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17. Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements (Tables)

12 Months Ended

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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