Peoples Bancorp of North Carolina Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Charge Off for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Special Cash Dividend, Payable on February 17, 2012
January 30, 2012 at 09:19 am EST
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Peoples Bancorp of North Carolina Inc. reported consolidated unaudited earning results for the fourth quarter and full year ended December 31, 2011. For the quarter, net interest income was $8,569,000 compared with $8,550,000 for the same period a year ago. Earnings before income taxes was $2,485,000 compared with loss before income taxes of $904,000 for the ago period. Net earnings attributable to common shareholders for the quarter was $1,429,000 or $0.26 diluted per share compared with net loss attributable to common shareholders of $787,000 or $0.014 diluted per share for the same period a year ago. Return on average assets was 0.65% compared to negative return on assets of 0.16% a year ago. Return on average shareholders equity was 6.83% negative return on average shareholders equity of 1.71% a year ago.
For the full year, net interest income was $34,313,000 compared with $33,332,000 for the same period a year ago. Earnings before income taxes was $6,622,000 compared with earnings before income taxes of $1,830,000 for the ago period. Net earnings attributable to common shareholders was $3,766,000 or $0.68 diluted per share compared with net earnings attributable to common shareholders of $447,000 or $0.08 diluted earnings per share for the same period a year ago. For the period, the company reported book value per share of $14.06 compared with $12.96 for the same period a year ago. Return on average assets was 0.48% compared to 0.17% a year ago. Return on average shareholders equity was 5.03% compared to 1.81% a year ago. The increase in year-to-date earnings is primarily attributable to aggregate increases in net interest income and non-interest income and a decrease in the provision for loan losses, which were partially offset by an increase in non-interest expense. The year to date increase in net interest income is primarily attributable to a reduction in interest expense due to a decrease in the cost of funds for deposits.
The company reported charge off was $2,726,000 compared to $8,548,000 for the same quarter a year ago. For the full year, charge off was $12,260,000 compared to $16,910,000 a year ago.
The board of directors of the company authorized a $0.05 per share special cash dividend. This cash dividend will be distributed on February 17, 2012 to the shareholders of record on February 6, 2012.
Peoples Bancorp of North Carolina, Inc. serves as the holding company for Peoples Bank (the Bank). The Bank is a state-chartered commercial bank. The Bank has a diversified loan portfolio, with no foreign loans and few agricultural loans. The Bankâs loan portfolio also includes Individual Taxpayer Identification Number (ITIN) mortgage loans generated through its former Banco offices. It has four subsidiaries, such as Peoples Investment Services, Inc., Real Estate Advisory Services, Inc., Community Bank Real Estate Solutions, LLC (CBRES) and PB Real Estate Holdings, LLC. Peoples Investment Services, Inc. provides the Bankâs customers access to investment counseling and non-deposit investment products. Real Estate Advisory Services, Inc. provides real estate appraisal and real estate brokerage services. CBRES serves as a clearinghouse for appraisal services for community banks. PB Real Estate Holdings, LLC acquires, manages, and disposes of real property, other collateral, and assets.
Peoples Bancorp of North Carolina Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Charge Off for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Special Cash Dividend, Payable on February 17, 2012