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Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements

12 Months Ended

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

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