Peoples Bancorp Announces Second Quarter Earnings Results

July 23, 2018

Peoples Bancorp of North Carolina, Inc. (NASDAQ: PEBK), the parent company of Peoples Bank, reported second quarter earnings results with highlights as follows:

Second quarter highlights:

• Net earnings were $3.2 million or $0.53 basic and diluted net earnings per share for the three months ended June 30, 2018, as compared to $2.8 million or $0.47 basic and diluted net earnings per share for the same period one year ago.

Year to date highlights:

• Net earnings were $6.5 million or $1.08 basic and diluted net earnings per share for the six months ended June 30, 2018, as compared to $5.0 million or $0.84 basic net earnings per share and $0.83 diluted net earnings per share for the same period one year ago.
• Total loans increased $36.9 million to $781.9 million at June 30, 2018, compared to $745.0 million at June 30, 2017.
• Core deposits were $896.8 million or 98.0% of total deposits at June 30, 2018, compared to $869.3 million or 97.4% of total deposits at June 30, 2017.

Lance A. Sellers, President and Chief Executive Officer, attributed the increase in second quarter net earnings to an increase in net interest income and an increase in non-interest income, which were partially offset by an increase in the provision for loan losses and an increase in non-interest expense during the three months ended June 30, 2018, as compared to the three months ended June 30, 2017, as discussed below.

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Contact

Lance A. Sellers
President and Chief Executive Officer

A. Joseph Lampron, Jr.
Executive Vice President and Chief Financial Officer

828-464-5620, Fax 828-465-6780

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