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Peoples Bancorp of North Carolina Inc (Parent Company Only) Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2022
Peoples Bancorp of North Carolina Inc (Parent Company Only) Condensed Financial Statements |
Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements | (17) Peoples Bancorp of North Carolina, Inc. (Parent Company Only) Condensed Financial Statements
Balance Sheets
December 31, 2022 and 2021
(Dollars in thousands)
Assets |  | 2022 |  |  | 2021 |
Cash |  | $ | 384 |  |  |  | 561 |
Interest-bearing time deposit |  |  | 1,000 |  |  |  | 1,000 |
Investment in subsidiaries |  |  | 118,832 |  |  |  | 155,716 |
Investment in PEBK Capital Trust II |  |  | 464 |  |  |  | 464 |
Other assets |  |  | 24 |  |  |  | 105 |
Total assets |  | $ | 120,704 |  |  |  | 157,846 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 15,464 |  |  |  | 15,464 |
Liabilities |  |  | 45 |  |  |  | 13 |
Shareholders' equity |  |  | 105,195 |  |  |  | 142,369 |
Total liabilities and shareholders' equity |  | $ | 120,704 |  |  |  | 157,846 |
Statements of Earnings
For the Years Ended December 31, 2022, 2021 and 2020
(Dollars in thousands)
Revenues: |  | 2022 |  |  | 2021 |  |  | 2020 |
Interest and dividend from subsidiary |  | $ | 6,240 |  |  |  | 7,419 |  |  |  | 7,539 |
Total revenues |  |  | 6,240 |  |  |  | 7,419 |  |  |  | 7,539 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 529 |  |  |  | 280 |  |  |  | 370 |
Other operating expenses |  |  | 639 |  |  |  | 613 |  |  |  | 625 |
Total expenses |  |  | 1,168 |  |  |  | 893 |  |  |  | 995 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries |  |  | 5,072 |  |  |  | 6,526 |  |  |  | 6,544 |
Income tax benefit |  |  | 242 |  |  |  | 185 |  |  |  | 201 |
Income before equity in undistributed earnings of subsidiaries |  |  | 5,314 |  |  |  | 6,711 |  |  |  | 6,745 |
Equity in undistributed earnings of subsidiaries |  |  | 10,809 |  |  |  | 8,422 |  |  |  | 4,612 |
Net earnings |  | $ | 16,123 |  |  |  | 15,133 |  |  |  | 11,357 |
Statements of Cash Flows
For the Years Ended December 31, 2022, 2021 and 2020
(Dollars in thousands)
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 16,123 |  |  |  | 15,133 |  |  |  | 11,357 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (10,809 | ) |  |  | (8,422 | ) |  |  | (4,612 | )
Change in: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | 81 |  |  |  | 545 |  |  |  | (19 | )
Other liabilities |  |  | 32 |  |  |  | - |  |  |  | (10 | )
Net cash provided by operating activities |  |  | 5,427 |  |  |  | 7,256 |  |  |  | 6,716 |
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 | )
Cash dividends paid on common stock |  |  | (4,935 | ) |  |  | (3,793 | ) |  |  | (4,392 | )
Stock repurchase |  |  | (710 | ) |  |  | (3,605 | ) |  |  | (2,999 | )
Proceeds from exercise of restricted stock units |  |  | 41 |  |  |  | 39 |  |  |  | 57 |
Net cash used by financing activities |  |  | (5,604 | ) |  |  | (7,359 | ) |  |  | (7,489 | )
Net change in cash |  |  | (177 | ) |  |  | (103 | ) |  |  | (523 | )
Cash at beginning of year |  |  | 561 |  |  |  | 664 |  |  |  | 1,187 |
Cash at end of year |  | $ | 384 |  |  |  | 561 |  |  |  | 664 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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