Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Statements of Parent Company [Abstract]

Condensed Financial Statements of Parent Company

Note 17. 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)	2023			2022
Assets
Cash and cash equivalents	$	3,977		$	12,255
Investment in common stock of subsidiaries		131,219			115,303
Other assets		1,808			1,291
Total assets	$	137,004		$	128,849
Liabilities and Stockholders’ Equity
Other borrowings	$	29,668		$	29,538
Other liability		558			577
Common stock		24,932			24,761
Additional paid-in capital		17,099			16,593
Retained earnings		82,277			78,147
Accumulated other comprehensive loss		(17,530	)		(20,767	)
Total liabilities and stockholders’ equity	$	137,004		$	128,849

Statements of Income	Years Ended December 31,
(dollars in thousands)	2023			2022
Income:
Dividends from subsidiary	$	3,000		$	3,250
Other income		200			200
Total income		3,200			3,450
Expenses:
Salary and benefits		765			691
Subordinated debt		1,181			1,181
Legal expenses		174			298
Service fees		146			142
Other operating expenses		129			122
Total expenses		2,395			2,434
Income before income taxes and equity in undistributed net income of subsidiaries		805			1,016
Income tax benefit		(463	)		(469	)
		1,268			1,485
Equity in undistributed net income of subsidiaries		6,462			7,623
Net income	$	7,730		$	9,108

Statements of Cash Flows	Years Ended December 31,
(dollars in thousands)	2023			2022
Cash flows from operating activities:
Net income	$	7,730		$	9,108
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(6,462	)		(7,623	)
Amortization of subordinated debt issuance costs		130			131
Stock compensation expense		46			37
Increase in other assets		(17	)		(104	)
Decrease in other liabilities		(19	)		(140	)
Net cash provided by operating activities		1,408			1,409
Cash flows from investing activities:
Cash distributed to subsidiary		(7,000	)		-
Net cash used in investing activities		(7,000	)		-
Cash flows from financing activities:
Proceeds from sale of stock		131			129
Repurchase and retirement of common stock		-			(6,655	)
Cash dividends paid on common stock		(2,817	)		(2,640	)
Net cash used in financing activities		(2,686	)		(9,166	)
Net decrease in cash and cash equivalents		(8,278	)		(7,757	)
Cash and cash equivalents at beginning of year		12,255			20,012
Cash and cash equivalents at end of year	$	3,977		$	12,255