Peoples Bancorp Of North Carolina Q4 Profit Rises

(RTTNews) - Peoples Bancorp of North Carolina Inc. (PEBK), the parent of Peoples Bank, Monday reported an increase in profit for the fourth quarter, driven largely by higher revenues and lower provisions for bad loans.

The bank reported fourth-quarter profit of $1.2. million or $0.21 per share, compared to $1.1 million or $0.19 per share last year.

Adjusted earnings for the period rose to $1.4 million or $0.25 per share from $1.2 million or $0.22 per share last year.

Chief Executive Lance Sellers said profit improved largely due to lower provision for loan losses and higher revenues.