Peoples Bancorp Reports Q4 EPS of $(0.14) vs. $.05

Peoples Bancorp of North Carolina, Inc.

reported net income of $1.8 million for the year ended December 31, 2010, resulting in $0.33 basic and diluted net earnings per share, before adjustment for preferred stock dividends and accretion, as compared to $2.9 million, or $0.53 basic and diluted net earnings per share, for the same period one year ago. For the quarter ended December 31, 2010, the Company incurred a net loss of $439,000 or $0.08 basic and diluted net loss per share, before adjustment for preferred stock dividends and accretion, as compared to net earnings of $632,000, or $0.11 basic and diluted net earnings per share, for the same period one year ago. After adjusting for dividends and accretion on preferred stock, the Company reported a $787,000 net loss available to common shareholders for the three months ended December 31, 2010, or $0.14 basic and diluted net loss per common share as compared to $284,000 net earnings available to common shareholders, or $0.05 basic and diluted net earnings per common share, for the same period one year ago.