Peoples Bancorp of North Carolina, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 25, 2016 at 09:12 pm IST
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Peoples Bancorp of North Carolina, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest income of $9,960,000 compared to $9,717,000 a year ago. Net interest income was $9,110,000 compared to $8,703,000 a year ago. Earnings before income taxes were $2,801,000 compared to $1,440,000 a year ago. Net earnings were $2,188,000 compared to $1,816,000 a year ago. Diluted earnings per share were $0.39 against $0.32 per share a year ago. Return on average assets was 0.83% compared to 0.68% a year ago. Return on average shareholders' equity was 8.26% compared to 7.32% a year ago. The increase in net interest income was primarily due to a $243,000 increase in interest income, which was primarily attributable to an increase in the average outstanding balance of loans, and a $164,000 decrease in interest expense, which was primarily attributable to a decrease in the average outstanding balances of FHLB borrowings and time deposits during the three months ended December 31, 2015, as compared to the same period one year ago.
For the year, the company reported total interest income of $38,666,000 compared to $38,420,000 a year ago. Net interest income was $35,199,000 compared to $34,133,000 a year ago. Earnings before income taxes were $12,733,000 compared to $11,325,000 a year ago. Net earnings were $9,633,000 compared to $9,388,000 a year ago. Diluted earnings per share were $1.72 against $1.66 per share a year ago. Return on average assets was 0.93% compared to 0.91% a year ago. Return on average shareholders' equity was 9.03% compared to 9.69% a year ago. Book value was $19.03 as on December 31, 2015 compared to $17.58 as on December 31, 2014. The increase in year-to-date earnings is primarily attributable to an increase in net interest income and an increase in non-interest income, which were partially offset by a decrease in the credit to the provision for loan losses and an increase in non-interest expense.
For the quarter, the company reported charge-offs of $668,000 against $718,000 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.
Peoples Bancorp of North Carolina, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Charge-Offs for the Fourth Quarter Ended December 31, 2015