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