XML 18 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
17. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements (Tables)
 12 Months Ended
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 )