Peoples Bancorp of North Carolina, Inc. (PEBK), the parent company of Peoples Bank, reported net income available to common shareholders for the third quarter of $1.0 million or $0.19 per share, compared to $192,000 or $0.03 per share for the year-ago quarter.
The company attributed the increase in third quarter earnings to an increase in net interest income and decreases in the provision for loan losses and non-interest expense, which were partially offset by a decrease in non-interest income.
Net interest incomefor the third quarter grew to $8.6 million from $8.5 million a year ago. Provision for loan losses for the third quarter was $3.4 million, down from $4.7 million last year.
Non-interest income for the quarter fell to $3.7 million from $3.9 million a year earlier.
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by RTT Staff Writer
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