PEOPLES BANCORP OF NORTH CAROLINA Business Summary

Peoples Bancorp of North Carolina, Inc. (PEBK) operates as the bank holding company for Peoples Bank, generating revenue primarily through net interest income derived from a diverse portfolio of commercial, real estate, and consumer loans, alongside interest-bearing investment securities. The company’s business model is segmented into community banking operations, mortgage banking, and fee-based services including insurance through Peoples Insurance Agency and wealth management via Peoples Investment Services. By focusing on relationship-based banking in the Piedmont region of North Carolina, PEBK captures market share through localized decision-making and personalized service. Its primary competitors include First Citizens BancShares, Inc., United Community Banks, Inc., and HomeTrust Bancshares, Inc. Within this landscape, PEBK maintains a niche as a high-touch community bank, smaller in scale than regional powerhouses but more agile and locally integrated than national competitors. The leadership team is anchored by President and Chief Executive Officer Lance A. Sellers, who has been with the institution since 1998 and brings extensive experience in commercial lending and strategic management. He is supported by Executive Vice President and Chief Financial Officer Jeffrey N. Howard, who oversees the company’s fiscal strategy and regulatory reporting, and William D. Cable, Sr., who serves as Executive Vice President and Chief Operating Officer, managing the bank’s technological infrastructure and daily operations. The board of directors includes prominent local figures such as Chairman Robert C. Abernethy, providing deep ties to the North Carolina business community. Institutional backing is provided by major investment firms including BlackRock, Inc. and The Vanguard Group, reflecting stability and confidence in the bank’s conservative growth strategy and long-term value proposition.