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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, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Balance Sheets |
Balance Sheets |
December 31, 2016 and 2015 |
(Dollars in thousands) |
Assets |  | 2016 |  |  | 2015 |
Cash |  | $ | 957 |  |  |  | 553 |
Interest-bearing time deposit |  |  | 1,000 |  |  |  | 1,000 |
Investment in subsidiaries |  |  | 124,471 |  |  |  | 121,848 |
Investment in PEBK Capital Trust II |  |  | 619 |  |  |  | 619 |
Investment securities available for sale |  |  | 750 |  |  |  | 1,234 |
Other assets |  |  | 275 |  |  |  | 249 |
Total assets |  | $ | 128,072 |  |  |  | 125,503 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 20,619 |  |  |  | 20,619 |
Liabilities |  |  | 25 |  |  |  | 20 |
Shareholders' equity |  |  | 107,428 |  |  |  | 104,864 |
Total liabilities and shareholders' equity |  | $ | 128,072 |  |  |  | 125,503 |
Statements of Earnings |
Statements of Earnings |
For the Years Ended December 31, 2016, 2015 and 2014 |
(Dollars in thousands) |
Revenues: |  | 2016 |  |  | 2015 |  |  | 2014 |
Interest and dividend income |  | $ | 4,569 |  |  |  | 3,979 |  |  |  | 2,718 |
Gain on sale of securities |  |  | 405 |  |  |  | - |  |  |  | - |
Total revenues |  |  | 4,974 |  |  |  | 3,979 |  |  |  | 2,718 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 485 |  |  |  | 403 |  |  |  | 389 |
Other operating expenses |  |  | 513 |  |  |  | 538 |  |  |  | 527 |
Total expenses |  |  | 998 |  |  |  | 941 |  |  |  | 916 |
Income before income tax benefit and equity in |  |  |  |  |  |  |  |  |  |  |  |
undistributed earnings of subsidiaries |  |  | 3,976 |  |  |  | 3,038 |  |  |  | 1,802 |
Income tax benefit |  |  | 178 |  |  |  | 262 |  |  |  | 239 |
Income before equity in undistributed |  |  |  |  |  |  |  |  |  |  |  |
earnings of subsidiaries |  |  | 4,154 |  |  |  | 3,300 |  |  |  | 2,041 |
Equity in undistributed earnings of subsidiaries |  |  | 5,023 |  |  |  | 6,333 |  |  |  | 7,347 |
Net earnings |  | $ | 9,177 |  |  |  | 9,633 |  |  |  | 9,388 |
Statements of Cash Flows |
Statements of Cash Flows |
For the Years Ended December 31, 2016, 2015 and 2014 |
(Dollars in thousands) |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 9,177 |  |  |  | 9,633 |  |  |  | 9,388 |
Adjustments to reconcile net earnings to net |  |  |  |  |  |  |  |  |  |  |  |
cash provided (used) by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (5,023 | ) |  |  | (6,333 | ) |  |  | (7,347 | )
Gain on sale of investment securities |  |  | (405 | ) |  |  | - |  |  |  | - |
Change in: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | 61 |  |  |  | (4 | ) |  |  | 28 |
Accrued income |  |  | - |  |  |  | - |  |  |  | (5 | )
Accrued expense |  |  | 5 |  |  |  | 3 |  |  |  | 1 |
Other liabilities |  |  | - |  |  |  | - |  |  |  | (12,632 | )
Net cash provided by operating activities |  |  | 3,815 |  |  |  | 3,299 |  |  |  | (10,567 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from maturities of investment securities available for sale |  |  | 669 |  |  |  | - |  |  |  | 500 |
In kind transfer from parent to Bank |  |  | 10 |  |  |  | - |  |  |  | - |
Net change in interest-bearing time deposit |  |  | - |  |  |  | - |  |  |  | (1,000 | )
Net cash provided (used) by investing activities |  |  | 679 |  |  |  | - |  |  |  | (500 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on common stock |  |  | (2,106 | ) |  |  | (1,574 | ) |  |  | (1,022 | )
Stock repurchase |  |  | (1,984 | ) |  |  | (1,917 | ) |  |  | (82 | )
Proceeds from exercise of stock options |  |  | - |  |  |  | - |  |  |  | 37 |
Net cash used by financing activities |  |  | (4,090 | ) |  |  | (3,491 | ) |  |  | (1,067 | )
Net change in cash |  |  | 404 |  |  |  | (192 | ) |  |  | (12,134 | )
Cash at beginning of year |  |  | 553 |  |  |  | 745 |  |  |  | 12,879 |
Cash at end of year |  | $ | 957 |  |  |  | 553 |  |  |  | 745 |
Noncash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gain on investment securities |  |  |  |  |  |  |  |  |  |  |  |
available for sale, net |  | $ | (2,523 | ) |  |  | 57 |  |  |  | 6,625 |
Accrued redemption of Series A Preferred Stock |  |  | - |  |  |  | - |  |  |  | (12,524 | )

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