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16. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Balance Sheets |
Balance Sheets
December 31, 2014 and 2013
(Dollars in thousands)
Assets | 2014 |  | 2013
Cash | $ | 745 |  | 12,879
Interest-bearing time deposit |  | 1,000 |  | -
Investment in subsidiaries |  | 116,076 |  | 102,113
Investment securities available for sale |  | 1,235 |  | 1,721
Other assets |  | 245 |  | 273
Total assets | $ | 119,301 |  | 116,986
Liabilities and Shareholders' Equity |  |  |  |
Junior subordinated debentures | $ | 20,619 |  | 20,619
Liabilities |  | 17 |  | 12,648
Shareholders' equity |  | 98,665 |  | 83,719
Total liabilities and shareholders' equity | $ | 119,301 |  | 116,986
Statements of Earnings |
Statements of Earnings
For the Years Ended December 31, 2014, 2013 and 2012
(Dollars in thousands)
Revenues: | 2014 |  | 2013 |  | 2012 |
Interest and dividend income | $ | 2,718 |  | 13,576 |  | 113 |
Total revenues |  | 2,718 |  | 13,576 |  | 113 |
Expenses: |  |  |  |  |  |  |
Interest |  | 389 |  | 398 |  | 438 |
Other operating expenses |  | 527 |  | 159 |  | 476 |
Total expenses |  | 916 |  | 557 |  | 914 |
Income/(Loss) before income tax benefit and equity in |  |  |  |  |  |  |
undistributed earnings of subsidiaries |  | 1,802 |  | 13,019 |  | (801 | )
Income tax benefit |  | 239 |  | 84 |  | 166 |
Income/(Loss) before equity in undistributed |  |  |  |  |  |  |
earnings of subsidiaries |  | 2,041 |  | 13,103 |  | (635 | )
Equity in undistributed earnings (loss) of subsidiaries |  | 7,347 |  | (6,412 | ) | 6,428 |
Net earnings | $ | 9,388 |  | 6,691 |  | 5,793 |
Statements of Cash Flows |
Statements of Cash Flows
For the Years Ended December 31, 2014, 2013 and 2012
(Dollars in thousands)
| 2014 |  | 2013 |  | 2012 |
Cash flows from operating activities: |  |  |  |  |  |
Net earnings | $ | 9,388 |  | 6,691 |  | 5,793 |
Adjustments to reconcile net earnings to net |  |  |  |  |  |  |
cash used by operating activities: |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  | (7,347 | ) | 6,412 |  | (6,428 | )
Impairment of investment securities |  | - |  | - |  | - |
Change in: |  |  |  |  |  |  |
Other assets |  | 28 |  | (73 | ) | - |
Accrued income |  | (5 | ) | - |  | 11 |
Accrued expense |  | 1 |  | 27 |  | 41 |
Other liabilities |  | (108 | ) | 108 |  | - |
Net cash provided (used) by operating activities |  | 1,957 |  | 13,165 |  | (583 | )
Cash flows from investing activities: |  |  |  |  |  |  |
Proceeds from maturities of investment securities available for sale |  | 500 |  | 1 |  | - |
Net change in interest-bearing time deposit |  | (1,000 | ) | 800 |  | 14,200 |
Net cash provided by investing activities |  | (500 | ) | 801 |  | 14,200 |
Cash flows from financing activities: |  |  |  |  |  |  |
Cash dividends paid on Series A preferred stock |  | - |  | (734 | ) | (1,023 | )
Cash dividends paid on common stock |  | (1,022 | ) | (677 | ) | (1,003 | )
Preferred stock and warrant repurchase |  | (12,524 | ) | - |  | (12,122 | )
Stock repurchase |  | (82 | ) | - |  | - |
Proceeds from exercise of stock options |  | 37 |  | - |  | 539 |
Net cash used by financing activities |  | (13,591 | ) | (1,411 | ) | (13,609 | )
Net change in cash |  | (12,134 | ) | 12,555 |  | 8 |
Cash at beginning of year |  | 12,879 |  | 324 |  | 316 |
Cash at end of year | $ | 745 |  | 12,879 |  | 324 |
Noncash investing and financing activities: |  |  |  |  |  |  |
Change in unrealized gain on investment securities |  |  |  |  |  |  |
available for sale, net | $ | 8 |  | 77 |  | (46 | )
Accrued redemption of Series A Preferred Stock |  | - |  | 12,632 |  | - |

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