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17. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements |
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
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 |
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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- 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 -Section 06 -Article 9 Reference 2: 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=26873400&loc=d3e24072-122690 Reference 3: 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=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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