Peoples Bancorp of North Carolina, Inc. reported a net income of $5.2 million, or $0.97 per share, for the second quarter of 2025, reflecting an increase from $4.9 million, or $0.93 per share, in the same period last year. For the first half of 2025, net earnings reached $9.5 million, or $1.79 per share, compared to $8.8 million, or $1.67 per share, in the prior year. The growth in profitability was primarily driven by increases in net interest income and non-interest income, although these were partially offset by higher provisions for credit losses and non-interest expenses.
Total interest income for the second quarter was $20.7 million, up from $20.1 million a year earlier, largely due to a $1.1 million increase in interest income from loans. Average loans increased to $1.16 billion, a rise of $47.5 million from the previous year. Interest expense decreased to $6.1 million from $6.7 million, attributed to lower rates on interest-bearing liabilities. The net interest income after provisions for credit losses was $14.8 million, compared to $13.9 million in the prior year.
In terms of operational metrics, total loans stood at $1.16 billion as of June 30, 2025, up from $1.14 billion at the end of 2024. The allowance for credit losses on loans was $9.8 million, or 0.85% of total loans, a slight decrease from $10.0 million, or 0.88%, at the end of the previous year. The company also reported non-performing assets of $4.8 million, representing 0.28% of total assets, consistent with the previous quarter.
Peoples Bancorp continues to focus on growth through local market expansion and maintaining a strong capital position. Shareholders' equity increased to $144.0 million, or 8.50% of total assets, from $130.6 million, or 7.90%, at the end of 2024. The company’s Tier 1 capital ratio was reported at 14.92%, indicating a well-capitalized status under regulatory standards. Looking ahead, the company aims to leverage its strong liquidity and capital position to navigate potential economic fluctuations while continuing to serve its community effectively.
About PEOPLES BANCORP OF NORTH CAROLINA INC
Peoples Bancorp of North Carolina, Inc. is a bank holding company primarily engaged in owning and operating Peoples Bank, a community-focused financial institution serving North Carolina. The bank offers retail and commercial banking services, including loans, deposits, and investment products, targeting individuals and small-to-medium-sized businesses. Its core value lies in community banking, local market expertise, and a diversified loan portfolio supported by regulatory compliance and strong capital standards.
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