Peoples Bancorp of North Carolina, Inc. (PEBK) Bundle
An Overview of Peoples Bancorp of North Carolina, Inc. (PEBK)
General Overview of Peoples Bancorp of North Carolina, Inc. (PEBK)
Peoples Bancorp of North Carolina, Inc. (PEBK) has a rich history dating back to its founding in 1912. The company operates as a bank holding company for Peoples Bank, which offers a wide range of financial services to its customers. As of 2024, PEBK provides various products, including personal banking, business banking, mortgage lending, and investment services.
As of 2024, Peoples Bancorp reported total sales of approximately $60.3 million for the nine months ended September 30, 2024, reflecting an increase from $52.7 million in the same period in 2023. The company continues to focus on enhancing its service offerings and expanding its customer base in the Catawba Valley region of North Carolina.
Company's Financial Performance in the Latest Financial Reports
In the most recent financial reports, Peoples Bancorp achieved record-breaking revenue figures. For the nine months ended September 30, 2024, the company reported:
- Net earnings: $12.8 million or $2.41 per share compared to $12.1 million or $2.22 per share for the same period in 2023.
- Net interest income: $40.3 million, down from $41.4 million in the prior year.
- Non-interest income: $20.7 million, an increase from $16.8 million in the same period in 2023.
- Total loans: $1.12 billion as of September 30, 2024, compared to $1.09 billion at December 31, 2023.
- Total assets: $1.65 billion as of September 30, 2024.
The company experienced an increase in interest income, which reached $60.3 million for the nine months ended September 30, 2024, compared to $52.7 million in 2023. This growth was primarily driven by a $6.1 million increase in interest income and fees on loans and a $795,000 increase in interest income on investment securities.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Earnings | $12.8 million | $12.1 million |
| Net Interest Income | $40.3 million | $41.4 million |
| Non-Interest Income | $20.7 million | $16.8 million |
| Total Loans | $1.12 billion | $1.09 billion |
| Total Assets | $1.65 billion | N/A |
Introduction to Company as a Leader in the Industry
Peoples Bancorp of North Carolina, Inc. stands out as one of the leading companies in the banking industry, particularly within the regional market of North Carolina. The bank's strategic focus on customer service, community involvement, and innovative financial solutions has positioned it well for continued growth and success.
With a strong emphasis on real estate and commercial loans, along with a commitment to maintaining healthy capital ratios and asset quality, PEBK is well-equipped to navigate the competitive landscape of financial services. Investors and stakeholders are encouraged to explore further the factors contributing to the company's ongoing success and robust performance in the market.
Mission Statement of Peoples Bancorp of North Carolina, Inc. (PEBK)
Mission Statement of Peoples Bancorp of North Carolina, Inc. (PEBK)
The mission statement of Peoples Bancorp of North Carolina, Inc. (PEBK) serves as a guiding principle for the company's long-term objectives and strategic direction. It encapsulates the commitment to providing exceptional financial services while fostering strong community relationships. As of 2024, the mission statement focuses on three core components: customer service, community involvement, and integrity.
Core Component 1: Customer Service
PEBK emphasizes delivering high-quality financial products and services tailored to meet the needs of its customers. This commitment is reflected in the company's net interest income, which reached $40.3 million for the nine months ending September 30, 2024. This figure shows a slight decrease compared to $41.4 million during the same period in 2023, primarily due to an increase in interest expenses. The average yield on loans improved to 5.72% for the three months ended September 30, 2024, compared to 5.27% for the same period in 2023.
PEBK's focus on customer service is also evident from its loan portfolio, which totaled $1.12 billion as of September 30, 2024, up from $1.09 billion at December 31, 2023. The bank has a diversified loan portfolio, with significant amounts in residential ($120.9 million), home equity ($109.5 million), and commercial mortgage loans ($680.4 million).
| Loan Type | September 30, 2024 ($ millions) | December 31, 2023 ($ millions) |
|---|---|---|
| Residential Mortgage Loans | 120.9 | 112.8 |
| Home Equity Loans | 109.5 | 107.7 |
| Commercial Mortgage Loans | 680.4 | 639.9 |
Core Component 2: Community Involvement
PEBK is deeply committed to community involvement, which is reflected in its support for local initiatives and partnerships. The bank's non-interest income for the nine months ended September 30, 2024, was $20.7 million, an increase from $16.8 million in the previous year. This growth is largely attributed to increased appraisal management fee income, which rose by $1.2 million due to heightened appraisal volume.
The bank also actively participates in local community development programs, ensuring that its financial services contribute positively to the economic growth of the regions it serves. This commitment is illustrated by the bank's increasing number of community events and financial literacy workshops aimed at empowering local residents.
Core Component 3: Integrity
Integrity is a cornerstone of PEBK's mission, ensuring that all operations are conducted ethically and transparently. The bank reported total assets of $1.65 billion as of September 30, 2024, with shareholders' equity amounting to $136.3 million, representing 8.20% of total assets. This strong capital position underscores PEBK's commitment to maintaining financial stability and trust with its stakeholders.
The effective tax rate for PEBK was 21.70% for the nine months ended September 30, 2024, compared to 21.89% for the same period in 2023, reflecting the bank's adherence to regulatory and ethical standards in its financial reporting.
Vision Statement of Peoples Bancorp of North Carolina, Inc. (PEBK)
Vision Statement Overview
The vision statement of Peoples Bancorp of North Carolina, Inc. (PEBK) emphasizes the company's commitment to providing exceptional financial services while fostering growth and stability within the communities it serves. As of 2024, PEBK aims to be recognized as a leader in the banking sector, focusing on customer-centric solutions and sustainable growth.
Commitment to Community
One of the core components of PEBK's vision is its dedication to community involvement. The bank actively participates in local initiatives and supports various charitable organizations. In 2024, PEBK donated over $500,000 to local non-profits and community projects, reflecting its commitment to enhancing the quality of life in its operating regions.
Customer-Centric Solutions
PEBK strives to offer innovative banking solutions tailored to meet the evolving needs of its customers. In 2024, the bank introduced several new digital banking features, resulting in a 20% increase in online banking users. Additionally, the bank's customer satisfaction score reached 92%, indicating a strong alignment with its vision of prioritizing customer experience.
Financial Performance and Growth
The financial health of PEBK is crucial to its vision. As of September 30, 2024, the bank reported total assets of $1.66 billion, up from $1.60 billion at the end of 2023. This growth is attributed to a 2.7% increase in total loans, which amounted to $1.12 billion, compared to $1.09 billion at the end of the previous year. The annualized return on average assets was 0.95%, with a return on average shareholders’ equity of 13.59%.
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $1.66 billion | $1.60 billion |
| Total Loans | $1.12 billion | $1.09 billion |
| Return on Average Assets | 0.95% | 1.02% |
| Return on Average Shareholders' Equity | 13.59% | 13.97% |
Innovation and Technology Advancement
Recognizing the importance of technology in banking, PEBK is committed to leveraging innovative solutions to enhance operational efficiency. As of 2024, the bank invested $1.2 million in upgrading its IT infrastructure, which has improved transaction processing speed by 30% and reduced system downtime to less than 1% annually.
Employee Engagement and Development
PEBK's vision also encompasses the growth and development of its workforce. The bank has implemented comprehensive training programs, resulting in a 15% increase in employee productivity. Furthermore, employee satisfaction surveys indicate a 90% approval rating for the bank's work environment and culture.
Sustainability Initiatives
In alignment with its vision for sustainable growth, PEBK has launched several green initiatives aimed at reducing its carbon footprint. By 2024, the bank has reduced paper usage by 40% through digital documentation and e-statements, contributing to its goal of becoming a more environmentally responsible organization.
Core Values of Peoples Bancorp of North Carolina, Inc. (PEBK)
Integrity
Integrity is the cornerstone of Peoples Bancorp of North Carolina, Inc. (PEBK), emphasizing transparency and ethical behavior in all business dealings. This core value is crucial for building trust with customers, employees, and stakeholders.
PEBK demonstrates its commitment to integrity through various initiatives, including a robust code of ethics that all employees are required to adhere to. The company conducts regular training sessions on ethical practices and compliance to ensure that all staff understand the importance of integrity in their roles. Additionally, PEBK has established a confidential reporting system, allowing employees to report unethical behavior without fear of retaliation.
Community Involvement
Community involvement is a vital core value for PEBK, reflecting its commitment to supporting the local communities it serves. The bank actively participates in community service initiatives and charitable giving, reinforcing its role as a responsible corporate citizen.
In 2024, PEBK allocated over $500,000 to local charities and community development projects. This included funding for educational programs, local health initiatives, and economic development projects aimed at enhancing the quality of life in its service areas. Furthermore, employees are encouraged to volunteer, with PEBK offering paid time off for volunteer activities, fostering a culture of giving back.
Customer Focus
PEBK places a strong emphasis on customer focus, ensuring that the needs and satisfaction of its clients are at the forefront of its operations. This core value is integral to the bank's strategy and is reflected in its customer service initiatives.
In 2024, PEBK implemented a new customer feedback system that collects and analyzes client input to improve services. The bank also introduced personalized banking solutions, which include tailored loan products and financial advisory services, resulting in a 15% increase in customer satisfaction ratings compared to the previous year. PEBK's commitment to customer service is further evidenced by its 24/7 customer support hotline, ensuring that clients have access to assistance whenever needed.
Innovation
Innovation is a core value that drives PEBK to continuously improve its products and services. The bank recognizes the importance of adapting to changing market conditions and customer preferences.
In 2024, PEBK invested $1.2 million in technology upgrades, including the enhancement of its online banking platform and the introduction of a mobile app to provide customers with a seamless banking experience. This investment has led to a 30% increase in digital banking usage among customers. Moreover, PEBK launched several new financial products, such as eco-friendly loans aimed at promoting sustainability, showcasing its commitment to innovation while addressing contemporary issues.
Teamwork
Teamwork is essential to the success of PEBK, fostering collaboration among employees to achieve common goals. This core value underpins the bank's organizational culture and operational efficiency.
PEBK promotes teamwork through various initiatives, including cross-departmental projects that encourage collaboration and knowledge sharing. In 2024, the bank introduced a mentorship program that pairs experienced employees with newer staff members, enhancing team cohesion and skill development. As a result, employee engagement scores increased by 20%, showcasing the positive impact of teamwork on the bank's overall performance.
| Core Value | Initiatives | Impact |
|---|---|---|
| Integrity | Code of ethics training, confidential reporting system | Increased employee awareness and adherence to ethical practices |
| Community Involvement | $500,000 allocated to local charities, employee volunteer programs | Strengthened community ties and improved local quality of life |
| Customer Focus | New customer feedback system, personalized banking solutions | 15% increase in customer satisfaction ratings |
| Innovation | $1.2 million in technology upgrades, new eco-friendly loans | 30% increase in digital banking usage |
| Teamwork | Cross-departmental projects, mentorship program | 20% increase in employee engagement scores |
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Resources:
- Peoples Bancorp of North Carolina, Inc. (PEBK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Peoples Bancorp of North Carolina, Inc. (PEBK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Peoples Bancorp of North Carolina, Inc. (PEBK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.