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Peoples Bancorp of North Carolina Q1 net income down

Peoples Bancorp of North Carolina, the parent company of Peoples Bank, has reported net income of $2.1 million, or $0.39 basic and diluted net income per share, for first quarter of 2008, compared to $2.8 million or $0.48 basic and diluted net income per share, for the same period of 2007.

The net interest income for the quarter ended March 31, 2008 decreased 8% to $7.9 million compared to $8.6 million for the same period of 2007. This decrease is primarily attributable to a 300 basis point reduction in the bank’s prime commercial lending rate from March 31, 2007 to March 31, 2008.

The non-interest income increased 23% to $2.6 million for the three months ended March 31, 2008, as compared to $2.1 million for the same period of 2007. The non-interest expense increased 15% to $6.9 million for the three months ended March 31, 2008, as compared to $6 million for the same period of 2007.

Total assets as of March 31, 2008 amounted to $911.1 million, an increase of 9% compared to total assets of $837.3 million at March 31, 2007. This increase is primarily attributable to an increase in loans. Loans increased 13% to $727.2 million as of March 31, 2008 compared to $645 million as of March 31, 2007.