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Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2011
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements [Abstract] |
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements |
(17) | Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
Balance Sheets
December 31, 2011 and 2010
(Dollars in thousands)
Assets | 2011 |  | 2010 |
Cash | $ | 316 |  |  | 425 |
Interest-bearing time deposit |  | 15,000 |  |  | 17,000 |
Investment in subsidiaries |  | 106,469 |  |  | 98,164 |
Investment securities available for sale |  | 1,520 |  |  | 1,659 |
Other assets |  | 341 |  |  | 393 |
Total assets | $ | 123,646 |  |  | 117,641 |
Liabilities and Shareholders' Equity |  |  |  |  |  |
Accrued expenses | $ | - |  |  | 164 |
Junior subordinated debentures |  | 20,619 |  |  | 20,619 |
Shareholders' equity |  | 103,027 |  |  | 96,858 |
Total liabilities and shareholders' equity | $ | 123,646 |  |  | 117,641 |
Statements of Earnings
For the Years Ended December 31, 2011, 2010 and 2009
(Dollars in thousands)
Revenues: | 2011 |  | 2010 |  | 2009 |
Interest and dividend income | $ | 226 |  |  | 311 |  |  | 454 |
Loss on sale and impairment of securities |  | (144 | ) |  | (291 | ) |  | (149 | )
Total revenues |  | 82 |  |  | 20 |  |  | 305 |
Expenses: |  |  |  |  |  |  |  |  |
Interest |  | 407 |  |  | 411 |  |  | 546 |
Other operating expenses |  | 190 |  |  | 191 |  |  | 230 |
Total expenses |  | 597 |  |  | 602 |  |  | 776 |
Loss before income tax benefit and equity in |  |  |  |  |  |  |  |  |
undistributed earnings of subsidiaries |  | (515 | ) |  | (582 | ) |  | (471 | )
Income tax benefit |  | 56 |  |  | 24 |  |  | 84 |
Loss before equity in undistributed |  |  |  |  |  |  |  |  |
earnings of subsidiaries |  | (459 | ) |  | (558 | ) |  | (387 | )
Equity in undistributed earnings of subsidiaries |  | 5,618 |  |  | 2,399 |  |  | 3,303 |
Net earnings | $ | 5,159 |  |  | 1,841 |  |  | 2,916 |
Statements of Cash Flows
For the Years Ended December 31, 2011, 2010 and 2009
(Dollars in thousands)
| 2011 |  | 2010 |  | 2009 |
Cash flows from operating activities: |  |  |  |  |  |
Net earnings | $ | 5,159 |  |  | 1,841 |  |  | 2,916 |
Adjustments to reconcile net earnings to net |  |  |  |  |  |  |  |  |
cash (used) provided by operating activities: |  |  |  |  |  |  |  |  |
Book value shares accrual |  | - |  |  | - |  |  | (720 | )
Equity in undistributed earnings of subsidiaries |  | (5,618 | ) |  | (2,399 | ) |  | (3,303 | )
Deferred income tax benefit |  | - |  |  | - |  |  | 278 |
Loss on sale of investment securities |  | 144 |  |  | 291 |  |  | 149 |
Change in: |  |  |  |  |  |  |  |  |
Other assets |  | 112 |  |  | (66 | ) |  | (319 | )
Accrued income |  | (11 | ) |  | - |  |  | 17 |
Accrued expense |  | (216 | ) |  | 147 |  |  | 252 |
Net cash (used) provided by operating activities |  | (430 | ) |  | (186 | ) |  | (730 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchases of investment securities available for sale |  | - |  |  | (36,000 | ) |  | (15,000 | )
Proceeds from maturities of investment securities available for sale |  | - |  |  | 36,000 |  |  | 15,000 |
Net change in interest-bearing time deposit |  | 2,000 |  |  | 2,000 |  |  | (14,000 | )
Payments for investments in subsidiaries |  | - |  |  | - |  |  | (8,010 | )
Net cash provided (used) by investing activities |  | 2,000 |  |  | 2,000 |  |  | (22,010 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Cash dividends paid on Series A preferred stock |  | (1,253 | ) |  | (1,253 | ) |  | (1,120 | )
Cash dividends paid on common stock |  | (443 | ) |  | (448 | ) |  | (1,440 | )
Restricted stock payout |  | 17 |  |  | 12 |  |  | - |
Net cash (used) provided by financing activities |  | (1,679 | ) |  | (1,689 | ) |  | (2,560 | )
Net change in cash |  | (109 | ) |  | 125 |  |  | (25,300 | )
Cash at beginning of year |  | 425 |  |  | 300 |  |  | 25,600 |
Cash at end of year | $ | 316 |  |  | 425 |  |  | 300 |
Noncash investing and financing activities: |  |  |  |  |  |  |  |  |
Change in unrealized gain on investment securities |  |  |  |  |  |  |  |  |
available for sale, net | $ | (3 | ) |  | (172 | ) |  | 3 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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