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Peoples Bancorp of North Carolina Inc. (PEBK+2.59%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $1.7 billion, net loans of $1.1 billion, deposits of $1.5 billion, total securities of $390.7 million, and shareholders’ equity of $130.6 million as of December 31, 2024.
The company operates through its subsidiary, Peoples Bank, which serves the Catawba Valley and surrounding communities with 16 banking offices and additional loan production offices in North Carolina.
Peoples Bank's loan portfolio is diversified, with a focus on commercial property loans and no foreign or significant agricultural loans.
The filing notes the bank's legal lending limit was $29.1 million as of December 31, 2024, with the largest credit relationship being $19.1 million.
Peoples Bancorp reported a Tier 1 leverage capital ratio of 10.88% and a total risk-based capital ratio of 15.34% at the end of 2024, exceeding minimum capital requirements.
The filing discusses the impact of the Dodd-Frank Act and the Economic Growth Act on regulatory requirements, including capital adequacy and compliance obligations.
Peoples Bancorp highlights its cybersecurity risk management strategy, which includes regular assessments and incident response plans to mitigate potential cyber threats.
The company acknowledges various risk factors, including economic conditions, credit risk, interest rate changes, and competition, which could impact its operations and financial condition.
Peoples Bancorp's common stock is listed on the NASDAQ Global Market under the symbol 'PEBK', with 657 shareholders of record as of February 28, 2025.
The filing includes information on the company's governance, executive compensation, and regulatory compliance, with a focus on maintaining effective internal controls and risk management practices.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Peoples Bancorp of North Carolina Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.