Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2011

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	2011			2010
	(in thousands)
Assets
Cash and cash equivalents	$	85		$	202
Securities held-to-maturity		145			282
Investment in common stock of subsidiaries		85,498			80,461
Other assets		261			251
Total assets	$	85,989		$	81,196
Liabilities and Stockholders' Equity
Note payable - subsidiary	$	124		$	244
Common stock		24,795			24,685
Additional paid-in capital		16,310			16,026
Retained earnings		45,109			42,810
Accumulated other comprehensive loss		(349	)		(2,569	)
Total liabilities and stockholders' equity	$	85,989		$	81,196

	Years Ended December 31,
Statements of Income	2011		2010		2009
	(in thousands)
Income:
Dividends from subsidiary	$	800	$	1,000	$	2,495
Interest on investments		16		24		28
Other income		300		303		300
Total income		1,116		1,327		2,823
Expenses:
Salary and benefits		521		519		527
Legal expenses		56		57		44
Service fees		160		143		119
Other operating expenses		37		61		86
Total expenses		774		780		776
Income before income taxes and equity in
undistributed net income of subsidiaries		342		547		2,047
Income tax benefit		131		131		132
		473		678		2,179
Equity in undistributed net income (loss) of subsidiaries		2,817		869		(497	)
Net income	$	3,290	$	1,547	$	1,682

	Years Ended December 31,
Statements of Cash Flows	2011			2010			2009
	(in thousands)
Cash flows from operating activities:
Net income	$	3,290		$	1,547		$	1,682
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in undistributed net (income) loss of subsidiaries		(2,817	)		(869	)		497
Stock compensation expense		110			114			111
Decrease (increase) in other assets		(10	)		8			(9	)
Increase (decrease) in other liabilities		0			(7	)		0
Net cash provided by operating activities		573			793			2,281
Cash flows from investing activities; calls of investment securities		137			130			55
Cash flows from financing activities:
Repayment of advances from subsidiaries		(120	)		0			0
Exercise of stock options		284			246			138
Repurchase and retirement of common stock		0			(41	)		(36	)
Tax effect of nonqualified stock options		0			16			0
Cash dividends paid on common stock		(991	)		(1,232	)		(2,307	)
Net cash used in financing activities		(827	)		(1,011	)		(2,205	)
Net increase (decrease) in cash and cash equivalents		(117	)		(88	)		131
Cash and cash equivalents at beginning of year		202			290			159
Cash and cash equivalents at end of year	$	85		$	202		$	290