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17. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2021
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements |
Balance Sheets |
Assets |  | 2021 |  |  | 2020 |
Cash |  | $ | 561 |  |  |  | 664 |
Interest-bearing time deposit |  |  | 1,000 |  |  |  | 1,000 |
Investment in subsidiaries |  |  | 155,716 |  |  |  | 152,598 |
Investment in PEBK Capital Trust II |  |  | 464 |  |  |  | 464 |
Other assets |  |  | 105 |  |  |  | 650 |
Total assets |  | $ | 157,846 |  |  |  | 155,376 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 15,464 |  |  |  | 15,464 |
Liabilities |  |  | 13 |  |  |  | 13 |
Shareholders' equity |  |  | 142,369 |  |  |  | 139,899 |
Total liabilities and shareholders' equity |  | $ | 157,846 |  |  |  | 155,376 |
Statements of Earnings |
Revenues: |  | 2021 |  |  | 2020 |  |  | 2019 |
Interest and dividend from subsidiary |  | $ | 7,419 |  |  |  | 7,539 |  |  |  | 12,850 |
Total revenues |  |  | 7,419 |  |  |  | 7,539 |  |  |  | 12,850 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 280 |  |  |  | 370 |  |  |  | 844 |
Other operating expenses |  |  | 613 |  |  |  | 625 |  |  |  | 629 |
Total expenses |  |  | 893 |  |  |  | 995 |  |  |  | 1,473 |
Income before income tax benefit and equity in |  |  |  |  |  |  |  |  |  |  |  |
undistributed earnings of subsidiaries |  |  | 6,526 |  |  |  | 6,544 |  |  |  | 11,377 |
Income tax benefit |  |  | 185 |  |  |  | 201 |  |  |  | 299 |
Income before equity in undistributed |  |  |  |  |  |  |  |  |  |  |  |
earnings of subsidiaries |  |  | 6,711 |  |  |  | 6,745 |  |  |  | 11,676 |
Equity in undistributed earnings of subsidiaries |  |  | 8,422 |  |  |  | 4,612 |  |  |  | 2,391 |
Net earnings |  | $ | 15,133 |  |  |  | 11,357 |  |  |  | 14,067 |
Statements of Cash Flows |
Statements of Cash Flows
For the Years Ended December 31, 2021, 2020 and 2019
(Dollars in thousands)
|  | 2021 |  |  | 2020 |  |  | 2019 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 15,133 |  |  |  | 11,357 |  |  |  | 14,067 |
Adjustments to reconcile net earnings to net |  |  |  |  |  |  |  |  |  |  |  |
cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (8,422 | ) |  |  | (4,612 | ) |  |  | (2,391 | )
Change in: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | 545 |  |  |  | (19 | ) |  |  | 57 |
Other liabilities |  |  | - |  |  |  | (10 | ) |  |  | (13 | )
Net cash provided by operating activities |  |  | 7,256 |  |  |  | 6,716 |  |  |  | 11,720 |
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 |  |  | (3,793 | ) |  |  | (4,392 | ) |  |  | (3,939 | )
Stock repurchase |  |  | (3,605 | ) |  |  | (2,999 | ) |  |  | (2,490 | )
Proceeds from exercise of restricted stock units |  |  | 39 |  |  |  | 57 |  |  |  | 207 |
Net cash used by financing activities |  |  | (7,359 | ) |  |  | (7,489 | ) |  |  | (11,222 | )
Net change in cash |  |  | (103 | ) |  |  | (523 | ) |  |  | 498 |
Cash at beginning of year |  |  | 664 |  |  |  | 1,187 |  |  |  | 689 |
Cash at end of year |  | $ | 561 |  |  |  | 664 |  |  |  | 1,187 |

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