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