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17. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements

Balance Sheets

 

December 31, 2020 and 2019

(Dollars in thousands)

 

Assets  2020  2019
       
Cash  $664    1,187 
Interest-bearing time deposit   1,000    1,000 
Investment in subsidiaries   152,598    146,230 
Investment in PEBK Capital Trust II   464    619 
Investment securities available for sale   —      250 
Other assets   650    476 
           
Total assets  $155,376    149,762 
           
Liabilities and Shareholders' Equity          
           
Junior subordinated debentures  $15,464    15,619 
Liabilities   13    23 
Shareholders' equity   139,899    134,120 
           
Total liabilities and shareholders' equity  $155,376    149,762 

 

Statements of Earnings

 

For the Years Ended December 31, 2020, 2019 and 2018

(Dollars in thousands)

 

Revenues:   2020     2019     2018  
                   
Interest and dividend income   $ 7,539       12,850       4,544  
                         
Total revenues     7,539       12,850       4,544  
                         
Expenses:                        
                         
Interest     370       844       790  
Other operating expenses     625       629       678  
                         
Total expenses     995       1,473       1,468  
                         
Income before income tax benefit and equity in                        
undistributed earnings of subsidiaries     6,544       11,377       3,076  
                         
Income tax benefit     201       299       299  
                         
Income before equity in undistributed                        
earnings of subsidiaries     6,745       11,676       3,375  
                         
Equity in undistributed earnings of subsidiaries     4,612       2,391       10,007  
                         
Net earnings   $ 11,357       14,067       13,382  

 

Statements of Cash Flows

 

For the Years Ended December 31, 2020, 2019 and 2018

(Dollars in thousands)

 

    2020     2019     2018  
Cash flows from operating activities:                  
                   
Net earnings   $ 11,357       14,067       13,382  
Adjustments to reconcile net earnings to net                        
cash provided by operating activities:                        
Equity in undistributed earnings of subsidiaries     (4,612 )     (2,391 )     (10,007 )
Change in:                        
Other assets     (19 )     57       13  
Other liabilities     (10 )     (13 )     6  
                         
Net cash provided by operating activities     6,716       11,720       3,394  
                         
Cash flows from investing activities:                        
                         
Proceeds from calls and maturities of investment securities                        
available for sale     250       -       -  
                         
Net cash provided by investing activities     250       -       -  
                         
Cash flows from financing activities:                        
                         
Repayment of junior subordinated debentures     (155 )     (5,000 )     -  
Cash dividends paid on common stock     (4,392 )     (3,939 )     (3,133 )
Stock repurchase     (2,999 )     (2,490 )     -  
Proceeds from exercise of restricted stock units     57       207       -  
                         
Net cash used by financing activities     (7,489 )     (11,222 )     (3,133 )
                         
Net change in cash     (523 )     498       261  
                         
Cash at beginning of year     1,187       689       428  
                         
Cash at end of year   $ 664       1,187       689  
                         
Noncash investing and financing activities:                        
Change in unrealized gain on investment securities                        
 available for sale, net   $ 1,756       2,658       (2,607 )