5,787,504 shares of common stock, outstanding at February 28, 2021. &# The Company undertakes no obligation to update any forward-looking statements. &# Bancorp has no operations and conducts no business of its own other than owning the Bank. The Company’s fiscal year ends December 31. In 2019, the Company launched PB Insurance Agency, which is part of CBRES. &# All of the common securities of PEBK Trust II are owned by the Company. The debentures represent the sole asset of PEBK Trust II. PEBK Trust II is not included in the consolidated financial statements. Our human capital is the most valuable asset we have. The Bank’s credits were fully utilized in the first quarter of 2020. &# States have the authority to waive the 30% deposit cap. xA0; Limits on Rates Paid on Deposits and Brokered Deposits. &# During the construction phase, a number of factors can result in delays or cost overruns. In addition, interest rates affect how much money the Bank lends. Our daily operations depend on the operational effectiveness of our technology. There is also increased scrutiny of compliance with the rules enforced by the OFAC. This trend is likely to continue in the future. &# Borrowings also provide us with a source of funds to meet liquidity demands. xA0; We could experience losses due to competition with other financial institutions. &# The Bank is participating as a lender in the PPP. In addition, litigation can be costly, regardless of outcome. xA0; Our common stock is not FDIC insured. &# xA0; We may reduce or eliminate dividends on our common stock. &# The Bank also operates loan production offices in Charlotte and Denver North Carolina. These restricted stock grants vested on February 18, 2020. &# These restricted stock grants vest on January 24, 2022. &# An award, grant or issuance of any of the Rights available under this Plan. &# xA0; Section 424 Corporate Transaction. The Securities Act of 1933, as amended. &# xA0; ARTICLE II GENERAL Section 2.1. xA7;1.424-1 (without regard to the requirement described in Treas. No Option may be exercised for a fraction of a share of Common Stock. &# Terms and Conditions of SARs. &# Restrictions on Transfer of SARs. xA0; 23 Section 7.6. These factors can cause fluctuations in our net interest income and other income. The size of the facility is $100 billion. All business functions continue to be operational. Actual results could differ from those estimates. &# The cost of funds decreased to 0.48% in 2020 from 0.56% in 2019. &# The Bank had no borrowings from the FRB at December 31, 2020. Table 9 presents a breakout of these loans. &# Total PPP loans originated as of December 31, 2020 amounted to $99.0 million. The Bank has recognized $1.4 million PPP loan fee income as of December 31, 2020. xA0; The Bank has continued to modify payments on loans due to the COVID-19 pandemic. At December 31, 2020, outstanding loan commitments totaled $299.0 million. After a loan has been identified as impaired, management measures impairment. This charge-off experience may be adjusted to reflect the effects of current conditions. Deposit accounts include checking, savings, money market and time deposits. There were no FHLB borrowings outstanding at December 31, 2020 and 2019. Other commitments include commitments to extend credit. Accordingly, we express no such opinion. &# xA0; A-32 PEOPLES BANCORP OF NORTH CAROLINA, INC. The cost of mortgage loans held for
