Peoples Bancorp of North Carolina, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 24, 2023 at 02:03 pm
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Peoples Bancorp of North Carolina, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 13.77 million compared to USD 11.35 million a year ago. Net income was USD 4.81 million compared to USD 3.22 million a year ago. Basic earnings per share from continuing operations was USD 0.88 compared to USD 0.59 a year ago. Diluted earnings per share from continuing operations was USD 0.85 compared to USD 0.57 a year ago.
For the six months, net interest income was USD 28.11 million compared to USD 22.01 million a year ago. Net income was USD 7.98 million compared to USD 6.67 million a year ago. Basic earnings per share from continuing operations was USD 1.46 compared to USD 1.21 a year ago. Diluted earnings per share from continuing operations was USD 1.41 compared to USD 1.18 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.