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Peoples Bancorp Earnings Increase To $1.9M

|Includes: Peoples Bancorp of North Carolina, Inc. (PEBK)

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Peoples Bancorp of North Carolina Inc. (NASDAQ:PEBK), the parent company of Peoples Bank, announced its third quarter financial results, reporting an earnings increase of $0.5M to $1.9M. Earnings per share increased from $0.25 last year this quarter to $0.34 per share this quarter. Net interest income improved slightly from $7.8M to $7.9M due primarily to decreased costs related to interest liabilities. Peoples Bancorp also reported increases in deposits from $768.5M to $798.3M while its non-performing assets declined 1.8% to $19.1M. Shareholders' equity declined from 9.6% of total assets to 9.2%, or $95.7M. President and CEO Lance Sellers attributes the company's growth this quarter to decreases in loan losses and non-interest expenses and increases in non-interest and net interest income.

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