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

12 Months Ended

Dec. 31, 2022

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

Balance Sheets

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

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

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