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16. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Balance Sheets

 

Balance Sheets
 
December 31, 2017 and 2016
(Dollars in thousands)
                 
Assets   2017     2016      
                 
Cash   $ 428       957      
Interest-bearing time deposit     1,000       1,000      
Investment in subsidiaries     133,781       124,471      
Investment in PEBK Capital Trust II     619       619      
Investment securities available for sale     250       750      
Other assets     546       275      
                     
Total assets   $ 136,624       128,072      
                     
Liabilities and Shareholders' Equity                    
                     
Junior subordinated debentures   $ 20,619       20,619      
Liabilities     30       25      
Shareholders' equity     115,975       107,428      
                     
Total liabilities and shareholders' equity   $ 136,624       128,072      

 

 
Statements of Earnings

Statements of Earnings
                       
For the Years Ended December 31, 2017, 2016 and 2015
(Dollars in thousands)
                       
Revenues:   2017     2016     2015      
                       
Interest and dividend income   $ 1,839       4,569       3,979      
Gain on sale of securities     -       405       -      
                             
Total revenues     1,839       4,974       3,979      
                             
Expenses:                            
                             
Interest     590       485       403      
Other operating expenses     725       513       538      
                             
Total expenses     1,315       998       941      
                             
Income before income tax benefit and equity in                            
undistributed earnings of subsidiaries     524       3,976       3,038      
                             
Income tax benefit     434       178       262      
                             
Income before equity in undistributed                            
earnings of subsidiaries     958       4,154       3,300      
                             
Equity in undistributed earnings of subsidiaries     9,310       5,023       6,333      
                             
Net earnings   $ 10,268       9,177       9,633      

 

 
Statements of Cash Flows

Statements of Cash Flows
                       
For the Years Ended December 31, 2017, 2016 and 2015
(Dollars in thousands)
                       
    2017     2016     2015      
Cash flows from operating activities:                      
                       
Net earnings   $ 10,268       9,177       9,633      
Adjustments to reconcile net earnings to net                            
cash provided by operating activities:                            
Equity in undistributed earnings of subsidiaries     (9,310 )     (5,023 )     (6,333 )    
Gain on sale of investment securities     -       (405 )     -      
Change in:                            
Other assets     (272 )     61       (4 )    
Accrued income     -       -       -      
Accrued expense     5       5       3      
Other liabilities     -       -       -      
                             
Net cash provided by operating activities     691       3,815       3,299      
                             
Cash flows from investing activities:                            
                             
Proceeds from calls and maturities of investment securities                            
available for sale     500       669              
In kind transfer from parent to Bank     -       10       -      
                             
Net cash provided by investing activities     500       679       -      
                             
Cash flows from financing activities:                            
                             
Cash dividends paid on common stock     (2,629 )     (2,106 )     (1,574 )    
Cash in lieu stock dividend     (6 )     -       -      
Stock repurchase     -       (1,984 )     (1,917 )    
Proceeds from exercise of restricted stock units     915       -       -      
                             
Net cash used by financing activities     (1,720 )     (4,090 )     (3,491 )    
                             
Net change in cash     (529 )     404       (192 )    
                             
Cash at beginning of year     957       553       745      
                             
Cash at end of year   $ 428       957       553      
                             
Noncash investing and financing activities:                            
Change in unrealized gain on investment securities                            
 available for sale, net   $ (1 )     (2,523 )     57