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Peoples Bancorp of North Carolina Inc (Parent Company Only) Condensed Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Peoples Bancorp of North Carolina Inc (Parent Company Only) Condensed Financial Statements |
Balance Sheets |
Assets |  | 2023 |  |  | 2022 |
Cash |  | $ | 590 |  |  |  | 384 |
Interest-bearing time deposit |  |  | 1,000 |  |  |  | 1,000 |
Investment in subsidiaries |  |  | 134,598 |  |  |  | 118,832 |
Investment in PEBK Capital Trust II |  |  | 464 |  |  |  | 464 |
Other assets |  |  | - |  |  |  | 24 |
Total assets |  | $ | 136,652 |  |  |  | 120,704 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 15,464 |  |  |  | 15,464 |
Other liabilities |  |  | 172 |  |  |  | 45 |
Shareholders' equity |  |  | 121,016 |  |  |  | 105,195 |
Total liabilities and shareholders' equity |  | $ | 136,652 |  |  |  | 120,704 |
Statements of Earnings |
Revenues: |  | 2023 |  |  | 2022 |  |  | 2021 |
Interest and dividend from subsidiary |  | $ | 8,531 |  |  |  | 6,240 |  |  |  | 7,419 |
Total revenues |  |  | 8,531 |  |  |  | 6,240 |  |  |  | 7,419 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 1,079 |  |  |  | 529 |  |  |  | 280 |
Other operating expenses |  |  | 630 |  |  |  | 639 |  |  |  | 613 |
Total expenses |  |  | 1,709 |  |  |  | 1,168 |  |  |  | 893 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries |  |  | 6,822 |  |  |  | 5,072 |  |  |  | 6,526 |
Income tax benefit |  |  | 352 |  |  |  | 242 |  |  |  | 185 |
Income before equity in undistributed earnings of subsidiaries |  |  | 7,174 |  |  |  | 5,314 |  |  |  | 6,711 |
Equity in undistributed earnings of subsidiaries |  |  | 8,372 |  |  |  | 10,809 |  |  |  | 8,422 |
Net earnings |  | $ | 15,546 |  |  |  | 16,123 |  |  |  | 15,133 |
Statements of Cash Flows |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 15,546 |  |  |  | 16,123 |  |  |  | 15,133 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (8,372 | ) |  |  | (10,809 | ) |  |  | (8,422 | )
Change in: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | 24 |  |  |  | 81 |  |  |  | 545 |
Other liabilities |  |  | 127 |  |  |  | 32 |  |  |  | - |
Net cash provided by operating activities |  |  | 7,325 |  |  |  | 5,427 |  |  |  | 7,256 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by investing activities |  |  | - |  |  |  | - |  |  |  | - |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on common stock |  |  | (5,108 | ) |  |  | (4,935 | ) |  |  | (3,793 | )
Stock repurchase |  |  | (1,997 | ) |  |  | (710 | ) |  |  | (3,605 | )
Excise tax on stock repurchase |  |  | (20 | ) |  |  | - |  |  |  | - |
Proceeds from exercise of restricted stock units |  |  | 6 |  |  |  | 41 |  |  |  | 39 |
Net cash used by financing activities |  |  | (7,119 | ) |  |  | (5,604 | ) |  |  | (7,359 | )
Net change in cash |  |  | 206 |  |  |  | (177 | ) |  |  | (103 | )
Cash at beginning of year |  |  | 384 |  |  |  | 561 |  |  |  | 664 |
Cash at end of year |  | $ | 590 |  |  |  | 384 |  |  |  | 561 |

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