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

12 Months Ended

Dec. 31, 2024

Balance Sheets

December 31, 2024 and 2023
(Dollars in thousands)

Assets	2024		2023

Cash	$	425		590
Interest-bearing time deposit		1,000		1,000
Investment in subsidiaries		144,061		134,598
Investment in PEBK Capital Trust II		464		464
Other assets		138		-

Total assets	$	146,088		136,652

Liabilities and Shareholders' Equity

Junior subordinated debentures	$	15,464		15,464
Other liabilities		61		172
Shareholders' equity		130,563		121,016

Total liabilities and shareholders' equity	$	146,088		136,652

Statements of Earnings

For the Years Ended December 31, 2024, 2023 and 2022
(Dollars in thousands)

Revenues:	2024		2023		2022

Interest and dividend from subsidiary	$	8,534		8,531		6,240

Total revenues		8,534		8,531		6,240

Expenses:

Interest		1,116		1,079		529
Other operating expenses		692		630		639

Total expenses		1,808		1,709		1,168

Income before income tax benefit and equity in undistributed earnings of subsidiaries		6,726		6,822		5,072

Income tax benefit		372		352		242

Income before equity in undistributed earnings of subsidiaries		7,098		7,174		5,314

Equity in undistributed earnings of subsidiaries		9,255		8,372		10,809

Net earnings	$	16,353		15,546		16,123

Statements of Cash Flows

For the Years Ended December 31, 2024, 2023 and 2022
(Dollars in thousands)

	2024			2023			2022
Cash flows from operating activities:
Net earnings	$	16,353			15,546			16,123
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(9,255	)		(8,372	)		(10,809	)
Change in:
Other assets		(138	)		24			81
Other liabilities		(111	)		127			32
Net cash provided by operating activities		6,849			7,325			5,427

Cash flows from investing activities:
Net cash provided by investing activities		-			-			-

Cash flows from financing activities:
Cash dividends paid on common stock		(5,047	)		(5,108	)		(4,935	)
Stock repurchase		(1,998	)		(1,997	)		(710	)
Excise tax on stock repurchase		(20	)		(20	)		-
Proceeds from exercise of restricted stock units		51			6			41
Net cash used by financing activities		(7,014	)		(7,119	)		(5,604	)
Net change in cash		(165	)		206			(177	)
Cash at beginning of year		590			384			561
Cash at end of year	$	425			590			384