Peoples Bancorp Of North Carolina ( (PEBK) ) has released its Q4 earnings. Here is a breakdown of the information Peoples Bancorp Of North Carolina presented to its investors.
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Peoples Bancorp of North Carolina, Inc. is a financial institution operating in North Carolina, engaged in providing a range of banking services through its 16 banking offices and several loan production offices. It is publicly traded on the Nasdaq Global Market under the symbol PEBK.
The company recently announced its fourth-quarter and full-year 2024 earnings, highlighting a modest increase in earnings and a solid performance in its loan and deposit portfolios. Net earnings for the year reached $16.4 million, an increase from the previous year’s $15.5 million.
Key financial metrics include a net earnings increase to $3.6 million for Q4 2024, with net interest income rising due to higher interest and fees on loans. The full-year net interest margin slightly decreased to 3.36% from 3.51% in 2023. The company’s total deposits and loans also saw growth, with deposits reaching $1.48 billion and loans increasing to $1.14 billion.
Non-interest income experienced a significant boost, driven mainly by appraisal management fee income, while non-interest expenses rose due to higher costs in salaries and employee benefits, and increased expenses from appraisal management and consulting fees.
Looking forward, Peoples Bancorp remains focused on navigating economic conditions and regulatory changes while maintaining a strong position in the market. Management acknowledges the challenges ahead but is committed to leveraging its current strengths to drive future growth.
