PEOPLES BANCORP OF NORTH CAROLINA INC

Peoples Bancorp of North Carolina, Inc. announced the election of Michael B. Hollar to its Board of Directors, as well as to the Board of its subsidiary, Peoples Bank, effective July 16, 2026. The company stated there are no prior arrangements or family relationships influencing his appointment, and he has not yet been assigned to any board committees.

Peoples Bancorp of North Carolina, Inc. reported second quarter 2026 net earnings of $5.2 million, consistent with the prior year, while diluted earnings per share slightly increased to $0.96. The company saw an improved net interest margin of 3.80% and growth in both total loans to $1.28 billion and total deposits to $1.57 billion. However, non-performing assets increased to $5.2 million, and the provision for credit losses rose significantly, reflecting continued loan growth and an increase in net charge-offs.

Peoples Bancorp of North Carolina reported a slight increase in net earnings and basic earnings per share for the first quarter of 2026 compared to the same period in 2025. The company experienced growth in total assets, deposits, and loans. However, there was a notable increase in the provision for credit losses and accumulated other comprehensive loss, primarily due to unrealized losses on investment securities.