Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Consideration Transferred, Assets Acquired, and Liabilities Assumed

The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):

	As Recorded by Citizens		Fair Value Adjustments			As Recorded by the Company
Consideration paid:
Cash						$	3,164
Old Point common stock							3,947
Total purchase price						$	7,111

Identifiable assets acquired:
Cash and cash equivalents	$	2,304	$	-		$	2,304
Securities available for sale		1,959		-			1,959
Restricted securities, at cost		278		-			278
Loans, net		42,824		(34	)		42,790
Premises and equipment		1,070		450			1,520
Other real estate owned		237		(61	)		176
Core deposit intangibles		-		440			440
Other assets		1,055		(116	)		939
Total assets	$	49,727	$	679		$	50,406

Identifiable liabilities assumed:
Deposits	$	43,754	$	246		$	44,000
Other liabilities		324		-			324
Total liabilities	$	44,078	$	246		$	44,324

Net assets acquired						$	6,082
Goodwill						$	1,029

Purchased Credit-impaired Loans Receivable

The following table presents the purchased credit-impaired loans receivable at the acquisition date (dollars in thousands):

Contractually required principal and interest payments	$	1,031
Nonaccretable difference		(211	)
Cash flows expected to be collected		820
Accretable yield		(110	)
Fair value of purchased credit-impaired loans	$	710

Amortization and Accretion of Premiums and Discounts

The amortization and accretion of premiums and discounts associated with the Company's acquisition accounting adjustments related to the Citizens acquisition had the following impact on the Consolidated Statements of Operations

	Years ended December 31,
	2019			2018
Purchased performing loans	$	142		$	181
Purchased credit-impaired loans		12			77
Certificate of deposit valuation		129			116
Amortization of core deposit intangible		(44	)		(33	)
Net impact to income before taxes	$	239		$	341