Peoples Bancorp Q3 2024 Assets Top $5.5B

TL;DR

PEBK Q3 assets hit $5.53B. Banking ops solid.

AI Summary

Peoples Bancorp of North Carolina Inc. reported its Q3 2024 results, with total assets reaching $5.53 billion as of September 30, 2024. The company's filing covers the period from January 1, 2024, to September 30, 2024, and includes financial data for its banking operations and other segments. The filing was made on November 5, 2024.

Why It Matters

This 10-Q filing provides a snapshot of Peoples Bancorp's financial health and operational performance for the third quarter of 2024, crucial for investors assessing its stability and growth prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report for a well-established regional bank, indicating standard operational disclosures rather than immediate high-risk events.

Key Numbers

• $5.53B — Total Assets (As of September 30, 2024, indicating the bank's size.)
• $5.46B — Total Assets (As of September 30, 2023, for year-over-year comparison.)
• $15.46M — Other Member Assets (For the nine months ended September 30, 2024.)

Key Players & Entities

• PEOPLES BANCORP OF NORTH CAROLINA INC (company) — Filer
• 0001093672 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241105 (date) — Filing Date
• $5.53 billion (dollar_amount) — Total Assets as of Q3 2024

FAQ

Key Financial Figures

• $250,000 — savings 728,142 620,244 Time, over $250,000 143,573 148,904 Other time 199,49
• $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) — 3005KB
• pebk_ex31a.htm (EX-31.A) — 13KB
• pebk_ex31b.htm (EX-31.B) — 13KB
• pebk_ex32.htm (EX-32) — 5KB
• 0001654954-24-013755.txt ( ) — 13123KB
• pebk-20240930.xsd (EX-101.SCH) — 62KB
• pebk-20240930_lab.xml (EX-101.LAB) — 347KB
• pebk-20240930_cal.xml (EX-101.CAL) — 63KB
• pebk-20240930_pre.xml (EX-101.PRE) — 287KB
• pebk-20240930_def.xml (EX-101.DEF) — 161KB
• pebk_10q_htm.xml (XML) — 3924KB

FINANCIAL INFORMATION

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

Financial Statements

Financial Statements Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 (Audited) 4 Consolidated Statements of Earnings for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Comprehensive Income (Loss) for the three and nine and months ended September 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 7 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited) 8-9

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10-27 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults upon Senior Securities 42 Item 5. Other Information 42 Item 6. Exhibits 43

Signatures

Signatures 44 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 September 30, 2024 and December 31, 2023 (Dollars in thousands) 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

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 c

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