Skip to main content

PEOPLES BANCORP OF NORTH CAROLINA INC

For the period ended Dec 31, 2025. Filed Mar 11, 2026.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 11, 2026

PEBK$42.69-0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

EX-13 · (5) Leases

(5) Leases

The Bank leases various office spaces for banking and operational facilities and equipment under operating lease arrangements.

Total rent expense was approximately $819,000 and $817,000 for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the Bank had operating right of use assets of $3.5 million and operating lease liabilities of $3.6 million. As of December 31, 2024, the Bank had operating right of use assets of $4.0 million and operating lease liabilities of $4.1 million. The Bank maintains operating leases on land and buildings for some of the Bank’s branch facilities and loan production offices. Most leases include one option to renew, with renewal terms extending up to 15 years. The decision on whether to include lease extension/renewal periods in lease accounting calculations is based on the judgment of management as to whether or not a lease extension/renewal option is reasonably certain to be exercised. Factors in determining whether an option is reasonably certain of exercise include, but are not limited to, the value of leasehold improvements, the value of renewal rates compared to market rates, and the presence of factors that would cause a significant economic penalty to the Bank if the option is not exercised.

The following table presents lease cost and other lease information as of December 31, 2025 and 2024.

(Dollars in thousands)
December 31, 2025December 31, 2024
Operating lease cost$823$840
Other information:
Cash paid for amounts included in the measurement of lease liabilities824819
Operating cash flows from operating leases--
Right-of-use assets obtained in exchange for new lease liabilities - operating leases263-
Weighted-average remaining lease term - operating leases7.377.91
Weighted-average discount rate - operating leases2.98%2.80%

A-48

The following table presents lease maturities as of December 31, 2025 and 2024.

(Dollars in thousands)
Maturity Analysis of Operating Lease Liabilities:December 31, 2025
2026$750
2027657
2028515
2029422
2030424
Thereafter1,270
Total4,038
Less: Imputed Interest(423)
Operating Lease Liability$3,615
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.