Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2016

Condensed Financial Statements of Parent Company [Abstract]

Condensed Financial Statements of Parent Company

NOTE 19, Condensed Financial Statements of Parent Company

Financial information pertaining to Old Point Financial Corporation (parent company only) is as follows:

	December 31,
Balance Sheets	2016			2015
	(in thousands)
Assets
Cash and cash equivalents	$	2,366		$	2,198
Securities available-for-sale		164			99
Investment in common stock of subsidiaries		91,437			90,836
Other assets		31			58
Total assets	$	93,998		$	93,191
Liabilities and Stockholders' Equity
Note payable - subsidiary	$	8		$	15
Common stock		24,806			24,795
Additional paid-in capital		16,427			16,392
Retained earnings		56,965			55,151
Accumulated other comprehensive loss		(4,208	)		(3,162	)
Total liabilities and stockholders' equity	$	93,998		$	93,191

	Years Ended December 31,
Statements of Income	2016			2015
	(in thousands)
Income:
Dividends from subsidiaries	$	2,900		$	2,900
Other income		200			200
Total income		3,100			3,100
Expenses:
Salaries and benefits		406			432
Legal expenses		774			180
Service fees		166			137
Other operating expenses		55			19
Total expenses		1,401			768
Income before income taxes and equity in undistributed net income of subsidiaries		1,699			2,332
Income tax benefit		(408	)		(193	)
		2,107			2,525
Equity in undistributed net income of subsidiaries		1,690			1,109
Net income	$	3,797		$	3,634

	Years Ended December 31,
Statements of Cash Flows	2016			2015
	(in thousands)
Cash flows from operating activities:
Net income	$	3,797		$	3,634
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(1,690	)		(1,109	)
(Increase) decrease in other assets		5			(5	)
Increase (decrease) in other liabilities		(7	)		15
Net cash provided by operating activities		2,105			2,535
Cash flows from investing activities:		0			0
Cash flows from financing activities:
Proceeds from sale of stock		46			0
Cash dividends paid on common stock		(1,983	)		(1,686	)
Net cash used in financing activities		(1,937	)		(1,686	)
Net increase in cash and cash equivalents		168			849
Cash and cash equivalents at beginning of year		2,198			1,349
Cash and cash equivalents at end of year	$	2,366		$	2,198
Supplemental schedule of noncash transactions:
Unrealized gain (loss) on securities available-for-sale	$	64		$	(1	)