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17. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Balance Sheets |
Balance Sheets
December 31, 2013 and 2012
(Dollars in thousands)
Assets | 2013 |  | 2012
Cash | $ | 12,879 |  | 324
Interest-bearing time deposit |  | - |  | 800
Investment in subsidiaries |  | 102,113 |  | 115,386
Investment securities available for sale |  | 1,721 |  | 1,596
Other assets |  | 273 |  | 260
Total assets | $ | 116,986 |  | 118,366
Liabilities and Shareholders' Equity |  |  |  |
Junior subordinated debentures | $ | 20,619 |  | 20,619
Liabilities |  | 12,648 |  | -
Shareholders' equity |  | 83,719 |  | 97,747
Total liabilities and shareholders' equity | $ | 116,986 |  | 118,366
Statements of Earnings |
Statements of Earnings
For the Years Ended December 31, 2013, 2012 and 2011
(Dollars in thousands)
Revenues: | 2013 |  | 2012 |  | 2011 |
Interest and dividend income | $ | 13,576 |  | 113 |  | 226 |
Impairment of securities |  | - |  | - |  | (144 | )
Total revenues |  | 13,576 |  | 113 |  | 82 |
Expenses: |  |  |  |  |  |  |
Interest |  | 398 |  | 438 |  | 407 |
Other operating expenses |  | 159 |  | 476 |  | 190 |
Total expenses |  | 557 |  | 914 |  | 597 |
Income/(Loss) before income tax benefit and equity in |  |  |  |  |  |  |
undistributed earnings of subsidiaries |  | 13,019 |  | (801 | ) | (515 | )
Income tax benefit |  | 84 |  | 166 |  | 56 |
Income/(Loss) before equity in undistributed |  |  |  |  |  |  |
earnings of subsidiaries |  | 13,103 |  | (635 | ) | (459 | )
Equity in undistributed earnings of subsidiaries |  | (6,412 | ) | 6,428 |  | 5,618 |
Net earnings | $ | 6,691 |  | 5,793 |  | 5,159 |
Statements of Cash Flows |
Statements of Cash Flows |
For the Years Ended December 31, 2013, 2012 and 2011
(Dollars in thousands)
| 2013 |  | 2012 |  | 2011 |
Cash flows from operating activities: |  |  |  |  |  |
Net earnings | $ | 6,691 |  | 5,793 |  | 5,159 |
Adjustments to reconcile net earnings to net |  |  |  |  |  |  |
cash used by operating activities: |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  | 6,412 |  | (6,428 | ) | (5,618 | )
Impairment of investment securities |  | - |  | - |  | 144 |
Change in: |  |  |  |  |  |  |
Other assets |  | (73 | ) | - |  | 112 |
Accrued income |  | - |  | 11 |  | (11 | )
Accrued expense |  | 27 |  | 41 |  | (216 | )
Other liabilities |  | 12,632 |  | - |  | - |
Net cash provided (used by) operating activities |  | 25,689 |  | (583 | ) | (430 | )
Cash flows from investing activities: |  |  |  |  |  |  |
Proceeds from maturities of investment securities available for sale |  | 1 |  | - |  | - |
Net change in interest-bearing time deposit |  | 800 |  | 14,200 |  | 2,000 |
Net cash provided by investing activities |  | 801 |  | 14,200 |  | 2,000 |
Cash flows from financing activities: |  |  |  |  |  |  |
Cash dividends paid on Series A preferred stock |  | (734 | ) | (1,023 | ) | (1,253 | )
Cash dividends paid on common stock |  | (677 | ) | (1,003 | ) | (443 | )
Preferred stock and warrant repurchase |  | (12,524 | ) | (12,122 | ) | - |
Restricted stock payout |  | - |  | - |  | 17 |
Proceeds from exercise of stock options |  | - |  | 539 |  | - |
Net cash used by financing activities |  | (13,935 | ) | (13,609 | ) | (1,679 | )
Net change in cash |  | 12,555 |  | 8 |  | (109 | )
Cash at beginning of year |  | 324 |  | 316 |  | 425 |
Cash at end of year | $ | 12,879 |  | 324 |  | 316 |
Noncash investing and financing activities: |  |  |  |  |  |  |
Change in unrealized gain on investment securities |  |  |  |  |  |  |
available for sale, net | $ | 77 |  | (46 | ) | (3 | )

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