UNITED STATES | |||||
SECURITIES AND EXCHANGE COMMISSION | |||||
Washington, D.C. 20549 | |||||
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CURRENT REPORT Pursuant to Section 13 or 15(d) | |||||
of the Securities Exchange Act of 1934 | |||||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
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| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
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| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
Peoples Bancorp of North Carolina, Inc. | |
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Item 8.01 – Other Events |
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Item 9.01 – Financial Statements and Exhibits |
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Signatures |
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Exhibit (99)(a) Press Release dated December 19, 2023 |
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Item 8.01. Other Events
On December 19, 2023, Peoples Bancorp of North Carolina, Inc. issued a press release announcing 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.
A copy of the press release is attached hereto as Exhibit (99)(a) and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
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Disclosure about forward-looking statements
Statements made in this Form 8-K, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this report was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management’s business strategy, national, regional, and local market conditions and legislative and regulatory conditions.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PEOPLES BANCORP OF NORTH CAROLINA, INC. | |||
Date: December 19, 2023 | By: | /s/ Jeffrey N. Hooper | |
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| Jeffrey N. Hooper | |
Executive Vice President and Chief Financial Officer | |||
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EXHIBIT 99(a)
NEWS RELEASE
December 19, 2023
Contact: Lance A. Sellers President and Chief Executive Officer Jeffrey N. Hooper Executive Vice President and Chief Financial Officer 828-464-5620
For Immediate Release
PEOPLES BANCORP ANNOUNCES AUTHORIZATION OF STOCK REPURCHASE PLAN
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.”