Newton, N.C.-basedPeoples Bancorp of North CarolinaInc. disclosed a buyback program that allows for the repurchase of upto $2 million of the company's common stock. The repurchaseprogram has been approved by regulators, the company said in its July 25 earningsrelease.

Peoples Bancorpof North Carolina reported net earnings of $3.0 million, or 53 cents per share,for the second quarter, compared to $2.6 million, or 47 cents per share, for thesame period a year ago.