Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2018

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

	December 31,
Balance Sheets	2018			2017
	(in thousands)
Assets
Cash and cash equivalents	$	1,352		$	2,622
Securities available-for-sale		-			197
Investment in common stock of subsidiaries		103,035			93,533
Other assets		205			54
Total assets	$	104,592		$	96,406

Liabilities and Stockholders' Equity
Other borrowings	$	2,550		$	-
Other liabilities		36			18
Common stock		25,853			25,087
Additional paid-in capital		20,698			17,270
Retained earnings		57,611			54,738
Accumulated other comprehensive loss		(2,156	)		(707	)
Total liabilities and stockholders' equity	$	104,592		$	96,406

	Years Ended December 31,
Statements of Operations	2018			2017
	(in thousands)
Income:
Dividends from subsidiaries	$	2,500		$	2,050
Other income		233			200
Total income		2,733			2,250

Expenses:
Salaries and benefits		453			445
Legal expenses		143			285
Service fees		166			210
Merger expenses		655			241
Other operating expenses		153			75
Total expenses		1,570			1,256
Income before income taxes and equity in undistributed net income of subsidiaries		1,163			994
Income tax benefit		(143	)		(360	)
		1,306			1,354
Equity in undistributed net income (loss) of subsidiaries		3,613			(1,383	)
Net income (loss)	$	4,919		$	(29	)

	Years Ended December 31,
Statements of Cash Flows	2018			2017
	(in thousands)
Cash flows from operating activities:
Net income (loss)	$	4,919		$	(29	)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net (income) loss of subsidiaries		(3,613	)		1,383
Gain on sale of securities, net		(30	)		-
Stock compensation expense		11			17
Increase in other assets		(13	)		(34	)
Increase in other liabilities		18			10
Net cash provided by operating activities		1,292			1,347

Cash flows from investing activities:
Proceeds from sale of investment securities		227			-
Cash paid in acquisition		(3,164	)		-
Cash acquired in acquisition		2,304			-
Cash distributed to subsidiary		(2,304	)		-
Net cash used in investing activities		(2,937	)		-

Cash flows from financing activities:
Proceeds from sale of stock		87			1,107
Proceeds from borrowings		3,000			-
Repayment of borrowings		(450	)		-
Cash dividends paid on common stock		(2,262	)		(2,198	)
Net cash provided by (used in) financing activities		375			(1,091	)

Net increase (decrease) in cash and cash equivalents		(1,270	)		256
Cash and cash equivalents at beginning of year		2,622			2,366
Cash and cash equivalents at end of year	$	1,352		$	2,622

Supplemental schedule of noncash transactions:
Unrealized gain on securities available-for-sale	$	-		$	33