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 · Mortgage Banking Activities
Mortgage Banking Activities
Mortgage banking income represents income from the sale of mortgage loans and fees received from borrowers and loan investors related to the Bank’s origination of single-family residential mortgage loans.
The Bank originates certain fixed rate mortgage loans and commits these loans for sale. The commitments to
originate fixed rate mortgage loans are derivative contracts. The fair value of these derivative contracts is immaterial and has no effect on the recorded amounts in the financial statements.
Mortgage loans held for sale are carried at the lower of aggregate cost or market value. The cost of mortgage loans held for sale approximates the market value.
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