Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2020

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)	2020		2019
Assets
Cash and cash equivalents	$	1,203	$	1,399
Securities available-for-sale		-		-
Investment in common stock of subsidiaries		116,848		110,057
Other assets		507		308
Total assets	$	118,558	$	111,764

Liabilities and Stockholders’ Equity
Other borrowings	$	1,350	$	1,950
Other liability		63		58
Common stock		25,972		25,901
Additional paid-in capital		21,245		20,959
Retained earnings		65,859		62,975
Accumulated other comprehensive income (loss)		4,069		(79	)
Total liabilities and stockholders’ equity	$	118,558	$	111,764

Statements of Income	Years Ended December 31,
(dollars in thousands)	2020			2019
Income:
Dividends from subsidiary	$	3,425		$	3,500
Interest on investments		-			-
Other income		200			200
Total income		3,625			3,700

Expenses:
Salary and benefits		669			477
Legal expenses		108			101
Service fees		135			200
Other operating expenses		148			163
Total expenses		1,060			941
Income before income taxes and equity in undistributed net income of subsidiaries		2,565			2,759
Income tax benefit		(180	)		(155	)
		2,745			2,914
Equity in undistributed net income of subsidiaries		2,644			4,946
Net income	$	5,389		$	7,860

Statements of Cash Flows	Years Ended December 31,
(dollars in thousands)	2020			2019
Cash flows from operating activities:
Net income	$	5,389		$	7,860
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(2,644	)		(4,946	)
Gain on sale of securities, net		-			-
Stock compensation expense		55			12
Increase in other assets		8			110
Increase in other liabilities		5			22
Net cash provided by operating activities		2,813			3,058

Cash flows from investing activities:
Proceeds from sale of investment securities		-			-
Cash paid in acquisition		-			-
Cash acquired in acquisition		-			-
Cash distributed to subsidiary		-			-
Net cash used in investing activities		-			-

Cash flows from financing activities:
Proceeds from sale of stock		96			85
Repayment of borrowings		(600	)		(600	)
Cash dividends paid on common stock		(2,505	)		(2,496	)
Net cash (used in) provided by financing activities		(3,009	)		(3,011	)

Net increase (decrease) in cash and cash equivalents		(196	)		47

Cash and cash equivalents at beginning of year		1,399			1,352
Cash and cash equivalents at end of year	$	1,203		$	1,399