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16. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2015
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, 2015 and 2014
(Dollars in thousands)
Assets |  | 2015 |  |  | 2014 |
Cash |  | $ | 558 |  |  |  | 745 |
Interest-bearing time deposit |  |  | 1,000 |  |  |  | 1,000 |
Investment in subsidiaries |  |  | 121,848 |  |  |  | 115,457 |
Investment in PEBK Capital Trust II |  |  | 619 |  |  |  | 619 |
Investment securities available for sale |  |  | 1,234 |  |  |  | 1,235 |
Other assets |  |  | 244 |  |  |  | 245 |
Total assets |  | $ | 125,503 |  |  |  | 119,301 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 20,619 |  |  |  | 20,619 |
Liabilities |  |  | 20 |  |  |  | 17 |
Shareholders' equity |  |  | 104,864 |  |  |  | 98,665 |
Total liabilities and shareholders' equity |  | $ | 125,503 |  |  |  | 119,301 |
Statements of Earnings
For the Years Ended December 31, 2015, 2014 and 2013
(Dollars in thousands)
Revenues: |  | 2015 |  |  | 2014 |  |  | 2013 |
Interest and dividend income |  | $ | 3,979 |  |  |  | 2,718 |  |  |  | 13,576 |
Total revenues |  |  | 3,979 |  |  |  | 2,718 |  |  |  | 13,576 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 403 |  |  |  | 389 |  |  |  | 398 |
Other operating expenses |  |  | 538 |  |  |  | 527 |  |  |  | 159 |
Total expenses |  |  | 941 |  |  |  | 916 |  |  |  | 557 |
Income before income tax benefit and equity in |  |  |  |  |  |  |  |  |  |  |  |
undistributed earnings of subsidiaries |  |  | 3,038 |  |  |  | 1,802 |  |  |  | 13,019 |
Income tax benefit |  |  | 262 |  |  |  | 239 |  |  |  | 84 |
Income before equity in undistributed |  |  |  |  |  |  |  |  |  |  |  |
earnings of subsidiaries |  |  | 3,300 |  |  |  | 2,041 |  |  |  | 13,103 |
Equity in undistributed earnings (loss) of subsidiaries |  |  | 6,333 |  |  |  | 7,347 |  |  |  | (6,412 | )
Net earnings |  | $ | 9,633 |  |  |  | 9,388 |  |  |  | 6,691 |
Statements of Cash Flows
For the Years Ended December 31, 2015, 2014 and 2013
(Dollars in thousands)
|  | 2015 |  |  | 2014 |  |  | 2013 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 9,633 |  |  |  | 9,388 |  |  |  | 6,691 |
Adjustments to reconcile net earnings to net |  |  |  |  |  |  |  |  |  |  |  |
cash provided (used) by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (6,333 | ) |  |  | (7,347 | ) |  |  | 6,412 |
Change in: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | 1 |  |  |  | 28 |  |  |  | (73 | )
Accrued income |  |  | - |  |  |  | (5 | ) |  |  | - |
Accrued expense |  |  | 3 |  |  |  | 1 |  |  |  | 27 |
Other liabilities |  |  | - |  |  |  | (108 | ) |  |  | 108 |
Net cash provided (used) by operating activities |  |  | 3,304 |  |  |  | 1,957 |  |  |  | 13,165 |
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 |
Net cash provided (used) by investing activities |  |  | - |  |  |  | (500 | ) |  |  | 801 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on Series A preferred stock |  |  | - |  |  |  | - |  |  |  | (734 | )
Cash dividends paid on common stock |  |  | (1,574 | ) |  |  | (1,022 | ) |  |  | (677 | )
Preferred stock and warrant repurchase |  |  | - |  |  |  | (12,524 | ) |  |  | - |
Stock repurchase |  |  | (1,917 | ) |  |  | (82 | ) |  |  | - |
Proceeds from exercise of stock options |  |  | - |  |  |  | 37 |  |  |  | - |
Net cash used by financing activities |  |  | (3,491 | ) |  |  | (13,591 | ) |  |  | (1,411 | )
Net change in cash |  |  | (187 | ) |  |  | (12,134 | ) |  |  | 12,555 |
Cash at beginning of year |  |  | 745 |  |  |  | 12,879 |  |  |  | 324 |
Cash at end of year |  | $ | 558 |  |  |  | 745 |  |  |  | 12,879 |
Noncash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gain on investment securities |  |  |  |  |  |  |  |  |  |  |  |
available for sale, net |  | $ | 1 |  |  |  | 8 |  |  |  | 77 |
Accrued redemption of Series A Preferred Stock |  |  | - |  |  |  | - |  |  |  | 12,632 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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