Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2021

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:

Balance Sheets	December 31,
(dollars in thousands)	2021		2020
Assets
Cash and cash equivalents	$	20,012	$	1,203
Securities available-for-sale		-		-
Investment in common stock of subsidiaries		130,123		116,848
Other assets		808		507
Total assets	$	150,943	$	118,558
Liabilities and Stockholders’ Equity
Other borrowings	$	29,407	$	1,350
Other liability		718		63
Common stock		26,006		25,972
Additional paid-in capital		21,458		21,245
Retained earnings		71,679		65,859
Accumulated other comprehensive income (loss)		1,675		4,069
Total liabilities and stockholders’ equity	$	150,943	$	118,558

Statements of Income	Years Ended December 31,
(dollars in thousands)	2021			2020
Income:
Dividends from subsidiary	$	3,975		$	3,425
Other income		201			200
Total income		4,176			3,625
Expenses:
Salary and benefits		667			669
Subordinated debt		549			-
Legal expenses		274			108
Service fees		146			135
Other operating expenses		87			148
Total expenses		1,723			1,060
Income before income taxes and equity in
undistributed net income of subsidiaries		2,453			2,565
Income tax benefit		(319	)		(180	)
		2,772			2,745
Equity in undistributed net income of subsidiaries		5,668			2,644
Net income	$	8,440		$	5,389

Statements of Cash Flows	Years Ended December 31,
(dollars in thousands)	2021			2020
Cash flows from operating activities:
Net income	$	8,440		$	5,389
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in undistributed net income of subsidiaries		(5,668	)		(2,644	)
Amortization of subordinated debt issuance costs		60			-
Stock compensation expense		32			55
(Decrease) increase in other assets		(40	)		8
Increase in other liabilities		655			5
Net cash provided by operating activities		3,479			2,813
Cash flows from investing activities:
Cash distributed to subsidiary		(10,000	)		-
Net cash used in investing activities		(10,000	)		-
Cash flows from financing activities:
Proceeds from sale of stock		103			96
Proceeds from borrowings		29,347			-
Repayment of borrowings		(1,350	)		(600	)
Repurchase and retirement of common stock		(150	)		-
Cash dividends paid on common stock		(2,620	)		(2,505	)
Net cash provided by (used in) financing activities		25,330			(3,009	)
Net increase (decrease) in cash and cash equivalents		18,809			(196	)
Cash and cash equivalents at beginning of year		1,203			1,399
Cash and cash equivalents at end of year	$	20,012		$	1,203