Peoples Bancorp of North Carolina Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Peoples Bancorp of North Carolina Inc. filed its 2023 10-K, reporting $190.21 million in assets and $19.02 million in net income.</b>

AI Summary

PEOPLES BANCORP OF NORTH CAROLINA INC (PEBK) filed a Annual Report (10-K) with the SEC on March 7, 2024. Peoples Bancorp of North Carolina Inc. reported its 2023 fiscal year-end results on March 7, 2024. The company's total assets were $190,210,000 as of December 31, 2023. Net income for the fiscal year was $19,021,000. Earnings per share (EPS) were $0.04 for the fiscal year. Total debt was $66,998,000 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking PEOPLES BANCORP OF NORTH CAROLINA INC, this filing contains several important signals. This filing provides a comprehensive overview of Peoples Bancorp's financial performance and position for the fiscal year 2023, crucial for investors assessing its stability and growth. The detailed financial data, including asset, liability, and income figures, allows stakeholders to evaluate the bank's operational efficiency and profitability trends.

Risk Assessment

Risk Level: medium — PEOPLES BANCORP OF NORTH CAROLINA INC shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations that can impact profitability and asset quality.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the bank's performance drivers and potential challenges.

Financial Highlights

revenue

5636830

total Assets

190210000

total Debt

66998000

net Income

19021000

eps

0.04

revenue Growth

2.03%

Key Numbers

• 190210000 — Total Assets (As of December 31, 2023)
• 19021000 — Net Income (For the fiscal year ended December 31, 2023)
• 0.04 — EPS (For the fiscal year ended December 31, 2023)
• 66998000 — Total Debt (As of December 31, 2023)
• 5636830 — Revenue (For the fiscal year ended December 31, 2023)
• 5534499 — Revenue (For the fiscal year ended December 31, 2022)
• 148904000 — Total Equity (As of December 31, 2023)
• 31001000 — Total Liabilities (As of December 31, 2023)

Key Players & Entities

• PEOPLES BANCORP OF NORTH CAROLINA INC (company) — Filer name
• PEBK (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-07 (date) — Filing date
• 518 WEST C STREET (address) — Business street address
• NEWTON (location) — Business address city
• NC (location) — Business address state
• 8284645620 (phone) — Business phone

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Key Financial Figures

• $18.17 — ommon stock on June 30, 2023, which was $18.17 per share. Indicate the number of shar
• $1.6 b — , 2023, the Company had total assets of $1.6 billion, net loans of $1.1 billion, depos
• $1.1 b — al assets of $1.6 billion, net loans of $1.1 billion, deposits of $1.4 billion, total
• $1.4 b — net loans of $1.1 billion, deposits of $1.4 billion, total securities of $394.8 milli
• $394.8 m — ts of $1.4 billion, total securities of $394.8 million, and shareholders' equity of $121
• $121.0 million — .8 million, and shareholders' equity of $121.0 million. The Bank operates three banking offic
• $20.6 million — ust II"), to facilitate the issuance of $20.6 million of trust preferred securities. PEBK Tru
• $5.0 million — ancial statements. The Company redeemed $5.0 million of outstanding trust preferred securiti
• $28.0 million — 023, the Bank's legal lending limit was $28.0 million (absent fully marketable collateral), a
• $19.1 million — and the largest credit relationship was $19.1 million. The underwriting standards and loan or
• $6.5 million — cer/Executive Vice President was set at $6.5 million. It is the policy of the Bank to ensur
• $250,000 — mmercial Loan Delinquency New Loans - $250,000 and Greater Comparison on New Loans i
• $500,000 — Prior Year Outstanding Commitments - $500,000 and greater Commitment Pipeline Repor
• $2,000,000 — ine Report – Outstanding commitments of $2,000,000 and greater (pending final approval and
• $1.5 million — an review of borrowing relationships of $1.5 million and greater as well as a periodic sampl

Filing Documents

• pebk_10k.htm (10-K) — 527KB
• pebk_ex4ii.htm (EX-4.II) — 18KB
• pebk_ex13.htm (EX-13) — 3569KB
• pebk_ex21.htm (EX-21) — 1KB
• pebk_ex23.htm (EX-23) — 2KB
• pebk_ex31i.htm (EX-31.I) — 10KB
• pebk_ex31ii.htm (EX-31.II) — 10KB
• pebk_ex32.htm (EX-32) — 6KB
• pebk_ex97.htm (EX-97) — 19KB
• pebk_10kimg12.jpg (GRAPHIC) — 48KB
• 0001654954-24-002793.txt (&nbsp;) — 18234KB
• pebk-20231231.xsd (EX-101.SCH) — 107KB
• pebk-20231231_lab.xml (EX-101.LAB) — 572KB
• pebk-20231231_cal.xml (EX-101.CAL) — 85KB
• pebk-20231231_pre.xml (EX-101.PRE) — 503KB
• pebk-20231231_def.xml (EX-101.DEF) — 280KB
• pebk_10k_htm.xml (XML) — 4911KB

- Business

Item 1 - Business 4 - 15 N/A

- Risk Factors

Item 1A - Risk Factors 15 - 25 N/A

- Unresolved Staff Comments

Item 1B - Unresolved Staff Comments 25 N/A

- Cybersecurity

Item 1C - Cybersecurity 25-26 N/A

- Properties

Item 2 - Properties 26 N/A

- Legal Proceedings

Item 3 - Legal Proceedings 27 N/A

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 27 N/A PART II

- Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 - Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 - 30 N/A

- Selected Financial Data

Item 6 - Selected Financial Data 30 A-3

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations 30 A-4 - A-19

- Quantitative and Qualitative Disclosures About Market Risk

Item 7A - Quantitative and Qualitative Disclosures About Market Risk 30 N/A

- Financial Statements and Supplementary Data

Item 8 - Financial Statements and Supplementary Data 30 A-20 - A-62

- Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 31 N/A

- Controls and Procedures

Item 9A - Controls and Procedures 31 N/A

- Other Information

Item 9B - Other Information 31 N/A

- Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C - Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 31 N/A PART III

- Directors and Executive Officers and Corporate Governance

Item 10 - Directors and Executive Officers and Corporate Governance 32 15 and A-61

- Executive Compensation

Item 11 - Executive Compensation 32 19 - 26

- Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32 - 33 5 - 7

- Certain Relationships and Related Transactions and Director Independence

Item 13 - Certain Relationships and Related Transactions and Director Independence 33 6, 7 and 26

- Principal Accountant Fees and Services

Item 14 - Principal Accountant Fees and Services 33 27 PART IV

- Exhibits and Financial Statement Schedules

Item 15 - Exhibits and Financial Statement Schedules 34 - 36 N/A

Signatures

Signatures 37 N/A 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General Business Peoples Bancorp of North Carolina, Inc. (the "Company"), was formed in 1999 to serve as the holding company for Peoples Bank (the "Bank"). The Company is a bank holding company registered with the Board of Governors of the Federal Reserve System (the "Federal Reserve") under the Bank Holding Company Act of 1956, as amended (the "BHCA"). The Company's principal source of income is dividends declared and paid by the Bank on its capital stock, if any. The Company has no operations and conducts no business of its own other than owning the Bank and PEBK Capital Trust II. Accordingly, the discussion of the business which follows primarily concerns the business conducted by the Bank. Our principal executive offices are located at 518 West C Street, Newton, North Carolina, 28658, and our telephone number is (828) 464-5620. The Bank, founded in 1912, is a state-chartered commercial bank serving the citizens and business interests of the Catawba Valley and surrounding communities through 17 banking offices, located in Lincolnton, Newton, Denver, Catawba, Conover, Maiden, Claremont, Hiddenite, Hickory, Charlotte, Huntersville, Mooresville, Raleigh, and Cary, North Carolina. The Bank also operates loan production offices in Charlotte, Denver, Salisbury and Winston-Salem North Carolina. The Company's fiscal year ends December 31. At December 31, 2023, the Company had total assets of $1.6 billion, net loans of $1.1 billion, deposits of $1.4 billion, total securities of $394.8 million, and shareholders' equity of $121.0 million. The Bank operates three banking offices focused on the Latino population that were formerly operated as a division of the Bank under the name Banco de la Gente ("Banco"). These offices, which offer the same banking services as our other branches offer, now operate under the same name as our other offices; however, we continue to separately categorize mortgage loans originated from these offices. The Bank has a diver

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View this 10-K filing on SEC EDGAR