Peoples Bancorp of North Carolina, Inc. (PEBK), the parent company of Peoples Bank, Monday said first-quarter net earnings available to common shareholders increased to $1.60 million from $1.31 million reported last year. Earnings per share improved to $0.29 from $0.24.
Net interest income dropped to $7.64 million from last year's $8.14 million. Total non-interest income grew to $3.43 million from $3.38 million.
Provision for loan losses declined sharply to $1.05 million from $2.05 million in the previous year.
Lance Sellers, President and Chief Executive Officer, attributed the increase in earnings to a decrease in the provision for loan losses, which was partially offset by a decrease in net interest income and an increase in non-interest expense.
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