Peoples Bancorp Announces Authorization Of An Updated Stock Repurchase Program, Whereby Up To An Additional $2M Will Be Allocated To Repurchase The Co's Common Stock, Which Increases The Total Amount Authorized In 2023 To $4M

Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK), the parent company of Peoples Bank, Newton, NC announced today that its Board of Directors has authorized an updated stock repurchase program, whereby up to an additional $2 million will be allocated to repurchase the Company's common stock, which increases the total amount authorized in 2023 to $4 million. On March 6, 2023, the Company issued a press release announcing a Stock Repurchase Plan authorizing the repurchase of outstanding shares totaling up to $2,000,000. This updated stock repurchase program expires after February 29, 2024. At September 30, 2023, the Company had assets of $1.6 billion and stockholder's equity of $107.4 million.

Any purchases under the Company's repurchase program may be made periodically as permitted by securities laws and other legal requirements in the open market or in privately-negotiated transactions. The timing and amount of any repurchase of shares will be determined by the Company's management, based on its evaluation of market conditions and other factors. The repurchase program may be suspended at any time or from time-to-time without prior notice.

"The Board's decision to repurchase stock was based on the strength of the Company's balance sheet and capital position. We believe this is an appropriate way to utilize capital and enhance shareholder value," said Lance Sellers, President and Chief Executive Officer.

Peoples Bank currently operates 17 banking offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg, Rowan and Forsyth Counties. The Company's common stock is publicly traded and is quoted on the Nasdaq Global Market under the symbol "PEBK."