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

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

17. 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

Assets	2012		2011

Cash	$	324		316
Interest-bearing time deposit		800		15,000
Investment in subsidiaries		115,386		106,469
Investment securities available for sale		1,596		1,520
Other assets		260		341

Total assets	$	118,366		123,646

Liabilities and Shareholders' Equity

Junior subordinated debentures	$	20,619		20,619
Shareholders' equity		97,747		103,027

Total liabilities and shareholders' equity	$	118,366		123,646

Revenues:	2012			2011			2010

Interest and dividend income	$	113			226			311
Impairment of securities		-			(144	)		(291	)

Total revenues		113			82			20

Expenses:

Interest		438			407			411
Other operating expenses		476			190			191

Total expenses		914			597			602

Loss before income tax benefit and equity in
undistributed earnings of subsidiaries		(801	)		(515	)		(582	)

Income tax benefit		166			56			24

Loss before equity in undistributed
earnings of subsidiaries		(635	)		(459	)		(558	)

Equity in undistributed earnings of subsidiaries		6,428			5,618			2,399

Net earnings	$	5,793			5,159			1,841

	2012			2011			2010
Cash flows from operating activities:

Net earnings	$	5,793			5,159			1,841
Adjustments to reconcile net earnings to net
cash used by operating activities:
Equity in undistributed earnings of subsidiaries		(6,428	)		(5,618	)		(2,399	)
Impairment of investment securities		-			144			291
Change in:
Other assets		-			112			(66	)
Accrued income		11			(11	)		-
Accrued expense		41			(216	)		147

Net cash used by operating activities		(583	)		(430	)		(186	)

Cash flows from investing activities:

Purchases of investment securities available for sale		-			-			(36,000	)
Proceeds from maturities of investment securities available for sale		-			-			36,000
Net change in interest-bearing time deposit		14,200			2,000			2,000

Net cash provided by investing activities		14,200			2,000			2,000

Cash flows from financing activities:

Cash dividends paid on Series A preferred stock		(1,023	)		(1,253	)		(1,253	)
Cash dividends paid on common stock		(1,003	)		(443	)		(448	)
Preferred stock and warrant repurchase		(12,122	)		-			-
Restricted stock payout		-			17			12
Proceeds from exercise of stock options		539			-			-

Net cash used by financing activities		(13,609	)		(1,679	)		(1,689	)

Net change in cash		8			(109	)		125

Cash at beginning of year		316			425			300

Cash at end of year	$	324			316			425

Noncash investing and financing activities:
Change in unrealized gain on investment securities
available for sale, net	$	(46	)		(3	)		(172	)

- 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.

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