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16. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
 12 Months Ended
Dec. 31, 2014
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, 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
             
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
             
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   -