| Unaudited | ||||||||
|---|---|---|---|---|---|---|---|---|
| Old Point Financial Corporation | ||||||||
| Consolidated Balance Sheet | ||||||||
| Dollars in thousands, except per share data | ||||||||
| Assets | 31-Dec-03 | 31-Dec-02 | ||||||
| Cash and due from banks | $ | 18,384 | $ | 14,437 | ||||
| Investments: | ||||||||
| Securities available for sale, at market | 172,860 | 128,488 | ||||||
| Securities to be held to maturity | 12,389 | 27,516 | ||||||
| Trading Account Securities | 0 | 0 | ||||||
| Federal Funds Sold | 14,969 | 8,710 | ||||||
| Loans (total) | 405,111 | 377,961 | ||||||
| Less reserve for loan losses | 4,833 | 4,565 | ||||||
| Net loans | 400,278 | 373,396 | ||||||
| Bank Premises and Equipment | 14,163 | 13,280 | ||||||
| Other Real Estate Owned | 165 | 830 | ||||||
| Other Assets | 12,235 | 9,966 | ||||||
| Total Assets | $ | 645,443 | $ | 576,623 | ||||
| Liabilities | 31-Dec-03 | 31-Dec-02 | ||||||
|---|---|---|---|---|---|---|---|---|
| Noninterest-bearing deposits | $ | 114,101 | $ | 90,621 | ||||
| Savings deposits | 179,668 | 159,077 | ||||||
| Time Deposits | 196,653 | 204,354 | ||||||
| Total Deposits | 490,422 | 454,052 | ||||||
| Federal funds purchased and securities sold | 38,007 | 21,283 | ||||||
| under agreement to repurchase | ||||||||
| Federal Home Loan Bank Advances | 50,000 | 35,000 | ||||||
| Interest-bearing demand notes issued to the | 1,811 | 6,000 | ||||||
| United States Treasury and other liabilities | ||||||||
| for borrowed money | ||||||||
| Other liabilities | 2,376 | 2,172 | ||||||
| Total Liabilities | 582,616 | 518,507 | ||||||
| Stockholders' Equity | ||||||||
| Common stock, $5.00 par value | 19,880 | 19,684 | ||||||
| 2003 2002 | ||||||||
| Shares Authorized 10,000,000 10,000,000 | ||||||||
| Shares Outstanding 3,976,019 3,936,720 | ||||||||
| Surplus | 12,433 | 11,165 | ||||||
| Undivided profits | 30,246 | 25,598 | ||||||
| Accumulated other comprehensive income (loss) | 268 | 1,669 | ||||||
| Total stockholders' equity | 62,827 | 58,116 | ||||||
| Total liabilities and stockholders' equity | $ | 645,443 | $ | 576,623 | ||||
| Old Point Financial Corporation | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Statements of Earnings | ||||||||||||||
| Interest Income | 3 Mos Ended | 3 Mos Ended | 12 Mos Ended | 12 Mos Ended | ||||||||||
| 31-Dec-03 | 31-Dec-02 | 31-Dec-03 | 31-Dec-02 | |||||||||||
| Interest and Fees on loans | $ | 6,479 | $ | 6,889 | $ | 26,459 | $ | 27,247 | ||||||
| Interest on federal funds sold | 47 | 84 | 165 | 250 | ||||||||||
| Interest on securities | ||||||||||||||
| Taxable | 1,176 | 1,045 | 4,368 | 4,279 | ||||||||||
| Exempt from Federal income tax | 517 | 575 | 2,175 | 2,337 | ||||||||||
| Total interest on securities | 1,693 | 1,620 | 6,543 | 6,616 | ||||||||||
| Interest on trading account | 0 | 0 | 0 | 0 | ||||||||||
| Total interest income | 8,219 | 8,593 | 33,167 | 34,113 | ||||||||||
| Interest Expense | ||||||||||||||
| Interest on savings deposits | 237 | 356 | 1,057 | 1,590 | ||||||||||
| Interest on time deposits | 1,386 | 1,885 | 6,301 | 8,298 | ||||||||||
| Interest on federal funds purchased and | 54 | 84 | 224 | 382 | ||||||||||
| securities sold under agreement to repurchase | ||||||||||||||
| Interest on Federal Home Loan Bank advances | 543 | 456 | 2,054 | 1,656 | ||||||||||
| Interest on demands notes (note balances) | (5) | 7 | 7 | 31 | ||||||||||
| issued to the United States Treasury and on | ||||||||||||||
| other borrowed money | ||||||||||||||
| Total Interest expense | 2,215 | 2,788 | 9,643 | 11,957 | ||||||||||
| Net Interest Income | 6,004 | 5,805 | 23,524 | 22,156 | ||||||||||
| Provision for loan losses | 100 | 400 | 1,000 | 1,700 | ||||||||||
| Net interest income after provision for loan | 5,904 | 5,405 | 22,524 | 20,456 | ||||||||||
| losses | ||||||||||||||
| Other Income | ||||||||||||||
| Income from fiduciary activities | 551 | 523 | 2,223 | 2,223 | ||||||||||
| Service charges on demand deposits | 755 | 729 | 2,942 | 2,880 | ||||||||||
| Other service charges, commissions and fees | 312 | 267 | 1,263 | 1,083 | ||||||||||
| Other operating income | 202 | 323 | 980 | 942 | ||||||||||
| Security gains(losses) | 15 | 2 | 60 | 14 | ||||||||||
| Trading account income | 0 | 0 | 0 | 0 | ||||||||||
| Total Other income | 1,835 | 1,844 | 7,468 | 7,142 | ||||||||||
| Other Expenses | ||||||||||||||
| Salaries and employee benefits | 3,146 | 2,972 | 12,109 | 11,077 | ||||||||||
| Occupancy expense of bank premises | 345 | 303 | 1,265 | 1,157 | ||||||||||
| Furniture and equipment expense | 429 | 425 | 1,658 | 1,654 | ||||||||||
| Other operating expenses | 1,201 | 1,132 | 4,564 | 4,403 | ||||||||||
| Total other expenses | 5,121 | 4,832 | 19,596 | 18,291 | ||||||||||
| Income before taxes | 2,618 | 2,416 | 10,396 | 9,307 | ||||||||||
| Applicable income taxes | 651 | 565 | 2,571 | 2,256 | ||||||||||
| Net Income | 1,967 | 1,851 | 7,825 | 7,051 | ||||||||||
| Per Share | ||||||||||||||
| Based on weighted average number of common | 3,973,279 | 3,929,513 | 3,959,396 | 3,914,431 | ||||||||||
| shares outstanding | ||||||||||||||
| Basic Earnings per share | $ | 0.50 | $ | 0.47 | $ | 1.98 | $ | 1.80 | ||||||
| Diluted Earnings per share | $ | 0.48 | $ | 0.46 | $ | 1.92 | $ | 1.77 | ||||||
| Cash Dividends Declared | $ | 0.15 | $ | 0.12 | $ | 0.54 | $ | 0.45 | ||||||