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17. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements

Balance Sheets

December 31, 2019 and 2018

(Dollars in thousands)

 

Assets  2019  2018
       
Cash  $1,187    689 
Interest-bearing time deposit   1,000    1,000 
Investment in subsidiaries   146,230    141,181 
Investment in PEBK Capital Trust II   619    619 
Investment securities available for sale   250    250 
Other assets   476    533 
           
Total assets  $149,762    144,272 
           
Liabilities and Shareholders' Equity          
           
Junior subordinated debentures  $15,619    20,619 
Liabilities   23    36 
Shareholders' equity   134,120    123,617 
           
Total liabilities and shareholders' equity  $149,762    144,272 

 

Statements of Earnings

For the Years Ended December 31, 2019, 2018 and 2017

(Dollars in thousands)

 

Revenues:  2019  2018  2017
          
Interest and dividend income  $12,850    4,544    1,839 
                
Total revenues   12,850    4,544    1,839 
                
Expenses:               
                
Interest   844    790    590 
Other operating expenses   629    678    725 
                
Total expenses   1,473    1,468    1,315 
                
Income before income tax benefit and equity in               
undistributed earnings of subsidiaries   11,377    3,076    524 
                
Income tax benefit   299    299    434 
                
Income before equity in undistributed               
earnings of subsidiaries   11,676    3,375    958 
                
Equity in undistributed earnings of subsidiaries   2,391    10,007    9,310 
                
Net earnings  $14,067    13,382    10,268 

 

 

Statements of Cash Flows

For the Years Ended December 31, 2019, 2018 and 2017

(Dollars in thousands)

 

   2019  2018  2017
Cash flows from operating activities:               
                
Net earnings  $14,067    13,382    10,268 
Adjustments to reconcile net earnings to net               
cash provided by operating activities:               
Equity in undistributed earnings of subsidiaries   (2,391)   (10,007)   (9,310)
Change in:               
Other assets   57    13    (272)
Other liabilities   (13)   6    5 
                
Net cash provided by operating activities   11,720    3,394    691 
                
Cash flows from investing activities:               
                
Proceeds from calls and maturities of investment securities               
available for sale   —      —      500 
                
Net cash provided by investing activities   —      —      500 
                
Cash flows from financing activities:               
                
Repayment of junior subordinated debentures   (5,000)   —      —   
Cash dividends paid on common stock   (3,939)   (3,133)   (2,629)
Cash in lieu stock dividend   —      —      (6)
Stock repurchase   (2,490)   —      —   
Proceeds from exercise of restricted stock units   207    —      915 
                
Net cash used by financing activities   (11,222)   (3,133)   (1,720)
                
Net change in cash   498    261    (529)
                
Cash at beginning of year   689    428    957 
                
Cash at end of year  $1,187    689    428 
                
Noncash investing and financing activities:   —             
Change in unrealized gain on investment securities               
 available for sale, net  $2,658    (2,607)   (1)