Stock Option Plan

12 Months Ended

Dec. 31, 2016

Stock Option Plan [Abstract]

Stock Option Plan

NOTE 10, Share-Based Compensation

EQUITY COMPENSATION PLANS

The Company's 1998 Stock Option Plan, pursuant to which stock options could be granted to key employees and non-employee directors, expired on March 9, 2008.  Stock options that were outstanding on March 9, 2008 remained outstanding in accordance with their terms, but no new awards can be granted under the plan after March 9, 2008. At December 31, 2016, options to purchase 60,605 shares of common stock granted under the stock option plan were outstanding. The exercise price of each option equals the market price of the Company's common stock on the date of the grant, and each option's maximum term is ten years.

Stock option plan activity for the year ended December 31, 2016 is summarized below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2016		74,960		$	20.05
Granted		0			0.00
Exercised		(1,250	)		20.05
Canceled or expired		(13,105	)		20.05
Options outstanding, December 31, 2016		60,605		$	20.05		0.79		$	300
Options exercisable, December 31, 2016		60,605		$	20.05		0.79		$	300

The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2016.This amount changes based on changes in the market value of the Company's common stock.

During 2016, the Company received $25 thousand from the exercise of stock options. No options were exercised in 2015.

No options were granted during the years ended December 31, 2016 or December 31, 2015. As of December 31, 2016 and December 31, 2015, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense.

Information pertaining to options outstanding at December 31, 2016 is as follows:

			Options Outstanding							Options Exercisable
Range of Exercise Prices			Number Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price			Number Exercisable		Weighted Average Exercise Price
	$	20.05		60,605		0.79		$	20.05		60,605		$	20.05

On May 24, 2016, the Company's stockholders approved the Old Point Financial Corporation 2016 Incentive Stock Plan. The Incentive Stock Plan permits the issuance of up to 300,000 shares of common stock for awards to key employees and non-employee directors of the Company and its subsidiaries in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and performance units. Although the Company did not award any equity compensation under the Incentive Stock Plan during 2016, management anticipates beginning to award equity compensation to key employees and non-employee directors in 2017. Accordingly, as of December 31, 2016, there were no awards outstanding under the Incentive Stock Plan. Complete details of the Incentive Stock Plan are contained in the plan itself, which is Appendix A of the Proxy Statement for the Company's 2016 Annual Meeting of Stockholders.

EMPLOYEE STOCK PURCHASE PLAN

On May 24, 2016, the Company's stockholders approved the Old Point Financial Corporation Employee Stock Purchase Plan (ESPP). Under the ESPP, substantially all employees of the Company can authorize a specific payroll deduction from their base compensation for the periodic purchase of the Company's common stock. Shares of stock are issued quarterly at a discount to the market price of the Company's stock on the day of purchase, which can range from 0-15% and for 2016 was set at 5 %.

Total stock purchases amounted to 999 shares during 2016. At December 31, 2016, the Company had 249,001 shares reserved for issuance under this plan.

Complete details of the ESPP are contained in the plan itself, which is Appendix B of the Proxy Statement for the Company's 2016 Annual Meeting of Stockholders.