Shares of Peoples Bancorp of North Carolina Inc. in Newton soared Monday after the company reported second-quarter earnings that beat analyst expectations.
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The $938.5 million-asset Peoples said earnings fell 15% from a year earlier, to $2.2 million, partly because of a higher loan-loss provision. But the earnings per share of 39 cents beat the average analyst estimate by 2 cents, according to Thomson Reuters.
The provision rose 7% from the year earlier, to $681,000, because of an increase in nonperforming loans and loan growth.
Peoples' stock shot up 25.7% by late Monday, to $11.00.
