Peoples Bancorp of North Carolina, Inc. (PEBK) has reported a 10.11 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $2.20 million, or $0.40 a share in the quarter, compared with $2.45 million, or $0.44 a share for the same period last year. Revenue during the quarter went down marginally by 0.46 percent to $12.58 million from $12.64 million in the previous year period. Net interest income for the quarter rose 4.07 percent over the prior year period to $9.47 million. Non-interest income for the quarter fell 13.48 percent over the last year period to $2.88 million.
Peoples Bancorp of North Carolina, Inc. has made negative provision of $0.24 million for loan losses during the quarter, compared with a negative provision of $0.22 million in the same period last year.
Net interest margin improved 9 basis points to 4.11 percent in the quarter from 4.02 percent in the last year period.
Lance A. Sellers, president and chief executive officer, attributed the decrease in first quarter net earnings to a decrease in non-interest income and an increase in non-interest expense, which were partially offset by an increase in net interest income and an increase in the credit to the provision for loan losses.
Deposits stood at $908.41 million as on Mar. 31, 2017, up 6.48 percent compared with $853.12 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $275.37 million or 30.31 percent of total deposits on Mar. 31, 2017, compared with $246.68 million or 28.91 percent of total deposits on Mar. 31, 2016.
Investments stood at $247.54 million as on Mar. 31, 2017, down 7.54 percent or $20.18 million from year-ago. Shareholders equity was at $110.14 million as on Mar. 31, 2017.
Return on average assets moved down 12 basis points to 0.82 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity decreased 88 basis points to 8.25 percent in the quarter from 9.13 percent in the last year period.
Nonperforming assets moved down 57.74 percent or $4.90 million to $3.58 million on Mar. 31, 2017 from $8.48 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.32 percent in the quarter, down from 0.79 percent in the last year period.
Equity to assets ratio was 9.92 percent for the quarter, down from 10.07 percent for the previous year quarter. Book value per share was $20.25 for the quarter, up 3.53 percent or $0.69 compared to $19.56 for the same period last year.
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