Peoples Bancorp of North Carolina Inc. (PEBK, Financial) filed Quarterly Report for the period ended 2012-06-30.
Peoples Bancorp Of North Carolina, Inc. has a market cap of $48.5 million; its shares were traded at around $9 with a P/E ratio of 9.7 and P/S ratio of 0.8. The dividend yield of Peoples Bancorp Of North Carolina, Inc. stocks is 0.9%. Peoples Bancorp Of North Carolina, Inc. had an annual average earning growth of 4.2% over the past 10 years.
Year-to-date net earnings as of June 30, 2012 were $3.2 million, or $0.57 basic and diluted net earnings per share before adjustment for preferred stock dividends and accretion, as compared to $2.0 million, or $0.36 basic and diluted net earnings per share before adjustment for preferred stock dividends and accretion, for the same period one year ago. After adjusting for dividends and accretion on preferred stock, net earnings available to common shareholders for the six months ended June 30, 2012 were $2.5 million or $0.45 basic and diluted net earnings per common share as compared to $1.3 million, or $0.23 basic and diluted net earnings per common share, for the same period one year ago. The increase in year-to-date earnings is primarily attributable to aggregate decreases in the provision for loan losses and increases in non-interest income, which were partially offset by aggregate decreases in net interest income and increases in non-interest expense, as discussed below.
Interest income decreased $1.6 million or 14% for the three months ended June 30, 2012 compared to the same period one year ago. The decrease was due to a reduction in average loans and a decrease in the yield on earning assets. The average yield on earning assets for the quarters ended June 30, 2012 and 2011 was 4.22% and 4.70%, respectively. During the quarter ended June 30, 2012, average loans decreased $50.0 million to $654.3 million from $704.4 million for the three months ended June 30, 2011. During the quarter ended June 30, 2012, average investment securities available for sale decreased $2.1 million to $284.1 million from $285.2 million for the three months ended June 30, 2011. This decrease reflects investment securities sold during the six months ended June 30, 2012, totaling $34.8 million, which were partially offset by purchases of investment securities.
Interest income decreased $2.8 million or 12% for the six months ended June 30, 2012 compared with the same period in 2011. This decrease was primarily due to a reduction in average loans and a decrease in the yield on earning assets. The average yield on earning assets for the six months ended June 30, 2012 and 2011 was 4.28% and 4.75%, respectively. During the six months ended June 30, 2012, average loans decreased $50.0 million to $663.0 million from $713.0 million for the six months ended June 30, 2011. During the six months ended June 30, 2012, average investment securities available for sale increased $22.5 million to $298.8 million from $276.3 million for the six months ended June 30, 2011 primarily due to the investment of additional funds received from loan repayments outpacing new loans disbursed.
Loans. At June 30, 2012, loans were $642.8 million compared to $670.5 million at December 31, 2011, a decrease of $27.7 million. This decrease reflects a decline in loan originations combined with continuing payments on existing loans. Loans originated or renewed during the six months ended June 30, 2012, amounting to approximately $48.2 million, were offset by paydowns and payoffs of existing loans. Average loans represented 67% and 70% of average earning assets for the six months ended June 30, 2012 and the year ended December 31, 2011, respectively. The Company had $3.8 million and $5.1 million in mortgage loans held for sale as of June 30, 2012 and December 31, 2011, respectively.
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Peoples Bancorp Of North Carolina, Inc. has a market cap of $48.5 million; its shares were traded at around $9 with a P/E ratio of 9.7 and P/S ratio of 0.8. The dividend yield of Peoples Bancorp Of North Carolina, Inc. stocks is 0.9%. Peoples Bancorp Of North Carolina, Inc. had an annual average earning growth of 4.2% over the past 10 years.
Highlight of Business Operations:
Summary. Net earnings for the second quarter of 2012 were $1.5 million, or $0.27 basic and diluted net earnings per share before adjustment for preferred stock dividends and accretion as compared to $629,000, or $0.11 basic and diluted net earnings per share before adjustment for preferred stock dividends and accretion for the same period one year ago. After adjusting for $348,000 in dividends and accretion on preferred stock, net earnings available to common shareholders for the three months ended June 30, 2012 were $1.2 million, or $0.21 basic and diluted net earnings per common share as compared to $281,000, or $0.05 basic and diluted net earnings per common share for the same period one year ago. The increase in second quarter earnings is attributable to a decrease in the provision for loan losses and an increase in non-interest income, which were partially offset by a decrease in net interest income and an increase in non-interest expense.Year-to-date net earnings as of June 30, 2012 were $3.2 million, or $0.57 basic and diluted net earnings per share before adjustment for preferred stock dividends and accretion, as compared to $2.0 million, or $0.36 basic and diluted net earnings per share before adjustment for preferred stock dividends and accretion, for the same period one year ago. After adjusting for dividends and accretion on preferred stock, net earnings available to common shareholders for the six months ended June 30, 2012 were $2.5 million or $0.45 basic and diluted net earnings per common share as compared to $1.3 million, or $0.23 basic and diluted net earnings per common share, for the same period one year ago. The increase in year-to-date earnings is primarily attributable to aggregate decreases in the provision for loan losses and increases in non-interest income, which were partially offset by aggregate decreases in net interest income and increases in non-interest expense, as discussed below.
Interest income decreased $1.6 million or 14% for the three months ended June 30, 2012 compared to the same period one year ago. The decrease was due to a reduction in average loans and a decrease in the yield on earning assets. The average yield on earning assets for the quarters ended June 30, 2012 and 2011 was 4.22% and 4.70%, respectively. During the quarter ended June 30, 2012, average loans decreased $50.0 million to $654.3 million from $704.4 million for the three months ended June 30, 2011. During the quarter ended June 30, 2012, average investment securities available for sale decreased $2.1 million to $284.1 million from $285.2 million for the three months ended June 30, 2011. This decrease reflects investment securities sold during the six months ended June 30, 2012, totaling $34.8 million, which were partially offset by purchases of investment securities.
Interest income decreased $2.8 million or 12% for the six months ended June 30, 2012 compared with the same period in 2011. This decrease was primarily due to a reduction in average loans and a decrease in the yield on earning assets. The average yield on earning assets for the six months ended June 30, 2012 and 2011 was 4.28% and 4.75%, respectively. During the six months ended June 30, 2012, average loans decreased $50.0 million to $663.0 million from $713.0 million for the six months ended June 30, 2011. During the six months ended June 30, 2012, average investment securities available for sale increased $22.5 million to $298.8 million from $276.3 million for the six months ended June 30, 2011 primarily due to the investment of additional funds received from loan repayments outpacing new loans disbursed.
Loans. At June 30, 2012, loans were $642.8 million compared to $670.5 million at December 31, 2011, a decrease of $27.7 million. This decrease reflects a decline in loan originations combined with continuing payments on existing loans. Loans originated or renewed during the six months ended June 30, 2012, amounting to approximately $48.2 million, were offset by paydowns and payoffs of existing loans. Average loans represented 67% and 70% of average earning assets for the six months ended June 30, 2012 and the year ended December 31, 2011, respectively. The Company had $3.8 million and $5.1 million in mortgage loans held for sale as of June 30, 2012 and December 31, 2011, respectively.
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