Price | 28.60 | EPS | 2 | |
Shares | 6 | P/E | 12 | |
MCap | 171 | P/FCF | 20 | |
Net Debt | -130 | EBIT | 20 | |
TEV | 41 | TEV/EBIT | 2 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-04 |
10-Q | 2020-06-30 | Filed 2020-08-06 |
10-Q | 2020-03-31 | Filed 2020-05-08 |
10-K | 2019-12-31 | Filed 2020-03-13 |
10-Q | 2019-09-30 | Filed 2019-11-06 |
10-Q | 2019-06-30 | Filed 2019-08-07 |
10-Q | 2019-03-31 | Filed 2019-05-03 |
10-K | 2018-12-31 | Filed 2019-03-14 |
10-Q | 2018-09-30 | Filed 2018-11-08 |
10-Q | 2018-06-30 | Filed 2018-08-07 |
10-Q | 2018-03-31 | Filed 2018-05-04 |
10-K | 2017-12-31 | Filed 2018-03-15 |
10-Q | 2017-09-30 | Filed 2017-11-07 |
10-Q | 2017-06-30 | Filed 2017-08-02 |
10-Q | 2017-03-31 | Filed 2017-05-05 |
10-K | 2016-12-31 | Filed 2017-03-16 |
10-Q | 2016-09-30 | Filed 2016-11-04 |
10-Q | 2016-06-30 | Filed 2016-08-05 |
10-Q | 2016-04-26 | Filed 2016-05-09 |
10-K | 2015-12-31 | Filed 2016-03-14 |
10-Q | 2015-09-30 | Filed 2015-11-06 |
10-Q | 2015-06-30 | Filed 2015-08-07 |
10-Q | 2015-03-31 | Filed 2015-05-08 |
10-K | 2014-12-31 | Filed 2015-03-25 |
10-Q | 2014-09-30 | Filed 2014-11-07 |
10-Q | 2014-06-30 | Filed 2014-08-08 |
10-Q | 2014-03-31 | Filed 2014-05-08 |
10-K | 2013-12-31 | Filed 2014-03-21 |
10-Q | 2013-09-30 | Filed 2013-11-05 |
10-Q | 2013-06-30 | Filed 2013-08-09 |
10-Q | 2013-03-31 | Filed 2013-05-10 |
10-K | 2012-12-31 | Filed 2013-03-22 |
10-Q | 2012-09-30 | Filed 2012-11-09 |
10-Q | 2012-06-30 | Filed 2012-08-10 |
10-Q | 2012-03-31 | Filed 2012-05-03 |
10-K | 2011-12-31 | Filed 2012-03-27 |
10-Q | 2011-09-30 | Filed 2011-11-09 |
10-Q | 2011-06-30 | Filed 2011-08-12 |
10-Q | 2011-03-31 | Filed 2011-05-12 |
10-K | 2010-12-31 | Filed 2011-03-25 |
10-Q | 2010-09-30 | Filed 2010-11-10 |
10-Q | 2010-06-30 | Filed 2010-08-11 |
10-Q | 2010-03-31 | Filed 2010-05-10 |
10-K | 2009-12-31 | Filed 2010-03-25 |
8-K | 2020-10-19 | |
8-K | 2020-07-20 | |
8-K | 2020-05-11 | |
8-K | 2020-05-07 | |
8-K | 2020-04-21 | |
8-K | 2020-04-20 | |
8-K | 2020-02-18 | |
8-K | 2020-01-16 | |
8-K | 2019-10-21 | |
8-K | 2019-07-22 | |
8-K | 2019-05-02 | |
8-K | 2019-04-22 | |
8-K | 2019-02-04 | |
8-K | 2019-01-28 | |
8-K | 2019-01-07 | |
8-K | 2018-10-22 | |
8-K | 2018-07-23 | |
8-K | 2018-05-03 | |
8-K | 2018-04-23 | |
8-K | 2018-01-22 |
EX-31.1 | pebk_ex31a.htm |
EX-31.2 | pebk_ex31b.htm |
EX-32.1 | pebk_ex32.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
North Carolina | 56-2132396 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
| |
518 West C Street, Newton, North Carolina | 28658 |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name on each exchange on which registered |
| | |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | Emerging growth company | ☐ |
| | PAGE(S) |
| ||
| | |
| 3 | |
| | |
| 4 | |
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| 5 | |
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| 6 | |
| | |
| 7-8 | |
| | |
| 9-30 | |
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30-44 | ||
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45 | ||
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45 |
45 | ||
45-47 | ||
48 | ||
48 | ||
48 | ||
48-50 | ||
| 51 | |
Certifications | | 52-54 |
| September 30, | December 31, |
Assets | 2020 | 2019 |
| (Unaudited) | (Audited) |
| | |
Cash and due from banks, including reserve requirements | | |
of $0 at 9/30/20 and $13,210 at 12/31/19 | $48,355 | 48,337 |
Interest-bearing deposits | 15,778 | 720 |
Federal funds sold | 140,095 | 3,330 |
Cash and cash equivalents | 204,228 | 52,387 |
| | |
Investment securities available for sale | 222,991 | 195,746 |
Other investments | 7,163 | 4,231 |
Total securities | 230,154 | 199,977 |
| | |
Mortgage loans held for sale | 8,960 | 4,417 |
| | |
Loans | 970,232 | 849,874 |
Less allowance for loan losses | (9,892) | (6,680) |
Net loans | 960,340 | 843,194 |
| | |
Premises and equipment, net | 19,057 | 18,604 |
Cash surrender value of life insurance | 16,742 | 16,319 |
Other real estate | 128 | - |
Right of use lease asset | 3,097 | 3,622 |
Accrued interest receivable and other assets | 15,903 | 16,362 |
Total assets | $1,458,609 | 1,154,882 |
| | |
Liabilities and Shareholders' Equity | | |
| | |
Deposits: | | |
Noninterest-bearing demand | $455,199 | 338,004 |
NOW, MMDA & savings | 626,674 | 516,757 |
Time, $250,000 or more | 24,717 | 34,269 |
Other time | 79,806 | 77,487 |
Total deposits | 1,186,396 | 966,517 |
| | |
Securities sold under agreements to repurchase | 34,151 | 24,221 |
FHLB borrowings | 70,000 | - |
Junior subordinated debentures | 15,464 | 15,619 |
Lease liability | 3,139 | 3,647 |
Accrued interest payable and other liabilities | 10,008 | 10,758 |
Total liabilities | 1,319,158 | 1,020,762 |
| | |
Commitments | | |
| | |
Shareholders' equity: | | |
Preferred stock, no par value; authorized | | |
5,000,000 shares; no shares issued and outstanding | - | - |
Common stock, no par value; authorized | | |
20,000,000 shares; issued and outstanding 5,787,504 shares | | |
at September 30, 2020 and 5,912,300 shares at December 31, 2019 | 56,871 | 59,813 |
Retained earnings | 76,580 | 70,663 |
Accumulated other comprehensive income | 6,000 | 3,644 |
Total shareholders' equity | 139,451 | 134,120 |
Total liabilities and shareholders' equity | $1,458,609 | 1,154,882 |
| Three months ended | Nine months ended | ||
| September 30, | September 30, | ||
| 2020 | 2019 | 2020 | 2019 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| | | | |
Interest income: | | | | |
Interest and fees on loans | $10,507 | 11,004 | 31,367 | 32,517 |
Interest on due from banks | 19 | 87 | 103 | 136 |
Interest on fededal funds sold | 33 | - | 178 | - |
Interest on investment securities: | | | | |
U.S. Government sponsored enterprises | 528 | 628 | 1,864 | 1,942 |
State and political subdivisions | 717 | 671 | 2,042 | 2,265 |
Other | 64 | 40 | 202 | 128 |
Total interest income | 11,868 | 12,430 | 35,756 | 36,988 |
| | | | |
Interest expense: | | | | |
NOW, MMDA & savings deposits | 482 | 455 | 1,455 | 1,057 |
Time deposits | 224 | 259 | 725 | 581 |
FHLB borrowings | 103 | 21 | 269 | 70 |
Junior subordinated debentures | 76 | 210 | 296 | 656 |
Other | 57 | 49 | 150 | 168 |
Total interest expense | 942 | 994 | 2,895 | 2,532 |
Net interest income | 10,926 | 11,436 | 32,861 | 34,456 |
| | | | |
Provision for loan losses | 522 | 422 | 3,460 | 677 |
Net interest income after provision for loan losses | 10,404 | 11,014 | 29,401 | 33,779 |
| | | | |
Non-interest income: | | | | |
Service charges | 809 | 1,178 | 2,635 | 3,409 |
Other service charges and fees | 188 | 202 | 543 | 548 |
Gain/(loss) on sale of investment securities | 1,688 | (5) | 2,145 | 226 |
Mortgage banking income | 750 | 376 | 1,635 | 834 |
Insurance and brokerage commissions | 200 | 206 | 647 | 642 |
Appraisal management fee income | 1,871 | 1,311 | 4,955 | 3,285 |
Gain/(loss) on sale and write-down of | | | | |
other real estate | (47) | (1) | (47) | (18) |
Miscellaneous | 1,673 | 1,441 | 4,453 | 4,287 |
Total non-interest income | 7,132 | 4,708 | 16,966 | 13,213 |
| | | | |
Non-interest expense: | | | | |
Salaries and employee benefits | 5,737 | 5,695 | 16,996 | 17,060 |
Occupancy | 1,943 | 1,861 | 5,725 | 5,409 |
Professional fees | 374 | 237 | 1,121 | 955 |
Advertising | 152 | 234 | 566 | 775 |
Debit card expense | 278 | 201 | 766 | 667 |
FDIC Insurance | 81 | (36) | 169 | 116 |
Appraisal management fee expense | 1,478 | 1,012 | 3,845 | 2,538 |
Other | 1,871 | 2,063 | 5,627 | 5,907 |
Total non-interest expense | 11,914 | 11,267 | 34,815 | 33,427 |
Earnings before income taxes | 5,622 | 4,455 | 11,552 | 13,565 |
| | | | |
Income tax expense | 1,113 | 834 | 2,115 | 2,464 |
| | | | |
Net earnings | $4,509 | 3,621 | 9,437 | 11,101 |
| | | | |
Basic net earnings per share | $0.78 | 0.62 | 1.62 | 1.87 |
Diluted net earnings per share | $0.78 | 0.61 | 1.62 | 1.86 |
Cash dividends declared per share | $0.15 | 0.14 | 0.60 | 0.52 |
| Three months ended | Nine months ended | ||
| September 30, | September 30, | ||
| 2020 | 2019 | 2020 | 2019 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| | | | |
Net earnings | $4,509 | 3,621 | 9,437 | 11,101 |
| | | | |
Other comprehensive income: | | | | |
Unrealized holding gains on securities | | | | |
available for sale | 93 | 700 | 5,204 | 4,584 |
Reclassification adjustment for (gains) losses on | | | | |
securities available for sale | | | | |
included in net earnings | (1,688) | 5 | (2,145) | (226) |
| | | | |
Total other comprehensive income (loss), | | | | |
before income taxes | (1,595) | 705 | 3,059 | 4,358 |
| | | | |
Income tax expense related to other | | | | |
comprehensive income: | | | | |
| | | | |
Unrealized holding gains on securities | | | | |
available for sale | 21 | 161 | 1,196 | 1,054 |
Reclassification adjustment for (gains) losses | | | | |
on securities available for sale | | | | |
included in net earnings | (388) | 1 | (493) | (52) |
| | | | |
Total income tax expense related to | | | | |
other comprehensive income (loss) | (367) | 162 | 703 | 1,002 |
| | | | |
Total other comprehensive income (loss), | | | | |
net of tax | (1,228) | 543 | 2,356 | 3,356 |
| | | | |
Total comprehensive income | $3,281 | 4,164 | 11,793 | 14,457 |
| | | | Accumulated | |
| | | | Other | |
| Common Stock | | Retained | Comprehensive | |
| Shares | Amount | Earnings | Income | Total |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| | | | | |
Balance, December 31, 2019 | 5,912,300 | $59,813 | 70,663 | 3,644 | 134,120 |
| | | | | |
Common stock repurchase | (126,800) | (2,999) | - | - | (2,999) |
Cash dividends declared on | | | | | |
common stock | - | - | (1,779) | - | (1,779) |
Restricted stock units exercised | 2,004 | 57 | - | - | 57 |
Net earnings | - | - | 2,367 | - | 2,367 |
Change in accumulated other | | | | | |
comprehensive income, net of tax | - | - | - | 2,090 | 2,090 |
Balance, March 31, 2020 | 5,787,504 | 56,871 | 71,251 | 5,734 | 133,856 |
| | | | | |
Cash dividends declared on | | | | | |
common stock | - | - | (870) | - | (870) |
Net earnings | - | - | 2,561 | - | 2,561 |
Change in accumulated other | | | | | |
comprehensive income, net of tax | - | - | - | 1,494 | 1,494 |
Balance, June 30, 2020 | 5,787,504 | $56,871 | 72,942 | 7,228 | 137,041 |
| | | | | |
Cash dividends declared on | | | | | |
common stock | - | - | (871) | - | (871) |
Net earnings | - | - | 4,509 | - | 4,509 |
Change in accumulated other | | | | | |
comprehensive income, net of tax | - | - | - | (1,228) | (1,228) |
Balance, September 30, 2020 | 5,787,504 | $56,871 | 76,580 | 6,000 | 139,451 |
| | | | | |
| | | | | |
Balance, December 31, 2018 | 5,995,256 | $62,096 | 60,535 | 986 | 123,617 |
| | | | | |
Common stock repurchase | (5,518) | (152) | - | - | (152) |
Cash dividends declared on | | | | | |
common stock | - | - | (1,445) | - | (1,445) |
Restricted stock units exercised | 7,398 | 207 | - | - | 207 |
Net earnings | - | - | 3,667 | - | 3,667 |
Change in accumulated other | | | | | |
comprehensive income, net of tax | - | - | - | 690 | 690 |
Balance, March 31, 2019 | 5,997,136 | 62,151 | 62,757 | 1,676 | 126,584 |
| | | | | |
Common stock repurchase | (63,996) | (1,761) | - | - | (1,761) |
Cash dividends declared on | | | | | |
common stock | - | - | (832) | - | (832) |
Net earnings | - | - | 3,813 | - | 3,813 |
Change in accumulated other | | | | | |
comprehensive income, net of tax | - | - | - | 2,123 | 2,123 |
Balance, June 30, 2019 | 5,933,140 | $60,390 | 65,738 | 3,799 | 129,927 |
| | | | | |
Common stock repurchase | (20,840) | (577) | - | - | (577) |
Cash dividends declared on | | | | | |
common stock | - | - | (831) | - | (831) |
Restricted stock units exercised | - | - | - | - | - |
Net earnings | - | - | 3,621 | - | 3,621 |
Change in accumulated other | | | | | |
comprehensive income, net of tax | - | - | - | 543 | 543 |
Balance, September 30, 2019 | 5,912,300 | $59,813 | 68,528 | 4,342 | 132,683 |
| 2020 | 2019 |
| (Unaudited) | (Unaudited) |
| | |
Cash flows from operating activities: | | |
Net earnings | $9,437 | 11,101 |
Adjustments to reconcile net earnings to | | |
net cash provided by operating activities: | | |
Depreciation, amortization and accretion | 3,080 | 2,949 |
Provision for loan losses | 3,460 | 677 |
Deferred income taxes | (25) | (7) |
Gain on sale of investment securities | (2,145) | (226) |
Loss (gain) on sale of other real estate | - | 1 |
Write-down of other real estate | 47 | 17 |
Loss on sale of premises and equipment | - | 138 |
Restricted stock expense | (73) | 201 |
Proceeds from sales of mortgage loans held for sale | 78,526 | 34,002 |
Origination of mortgage loans held for sale | (83,069) | (37,585) |
Change in: | | |
Cash surrender value of life insurance | (283) | (286) |
Right of use lease asset | 525 | 585 |
Other assets | (219) | (790) |
Lease liabilty | (508) | (935) |
Other liabilities | (677) | (765) |
Net cash provided by operating activities | 8,076 | 9,077 |
| | |
Cash flows from investing activities: | | |
Purchases of investment securities available for sale | (90,233) | (36,515) |
Proceeds from sales, calls and maturities of investment securities | | |
available for sale | 52,289 | 36,700 |
Proceeds from paydowns of investment securities available for sale | 14,635 | 11,416 |
Purchases of other investments | - | - |
Proceeds from paydowns on other investments | 132 | 132 |
Purchases of FHLB stock | (3,031) | (2,976) |
Net change in loans | (120,781) | (42,146) |
Purchases of premises and equipment | (2,298) | (2,800) |
Purchases of bank owned life insurance | (140) | - |
Proceeds from sale of premises and equipment | - | 697 |
Proceeds from sale of other real estate and repossessions | - | 9 |
Net cash used by investing activities | (149,427) | (35,483) |
| | |
Cash flows from financing activities: | | |
Net change in deposits | 219,879 | 84,355 |
Net change in securities sold under agreement to repurchase | 9,930 | (36,168) |
Proceeds from FHLB borrowings | 70,000 | 184,500 |
Repayments of FHLB borrowings | - | (114,500) |
Proceeds from Fed Funds purchased | 6,935 | 100,075 |
Repayments of Fed Funds purchased | (6,935) | (100,075) |
Repayment of Junior Subordinated Debt | (155) | - |
Restricted stock units exercised | 57 | - |
Common stock repurchased | (2,999) | (2,490) |
Cash dividends paid on common stock | (3,520) | (3,108) |
Net cash provided by financing activities | 293,192 | 112,589 |
| | |
Net change in cash and cash equivalents | 151,841 | 86,183 |
| | |
Cash and cash equivalents at beginning of period | 52,387 | 43,370 |
| | |
Cash and cash equivalents at end of period | $204,228 | 129,553 |
| 2020 | 2019 |
| (Unaudited) | (Unaudited) |
| | |
Supplemental disclosures of cash flow information: | | |
Cash paid during the period for: | | |
Interest | $1,908 | 2,510 |
Income taxes | $1,651 | 2,463 |
| | |
Noncash investing and financing activities: | | |
Change in unrealized gain on investment securities | | |
available for sale, net | $2,356 | 3,356 |
Issuance of accrued restricted stock units | $57 | 207 |
Transfers of loans to other real estate and repossessions | $175 | 26 |
Initial recognition of lease right of use asset and lease liability | $450 | 4,401 |
Recently Adopted Accounting Guidance | | | |
| | | |
ASU | Description | Effective Date | Effect on Financial Statements or Other Significant Matters |
ASU 2016-02: Leases | Increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. | January 1, 2019 | See section titled "ASU 2016-02" below for a description of the effect on the Company’s results of operations, financial position and disclosures. |
ASU 2017-08: Premium Amortization on Purchased Callable Debt Securities | Amended the requirements related to the amortization period for certain purchased callable debt securities held at a premium. | January 1, 2019 | The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position or disclosures. |
ASU 2018-11: Leases (Topic 842): Targeted Improvements | Intended to reduce costs and ease implementation of ASU 2016-02. | January 1, 2019 | The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position or disclosures. |
ASU 2018-20: Narrow- Scope Improvements for Lessors | Provides narrow-scope improvements for lessors, that provide relief in the accounting for sales, use and similar taxes, the accounting for other costs paid by a lessee that may benefit a lessor, and variable payments when contracts have lease and non-lease components. | January 1, 2019 | See comments for ASU 2016-02 below. |
ASU 2019-07: Codification Updates to SEC Sections | Guidance updated for various Topics of the ASC to align the guidance in various SEC sections of the ASC with the requirements of certain SEC final rules. | Effective upon issuance | The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position or disclosures. |
ASU | Description |