Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2024

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

Balance Sheets	December 31,
(dollars in thousands)	2024			2023
Assets
Cash and cash equivalents	$	5,018		$	3,977
Investment in common stock of subsidiaries		140,789			131,219
Other assets		565			1,808
Total assets	$	146,372		$	137,004

Liabilities and Stockholders’ Equity
Other borrowings	$	31,804		$	29,668
Other liabilities		598			558
Common stock		25,062			24,932
Additional paid-in capital		17,548			17,099
Retained earnings		88,492			82,277
Accumulated other comprehensive loss		(17,132	)		(17,530	)
Total liabilities and stockholders’ equity	$	146,372		$	137,004

Statements of Income	Years Ended December 31,
(dollars in thousands)	2024			2023
Income:
Dividends from subsidiary	$	4,075		$	3,000
Other income		200			200
Total income		4,275			3,200

Expenses:
Salary and benefits		813			765
Subordinated debt interest expense		1,181			1,181
Legal expenses		178			174
Service fees		158			146
Other operating expenses		85			129
Total expenses		2,415			2,395
Income before income tax benefit and equity in undistributed net income of subsidiaries		1,860			805
Income tax benefit		(450	)		(463	)
		2,310			1,268
Equity in undistributed net income of subsidiaries		7,198			6,462
Net income	$	9,508		$	7,730

Statements of Cash Flows	Years Ended December 31,
(dollars in thousands)	2024			2023
Cash flows from operating activities:
Net income	$	9,508		$	7,730
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(7,198	)		(6,462	)
Amortization of subordinated debt issuance costs		131			130
Stock compensation expense		51			46
Increase in other assets		(775	)		(17	)
Increase (decrease) in other liabilities		40			(19	)
Net cash provided by operating activities		1,757			1,408

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		117			131
Proceeds from borrowings		2,005			-
Cash dividends paid on common stock		(2,838	)		(2,817	)
Net cash used in financing activities		(716	)		(2,686	)

Net increase (decrease) in cash and cash equivalents		1,041			(8,278	)

Cash and cash equivalents at beginning of year		3,977			12,255
Cash and cash equivalents at end of year	$	5,018		$	3,977