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Peoples Bancorp of North Carolina, Inc.
−Removed: (“Bancorp” or the “Company”), was formed in 1999 to serve as the holding company for Peoples Bank (the “Bank”).
−Removed: Bancorp is a bank holding company registered with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) under the Bank Holding Company Act of 1956, as amended (the “BHCA”).
−Removed: Bancorp’s principal source of income is dividends declared and paid by the Bank on its capital stock, if any.
−Removed: Bancorp has no operations and conducts no business of its own other than owning the Bank and PEBK Capital Trust II.
+Added: (the “Company”), was formed in 1999 to serve as the holding company for Peoples Bank (the “Bank”).
+Added: The Company is a bank holding company registered with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) under the Bank Holding Company Act of 1956, as amended (the “BHCA”).
+Added: The Company’s principal source of income is dividends declared and paid by the Bank on its capital stock, if any.
+Added: The Company has no operations and conducts no business of its own other than owning the Bank and PEBK Capital Trust II.
Accordingly, the discussion of the business which follows primarily concerns the business conducted by the Bank.
Our principal executive offices are located at 518 West C Street, Newtown, North Carolina, 28658, and our telephone number is (828) 464-5620.
−Removed: The Bank, founded in 1912, is a state-chartered commercial bank serving the citizens and business interests of the Catawba Valley and surrounding communities through 17 banking offices, located in Lincolnton, Newton, Denver, Catawba, Conover, Maiden, Claremont, Hiddenite, Hickory, Charlotte, Cornelius, Mooresville, Raleigh, and Cary, North Carolina.
+Added: The Bank, founded in 1912, is a state-chartered commercial bank serving the citizens and business interests of the Catawba Valley and surrounding communities through 17 banking offices, located in Lincolnton, Newton, Denver, Catawba, Conover, Maiden, Claremont, Hiddenite, Hickory, Charlotte, Huntersville, Mooresville, Raleigh, and Cary, North Carolina.
The Bank also operates loan production offices in Charlotte, Denver, Salisbury and Winston-Salem North Carolina.
The Company’s fiscal year ends December 31.
−Removed: At December 31, 2021, the Company had total assets of $1.6 billion, net loans of $875.5 million, deposits of $1.4 billion, total securities of $410.2 million, and shareholders’ equity of $142.4 million.
+Added: At December 31, 2022, the Company had total assets of $1.6 billion, net loans of $1.0 billion, deposits of $1.4 billion, total securities of $448.1 million, and shareholders’ equity of $105.2 million.
The Bank operates three banking offices focused on the Latino population that were formerly operated as a division of the Bank under the name Banco de la Gente (“Banco”).
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Additional discussion of the Bank’s loan portfolio and sources of funds for loans can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages A-4 through A-26 of the Annual Report, which is included in this Form 10-K as Exhibit (13).
−Removed: The operations of the Bank are significantly influenced by general economic conditions and by related monetary and fiscal policies of Bancorp and the Bank’s regulatory agencies, including the Federal Reserve, the Federal Deposit Insurance Corporation (the “FDIC”) and the North Carolina Commissioner of Banks (the “Commissioner”).
+Added: The operations of the Bank are significantly influenced by general economic conditions and by related monetary and fiscal policies of the Company and the Bank’s regulatory agencies, including the Federal Reserve, the Federal Deposit Insurance Corporation (the “FDIC”) and the North Carolina Commissioner of Banks (the “Commissioner”).
At December 31, 2022, the Company employed 279 full-time employees and 21 part-time employees, which equated to 291 full-time equivalent employees.
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PB Real Estate Holdings, LLC acquires, manages and disposes of real property, other collateral and assets obtained in the ordinary course of collecting debts previously contracted.
−Removed: In 2019, the Company launched PB Insurance Agency, which is part of CBRES.
+Added: In 2019, the Company launched PB Insurance Agency, which operated as a division of CBRES, until it was discontinued in 2022.
All of the Bank’s subsidiaries are incorporated in the state of North Carolina.
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Catawba County’s largest employers include Catawba County Schools, Catawba Valley Medical Center, Duke LifePoint/Frye Regional Medical Center, CommScope, Inc.
−Removed: (manufacturer of fiber optic cable and accessories), Corning Optical Communications (manufacturer of fiber optic cable and accessories), Target Stores Distribution Center.
−Removed: (transportation and warehousing), Catawba County, GKN Driveline (manufacturing), Sutter Street Manufacturing (manufacturing) and Catawba Valley Community College.
−Removed: Lincoln County’s largest employers include Lincoln County Schools, County of Lincoln, Atrium Health Lincoln, RSI Home Products (manufacturing), Wal-Mart Associates Inc., The Timken Company (manufacturing), Julius Blum Inc.
+Added: (manufacturer of fiber optic cable and accessories), Corning Optical Communications (manufacturer of fiber optic cable and accessories), Target Stores Distribution Center (transportation and warehousing), Catawba County, GKN ePowertrain (manufacturing), Wal-Mart Associates, Inc.
+Added: and Pierre Foods, Inc.
+Added: Lincoln County’s largest employers include Lincoln County Schools, County of Lincoln, Atrium Health Lincoln, RSI Home Products (manufacturing), Wal-Mart Associates, Inc., The Timken Company (manufacturing), Blum, Inc.
(manufacturing), Lowes Home Centers, Inc.
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Documentation Exception Report (Commercial and Consumer – quarterly comparison with current month)
+Added: All New Loans for Prior Month – Details
The following reports are submitted to the Bank Board for review and approval on a quarterly basis:
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We dedicate resources to fostering professional and personal growth with continuing education, on-the-job training and development programs.
−Removed: We have worked closely with our employees during the COVID-19 pandemic to ensure their safety and their ability to take care of their family.
−Removed: Health safety protocols were established, remote work arrangements were facilitated and considerations were provided for family needs, such as child care, all without any employee layoffs or furloughs.
Supervision and Regulation
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The CECL framework is expected to result in earlier recognition of credit losses and is expected to be significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecasts.
+Added: The Company adopted CECL as of January 1, 2023.
Risk Factors for a further discussion of risks related to CECL.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.