Peoples Bancorp Announces Fourth Quarter and Annual Earnings Results

Peoples Bancorp of North Carolina, (NASDAQ:PEBK), the parent company of Peoples Bank, reported fourth quarter and year to date earnings results with highlights as follows:
As quoted in the press release:

Fourth quarter highlights:

• Net earnings were $1.3 million or $0.24 basic and diluted net earnings per share for the three months ended December 31, 2016, as compared to $2.2 million or $0.40 basic net earnings per share and $0.39 diluted net earnings per share for the same period one year ago.

• Prepaid $23.5 million FHLB borrowings with weighted average rate of 4.28%. A prepayment penalty of $1.3 million, which is included in other non-interest expenses, was incurred as the result of prepaying $23.5 million in FHLB borrowings.

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