Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2019

Condensed Financial Statements of Parent Company [Abstract]

Condensed Financial Statements of Parent Company

NOTE 20, Condensed Financial Statements of Parent Company

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

Balance Sheets	December 31,
(dollars in thousands)	2019			2018
Assets
Cash and cash equivalents	$	1,399		$	1,352
Securities available-for-sale		-			-
Investment in common stock of subsidiaries		110,057			103,035
Other assets		308			205
Total assets	$	111,764		$	104,592
Liabilities and Stockholders' Equity
Other borrowings	$	1,950		$	2,550
Other liability		58			36
Common stock		25,901			25,853
Additional paid-in capital		20,959			20,698
Retained earnings		62,975			57,611
Accumulated other comprehensive loss		(79	)		(2,156	)
Total liabilities and stockholders' equity	$	111,764		$	104,592

Statements of Income	Years Ended December 31,
(dollars in thousands)	2019			2018
Income:
Dividends from subsidiary	$	3,500		$	2,500
Interest on investments		-			-
Other income		200			233
Total income		3,700			2,733
Expenses:
Salary and benefits		477			453
Legal expenses		101			143
Service fees		200			166
Merger expenses		-			655
Other operating expenses		163			153
Total expenses		941			1,570
Income before income taxes and equity in undistributed net income of subsidiaries		2,759			1,163
Income tax benefit		(155	)		(143	)
		2,914			1,306
Equity in undistributed net income of subsidiaries		4,946			3,613
Net income	$	7,860		$	4,919

Statements of Cash Flows	Years Ended December 31,
(dollars in thousands)	2019			2018
Cash flows from operating activities:
Net income	$	7,860		$	4,919
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(4,946	)		(3,613	)
Gain on sale of securities, net		-			(30	)
Stock compensation expense		12			11
Increase in other assets		110			(13	)
Increase in other liabilities		22			18
Net cash provided by operating activities		3,058			1,292
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		85			87
Proceeds from borrowings		-			3,000
Repayment of borrowings		(600	)		(450	)
Cash dividends paid on common stock		(2,496	)		(2,262	)
Net cash (used in) provided by financing activities		(3,011	)		375
Net increase (decrease) in cash and cash equivalents		47			(1,270	)
Cash and cash equivalents at beginning of year		1,352			2,622
Cash and cash equivalents at end of year	$	1,399		$	1,352