PEOPLES BANCORP OF NORTH CAROLINA INC
For the period ended Dec 31, 2025. Filed Mar 11, 2026.
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FY2025 · Filed Mar 11, 2026
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EX-13 · (4) Premises and Equipment
(4) Premises and Equipment
Major classifications of premises and equipment at December 31, 2025 and 2024 are summarized as follows:
| (Dollars in thousands) | ||
|---|---|---|
| 2025 | 2024 | |
| Land | $4,438 | 4,365 |
| Buildings and improvements | 18,671 | 18,602 |
| Furniture and equipment | 22,710 | 21,600 |
| Construction in process | - | 103 |
| Total premises and equipment | 45,819 | 44,670 |
| Less accumulated depreciation | (31,657) | (29,823) |
| Total net premises and equipment | $14,162 | 14,847 |
The Bank recognized depreciation expense totaling $2.0 million and $2.1 million for the years ended December 31, 2025 and 2024, respectively.
The Bank had a $3.0 million gain on sale of premises and equipment for the year ended December 31, 2025 due to the North Carolina Department of Transportation eminent domain acquisition of the Bank’s former Mooresville branch office for the widening of NC Highway 150. The Bank had a $362,000 write-off of leasehold improvements for the year ended December 31, 2024 due to the closure of the Bank’s branch in Cary, North Carolina in 2024, which is included in other non-interest expense.
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