Peoples Bancorp of North Carolina Inc. Files 10-Q for Q1 2024

TL;DR

<b>Peoples Bancorp of North Carolina Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

PEOPLES BANCORP OF NORTH CAROLINA INC (PEBK) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Peoples Bancorp of North Carolina Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's IRS number is 562132396. The company is incorporated in North Carolina (NC). The fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking PEOPLES BANCORP OF NORTH CAROLINA INC, this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the bank's health, profitability, and strategic direction.

Risk Assessment

Risk Level: low — PEOPLES BANCORP OF NORTH CAROLINA INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for trends in loan performance, net interest margin, and capital adequacy.

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing)
• 2024-05-02 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 1231 — Fiscal Year End (Company data)

Key Players & Entities

• PEOPLES BANCORP OF NORTH CAROLINA INC (company) — Filer name
• PEBK (company) — Ticker symbol
• 10-Q (filing) — Form type
• 2024-05-02 (date) — Filing date
• 2024-03-31 (date) — Period of report
• NC (location) — State of incorporation
• 562132396 (identifier) — IRS number
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Peoples Bancorp of North Carolina Inc. operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various federal and state authorities, including the Federal Reserve and state banking departments.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results with previous quarters and the same period last year.
3. Analyze any disclosed risk factors or significant accounting policies.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for Q1 2024; comparison to prior periods will be available within the document's comparative financial statements.

Key Financial Figures

• $250,000 — savings 633,740 620,244 Time, over $250,000 148,819 148,904 Other time 206,83
• $20.6 million — ust II"), to facilitate the issuance of $20.6 million of trust preferred securities. PEBK Tru

Filing Documents

• pebk_10q.htm (10-Q) — 2510KB
• pebk_ex31a.htm (EX-31.(A)) — 12KB
• pebk_ex31b.htm (EX-31.(B)) — 10KB
• pebk_ex32.htm (EX-32) — 4KB
• 0001654954-24-005450.txt (&nbsp;) — 12086KB
• pebk-20240331.xsd (EX-101.SCH) — 64KB
• pebk-20240331_lab.xml (EX-101.LAB) — 350KB
• pebk-20240331_cal.xml (EX-101.CAL) — 64KB
• pebk-20240331_pre.xml (EX-101.PRE) — 303KB
• pebk-20240331_def.xml (EX-101.DEF) — 176KB
• pebk_10q_htm.xml (XML) — 3617KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE(S) Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023 (Audited) 4 Consolidated Statements of Earnings for the three months ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Comprehensive Income for the three and months ended March 31, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 7 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 8-9

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10-28 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29-38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults upon Senior Securities 40 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 42 Certifications 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PEOPLES BANCORP OF NORTH CAROLINA, INC. Consolidated Balance Sheets March 31, 2024 and December 31, 2023 (Dollars in thousands) March 31, December 31, Assets 2024 2023 (Unaudited) (Audited) Cash and due from banks $ 26,272 32,819 Interest-bearing deposits 71,824 49,556 Cash and cash equivalents 98,096 82,375 Investment securities available for sale 394,664 391,924 Other investments 2,858 2,874 Total securities 397,522 394,798 Mortgage loans held for sale 1,292 686 Loans 1,106,670 1,093,066 Less allowance for credit losses ( 10,847 ) ( 11,041 ) Net loans 1,095,823 1,082,025 Premises and equipment, net 16,330 16,702 Cash surrender value of life insurance 18,250 18,134 Right of use lease asset 4,553 4,731 Accrued interest receivable and other assets 37,694 36,459 Total assets $ 1,669,560 1,635,910 Liabilities and Shareholders' Equity Deposits: Noninterest-bearing demand $ 462,966 432,687 Interest-bearing demand, MMDA & savings 633,740 620,244 Time, over $250,000 148,819 148,904 Other time 206,839 190,210 Total deposits 1,452,364 1,392,045 Securities sold under agreements to repurchase 59,216 86,715 Junior subordinated debentures 15,464 15,464 Lease liability 4,660 4,832 Accrued interest payable and other liabilities 16,764 15,838 Total liabilities 1,548,468 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 5,455,999 shares at March 31, 2024 and 5,534,499 shares at December 31, 2023 48,627 50,625 Common stock held by deferred compensation trust, at cost; 164,970 shares at March 31, 2024 and 158,356 shares at December 31, 2023 ( 1,943 ) ( 1,910 ) Deferred compensation 1,943 1,910 Retained ea

Notes to Consolidated Financial Statements ( Unaudited )

Notes to Consolidated Financial Statements ( Unaudited ) (1) Summary of Significant Accounting Policies The Consolidated Financial Statements include the financial statements of Peoples Bancorp of North Carolina, Inc. (the "Company") and its wholly owned subsidiary, Peoples Bank (the "Bank"), along with the Bank's wholly owned subsidiaries, Peoples Investment Services, Inc. ("PIS"), Real Estate Advisory Services, Inc. ("REAS"), Community Bank Real Estate Solutions, LLC ("CBRES") and PB Real Estate Holdings, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. In June 2006, the Company formed a wholly owned Delaware statutory trust, PEBK Capital Trust II ("PEBK Trust II"), to facilitate the issuance of $20.6 million of trust preferred securities. PEBK Trust II is not included in the Consolidated Financial Statements. The Consolidated Financial Statements in this report (other than the Consolidated Balance Sheet at December 31, 2023) are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States ("GAAP"). Actual results could differ from those estimates. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by management in deciding how to allocate resources and in assessing performance. Management has determined that the Company has two significant operating segment: Banking Operations and CBRES, as discussed more fully in Note 7. In determining the appropriateness of segment definition, the Company considers the cri

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