People’s Bancorp of North Carolina Inc., parent company of People’s Bank, reported a decline in first-quarter 2017 earnings, according to a filing with the Securities and Exchange Commission.

People’s Bancorp announced first quarter earnings of $2.2 million, or 40 cents per share, compared to $2.5 million, or 44 cents per share, in first quarter 2016. The bank does not have any Wall Street estimates for its earnings.

Lance A. Sellers, president and chief executive officer, attributed the decrease in first quarter net earnings to a decrease in non-interest income and an increase in non-interest expense.

Net interest income was $9.5 million for the three months ended March 31, compared the $9.1 million for the three months ended March 31, 2016.

Non-interest expense increased to $9.8 million from $9.5 million in the same period a year ago due to a $653,000 increase in salaries and benefits, as People’s Bancorp increased its number of full-time employees.

The bank’s allowance for loan losses is $7.3 million, or 0.9 percent of total loans, down from $9.1 million, or 1.3 percent of total loans last year.

Founded in 1912, the Newton-based bank has 20 locations across North Carolina. Its shares remained unchanged after the announcement Monday morning, trading at $29.50.