518		109,215
Total	$	438,738		429		40,594		398,573

	Gross Loan Charge-offs by Origination Year																	Revolving
													Loans
(dollars in thousands)											Revolving			Converted to			Total
	2024		2023		2022		2021		2020			Prior			Loans				Term Loans		Loans
Real estate loans:
Construction and land development	$	-		-		-		-		-			-			-				-		-
Single-family residential		-		-		126		-		-			-			-				-		126
Commercial		-		-		-		-		-			-			-				-		-
Multifamily and farmland		-		-		-		-		-			-			-				-		-
Total real estate loans		-		-		126		-		-			-			-				-		126
Loans not secured by real estate:
Commercial		-		347		397		3		50			-			-				-		797
Consumer		-		23		4		-		-			379			-				-		406
All other		-		-		-		-		-			107			-				-		107

Total gross charge-offs	$	-		370		527		3		50			486			-				-		1,436

(Dollars in thousands)

Maturity Analysis of Operating Lease Liabilities:	September 30, 2024

2024	$	205
2025		773
2026		650
2027		612
2028		510
Thereafter		2,116
Total		4,866
Less: Imputed Interest		(554)
Operating Lease Liability	$	4,312

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