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Peoples Bancorp of North Carolina Inc (Parent Company Only) Condensed Financial Statements

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022

(Dollars in thousands)

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

For the Years Ended December 31, 2023, 2022 and 2021

(Dollars in thousands)

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

For the Years Ended December 31, 2023, 2022 and 2021

(Dollars in thousands)

		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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- References

No definition available.

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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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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