Old Point Financial (OPOF)

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OLD POINT ANNOUNCES APPOINTMENT OF CATHY W. LILES AS CHIEF FINANCIAL OFFICER
Prnewswire· 2024-11-08 21:22
Core Points - Cathy W. Liles has been appointed as Senior Vice President and Chief Financial Officer of Old Point Financial Corporation and Executive Vice President and Chief Financial Officer of Old Point National Bank, having served as Interim CFO since July 2024 [1] - The appointment reflects the company's commitment to excellence and growth strategies, with Liles receiving full confidence from the Board of Directors [1] Company Background - Old Point Financial Corporation (NASDAQ: OPOF) is the parent company of Old Point National Bank and Old Point Wealth Management, serving the Hampton Roads and Richmond regions of Virginia [3] - Old Point National Bank is a locally owned community bank offering a wide range of financial services, including checking, insurance, mortgage products, and commercial lending [3] - Old Point Wealth Management is the largest wealth management services provider headquartered in Hampton Roads, Virginia, providing local asset management by experienced professionals [3] Executive Background - Cathy Liles joined Old Point in May 2024 as Senior Vice President and Chief Accounting Officer, previously holding positions at American National Bankshares Inc. and Carter Bank & Trust [2] - Liles is a Certified Public Accountant with a B.S. in Accounting from Belmont Abby College in North Carolina and is a member of the Virginia Bankers Association's CFO Committee [2]
Old Point Financial (OPOF) - 2024 Q3 - Quarterly Results
2024-10-24 20:30
Financial Performance - Net income for Q3 2024 was $2.4 million, a decrease of $147 thousand or 5.8% from Q2 2024, but an increase of $1.0 million or 74.9% from Q3 2023[1][4] - Net income for Q3 2024 was $2,382,000, representing a 75% increase from $1,362,000 in Q3 2023[32] - Basic earnings per share for Q3 2024 were $0.47, compared to $0.27 in Q3 2023, marking a significant increase of 74.1%[32] - Return on average equity (ROE) was 8.39% for Q3 2024, down from 9.43% in Q2 2024, but up from 5.25% in Q3 2023[4] - Return on average assets (ROA) improved to 0.64% for the nine months ended September 30, 2024, compared to 0.37% in 2023[36] - Return on average equity (ROE) rose to 8.39% for the nine months ended September 30, 2024, up from 5.25% in 2023[36] Assets and Liabilities - Total assets increased by $31.6 million or 2.2% to $1.5 billion as of September 30, 2024, while net loans held for investment decreased by $54.0 million or 5.1%[3][7] - Total assets increased to $1,478,009 thousand as of September 30, 2024, compared to $1,446,382 thousand at the end of 2023[29] - Total assets increased to $1,446,216 thousand as of September 30, 2024, compared to $1,418,646 thousand in 2023, reflecting a growth of 1.95%[35] - Total loans net amounted to $1,014,012 thousand as of September 30, 2024, down from $1,042,774 thousand in 2023, reflecting a decrease of 2.8%[36] Deposits - Total deposits rose by $52.4 million or 4.3% to $1.3 billion as of September 30, 2024, driven by increases in noninterest-bearing deposits and time deposits[3][8] - Total deposits increased to $1,282,786 thousand as of September 30, 2024, compared to $1,236,575 thousand in 2023, representing a growth of 3.73%[36] - Noninterest-bearing deposits increased to $353,118 thousand as of September 30, 2024, compared to $331,992 thousand at December 31, 2023, marking an increase of approximately 6.4%[30] Income and Expenses - Net interest income increased by $194 thousand or 1.6% to $12.3 million in Q3 2024 compared to Q2 2024, and by $884 thousand or 7.7% compared to Q3 2023[5][13] - Total interest and dividend income for Q3 2024 was $18,520,000, an increase of 7.7% compared to $17,189,000 in Q3 2023[32] - Net interest income after provision for credit losses was $12,028,000 for Q3 2024, up from $10,921,000 in Q3 2023, reflecting a year-over-year increase of 10.1%[32] - Noninterest expense totaled $12.4 million in Q3 2024, a slight increase of $70 thousand from Q2 2024, but a decrease of $775 thousand or 2.0% compared to the same period in 2023[16] - Total noninterest expense decreased to $12,394,000 in Q3 2024 from $12,881,000 in Q3 2023, a reduction of 3.8%[32] - Noninterest income totaled $3,472,000 in Q3 2024, slightly down from $3,482,000 in Q3 2023, indicating a decrease of 0.3%[32] Capital and Equity - The Tier 1 Capital ratio improved to 12.76% as of September 30, 2024, compared to 11.45% at December 31, 2023[9] - Total consolidated equity increased by $8.7 million to $115.457 million as of September 30, 2024, compared to December 31, 2023, primarily due to net income and lower unrealized losses in securities[18] - The book value per share of the Company's common stock was $22.74, while the tangible book value per share (non-GAAP) was $22.38 as of September 30, 2024[20] - Tangible Stockholders Equity (non-GAAP) increased to $113,653,000 in Q3 2024 from $97,678,000 in Q3 2023, a growth of 16.3%[37] - Book value per share rose to $22.74 in Q3 2024, compared to $19.75 in Q3 2023, marking an increase of 15.1%[37] Credit Quality - The provision for credit losses was $282 thousand in Q3 2024, compared to $261 thousand in Q2 2024 and $505 thousand in Q3 2023[12] - Non-performing assets increased to $2.7 million or 0.18% of total assets as of September 30, 2024, up from $2.0 million or 0.14% in Q2 2024[6][11] - The provision for credit losses was $282,000 in Q3 2024, down from $505,000 in Q3 2023, indicating a decrease of 44.3%[32] - Non-performing assets (NPAs) as a percentage of total assets was 0.18% as of September 30, 2024, compared to 0.19% in 2023, showing a slight improvement[36] Operational Efficiency - The efficiency ratio improved to 78.53% for the nine months ended September 30, 2024, down from 86.40% in 2023, indicating enhanced operational efficiency[36] - Efficiency ratio for Q3 2024 improved to 78.53%, down from 86.40% in Q3 2023, indicating better cost management[37] Forward-Looking Statements - Forward-looking statements indicate potential impacts from economic uncertainties, interest rate changes, and regulatory actions on future performance[22]
Old Point Releases Third Quarter 2024 Results
Prnewswire· 2024-10-24 20:15
Core Viewpoint - Old Point Financial Corporation reported a net income of $2.4 million for Q3 2024, a slight decrease from Q2 2024 but a significant increase from Q3 2023, indicating strong financial performance despite economic uncertainties [1][2]. Financial Performance - Net income for Q3 2024 was $2.4 million, down from $2.5 million in Q2 2024 but up from $1.4 million in Q3 2023 [1]. - Diluted earnings per share for Q3 2024 were $0.47, compared to $0.50 in Q2 2024 and $0.27 in Q3 2023 [1][28]. - For the nine months ended September 30, 2024, net income was $6.6 million, compared to $6.2 million for the same period in 2023 [1]. Balance Sheet and Asset Quality - Total assets increased to $1.5 billion as of September 30, 2024, up by $31.6 million or 2.2% from December 31, 2023 [3][4]. - Net loans held for investment decreased to $1.0 billion, down $54.0 million or 5.1% from December 31, 2023 [3][4]. - Total deposits rose to $1.3 billion, an increase of $52.4 million or 4.3% from December 31, 2023 [5]. Profitability Metrics - Return on average equity (ROE) was 8.39% for Q3 2024, down from 9.43% in Q2 2024 but up from 5.25% in Q3 2023 [3]. - Return on average assets (ROA) was 0.64% for Q3 2024, compared to 0.71% in Q2 2024 and 0.37% in Q3 2023 [3]. Net Interest Income and Margin - Net interest income for Q3 2024 was $12.3 million, an increase of $194 thousand or 1.6% from Q2 2024 and $884 thousand or 7.7% from Q3 2023 [9]. - Net interest margin (NIM) was 3.56% for Q3 2024, down from 3.62% in Q2 2024 but up from 3.33% in Q3 2023 [10]. Noninterest Income and Expense - Total noninterest income was $3.5 million for Q3 2024, unchanged from Q2 2024 and slightly down from Q3 2023 [12]. - Noninterest expense totaled $12.4 million for Q3 2024, a slight increase from $12.3 million in Q2 2024 but a decrease from $12.9 million in Q3 2023 [13]. Capital Management - The Company declared a dividend of $0.14 per share for Q3 2024, consistent with Q3 2023, representing a payout ratio of 29.8% of earnings per share [14]. - Total stockholders' equity increased to $115.5 million as of September 30, 2024, up $8.7 million or 8.1% from December 31, 2023 [6].
Old Point Financial (OPOF) - 2024 Q2 - Quarterly Report
2024-08-14 20:26
Financial Performance - Consolidated net income for the second quarter of 2024 was $2.5 million, an increase of $727 thousand or 40.3% compared to $1.8 million in the second quarter of 2023[94]. - Return on average equity (ROE) was 9.4% for the second quarter of 2024, up from 7.0% for the same period in 2023[97]. - Net interest income for the second quarter of 2024 was $12.1 million, an increase of $17 thousand or 0.1% from the second quarter of 2023[98]. - Total noninterest income for Q2 2024 was $3.5 million, a slight decrease of $6 thousand compared to Q2 2023, primarily due to lower mortgage banking income[129]. - Noninterest expense decreased to $12.3 million in Q2 2024 from $13.1 million in Q2 2023, primarily due to a 12% reduction in employee headcount[130]. - The efficiency ratio improved to 79.07% for the three months ended June 30, 2024, compared to 84.41% for the same period in 2023[177]. Asset and Loan Management - Total assets decreased by $23.0 million or 1.6% from December 31, 2023, totaling $1.4 billion as of June 30, 2024[95]. - Net loans held for investment were $1.0 billion at June 30, 2024, a decrease of $25.3 million or 2.4% from December 31, 2023[95]. - Average loans decreased by $26.8 million, or 2.5%, in Q2 2024 compared to Q2 2023, and by $3.0 million, or 0.3%, for the first six months of 2024 compared to the same period in 2023[114]. - The company's loan portfolio totaled $1.054 billion as of June 30, 2024, with a notable decrease in commercial and industrial loans by $7.5 million[141]. - As of June 30, 2024, total loans decreased to $1,054.6 million from $1,080.3 million as of December 31, 2023, representing a decline of 2.4%[146]. Deposits and Funding - Total deposits increased by $6.2 million or 0.5% from December 31, 2023[97]. - Total deposits increased to $1.2 billion, up $6.2 million or 0.5% from December 31, 2023[155]. - Average interest-bearing deposits in other banks increased by $72.2 million in Q2 2024 and $61.8 million for the first six months of 2024 compared to the respective periods in 2023[116]. - FHLB advances decreased from $69.5 million at December 31, 2023, to $39.6 million as of June 30, 2024, indicating a reduction in reliance on borrowed funds[133]. Credit Quality and Losses - Provision for credit losses for Q2 2024 was $261 thousand, a decrease from $361 thousand in Q2 2023, indicating improved credit quality[126]. - Charged-off loans totaled $977 thousand for the first six months of 2024, compared to $754 thousand in the same period of 2023, indicating an increase in loan defaults[126]. - The allowance for credit losses (ACL) decreased to $12.1 million from $12.4 million, a decline of 2.4%[148]. - Nonperforming assets increased by $516 thousand to $2.0 million or 0.14% of total assets at June 30, 2024, compared to 0.10% at June 30, 2023[98]. - Total nonperforming assets decreased to $1.96 million from $2.18 million, a reduction of 10.3%[146]. Capital and Liquidity - Total stockholders' equity as of June 30, 2024, was $110.0 million, reflecting a 3.0% increase from $106.8 million on December 31, 2023[159]. - The Common Equity Tier 1 Capital to Risk-Weighted Assets ratio was 12.07%, significantly above the regulatory minimum of 4.5%[165]. - The Company reported a Total Capital to Risk-Weighted Assets ratio of 13.09% as of June 30, 2024, exceeding the minimum requirement of 8.0%[165]. - The liquidity coverage ratio was 771.4%, indicating strong liquidity management relative to outstanding commitments[171]. Market Risks and Economic Conditions - The Company is exposed to significant risks including changes in interest rates, inflation, and economic conditions, which could adversely affect operations and future prospects[180]. - The Company anticipates a marginal decrease in net interest income under various interest rate scenarios, with a projected decrease of 5.27% for a +300 basis points change[189]. - The estimated change in net economic value of equity is projected to increase by 5.68% for a +300 basis points change in the yield curve[191]. - The Company maintains a rates neutral interest sensitivity position as of June 30, 2024, with no predictions on the direction or magnitude of future rates[187]. Regulatory and Compliance - The Company did not opt into the Community Bank Leverage Ratio framework, which could have simplified capital adequacy requirements[163]. - The Company has not experienced any changes in internal control over financial reporting that materially affect its financial reporting as of June 30, 2024[196]. - The Company is involved in various legal proceedings, but management believes these will not have a material adverse effect on its consolidated financial position[197].
Old Point Financial (OPOF) - 2024 Q2 - Quarterly Results
2024-07-25 20:45
Financial Performance - Net income for Q2 2024 was $2.5 million, a 47.3% increase from $1.7 million in Q1 2024 and a 40.3% increase from $1.8 million in Q2 2023[2][11] - Total interest and dividend income for Q2 2024 was $18,118,000, an increase of 4.24% from $17,383,000 in Q1 2024 and up 10.66% from $16,347,000 in Q2 2023[33] - Net interest income after provision for credit losses for Q2 2024 was $11,855,000, compared to $11,460,000 in Q1 2024, reflecting a 3.44% increase[33] - Noninterest income totaled $3,471,000 in Q2 2024, up from $3,222,000 in Q1 2024, marking an increase of 7.71%[33] - Basic earnings per share for Q2 2024 was $0.50, up from $0.34 in Q1 2024 and $0.36 in Q2 2023[33] - Net income for Q2 2024 was $2,529,000, representing a 47.24% increase from $1,717,000 in Q1 2024 and a 40.36% increase from $1,802,000 in Q2 2023[33] - Return on average assets (ROA) improved to 0.71% for the quarter ended June 30, 2024, compared to 0.48% in the previous quarter[38] - Earnings per common share (diluted) increased to $0.50 for the quarter ended June 30, 2024, compared to $0.34 for the previous quarter and $0.36 for the same quarter in 2023[38] Assets and Liabilities - Total assets decreased by $23.0 million, or 1.6%, to $1.4 billion as of June 30, 2024, compared to December 31, 2023[6][8] - Total assets as of June 30, 2024, were $1,438,329,000, compared to $1,434,881,000 as of March 31, 2024[34] - Total assets as of June 30, 2024, were $1,423,354 thousand, a slight decrease from $1,445,489 thousand as of March 31, 2024[38] - Net loans held for investment decreased by $25.3 million, or 2.4%, to $1.0 billion as of June 30, 2024[6][8] - Total deposits increased by $6.2 million, or 0.5%, to $1.2 billion as of June 30, 2024[6][9] - Total deposits increased to $1,236,575 million as of June 30, 2024, compared to $1,230,397 million at the end of 2023[32] - Total deposits increased to $1,236,575 thousand as of June 30, 2024, compared to $1,228,269 thousand as of March 31, 2024[38] Expenses and Efficiency - Noninterest expense decreased to $12.3 million in Q2 2024 from $12.7 million in Q1 2024 and $13.1 million in Q2 2023[19] - Total noninterest expense decreased to $12,324,000 in Q2 2024 from $12,703,000 in Q1 2024, a reduction of 2.97%[33] - The efficiency ratio for the six months ended June 30, 2024, was 82.46%, compared to 79.58% for the same period in 2023[39] - The company expects cost-saving initiatives to reduce noninterest expenses by approximately $5.0 million annually once fully implemented[4] Capital and Dividends - The Company declared a dividend of $0.14 per share for Q2 2024, maintaining a payout ratio of 28.0% of earnings per share[20] - Total consolidated equity increased by $3.2 million to $109.996 million as of June 30, 2024, compared to December 31, 2023, primarily due to net income and lower unrealized losses[21] - The book value per share of the Company's common stock was $21.66, with a tangible book value per share of $21.30 as of June 30, 2024[23] - Book value per share increased to $21.66 as of June 30, 2024, compared to $21.35 as of March 31, 2024[39] Risk and Uncertainty - The Company is subject to significant risks and uncertainties, including changes in interest rates, economic conditions, and competition in the financial services market[27] - The Company does not intend to update forward-looking statements unless required by law, emphasizing the uncertainty of future results[28] Credit Quality - The allowance for credit losses was $12.1 million as of June 30, 2024, with a ratio of 1.12% of loans held for investment[13] - The allowance for credit losses on loans was 1.12% of total loans as of June 30, 2024, unchanged from the previous quarter[38] - Non-performing assets (NPAs) decreased to $1,959 thousand as of June 30, 2024, down from $2,152 thousand in the previous quarter[38] Liquidity - Liquidity totaled $403.8 million, representing 28.4% of total assets as of June 30, 2024, compared to 23.7% as of December 31, 2023[11]
Old Point Releases Second Quarter 2024 Results
Prnewswire· 2024-07-25 20:30
Core Viewpoint - Old Point Financial Corporation reported improved financial performance in Q2 2024, with net income of $2.5 million, marking a significant increase from both the previous quarter and the same quarter last year. The company also highlighted strong asset quality and growth in core deposits despite a slowdown in loan growth [1][2]. Financial Performance - Net income for Q2 2024 was $2.5 million, up 47.3% from $1.7 million in Q1 2024 and up 40.3% from $1.8 million in Q2 2023 [1][10]. - Diluted earnings per share increased to $0.50 in Q2 2024 from $0.34 in Q1 2024 and $0.36 in Q2 2023 [1][10]. - Year-to-date net income for the first half of 2024 was $4.2 million, compared to $4.9 million for the same period in 2023 [1]. Balance Sheet and Asset Quality - Total assets decreased by $23 million, or 1.6%, to $1.4 billion as of June 30, 2024, compared to December 31, 2023 [1][9]. - Net loans held for investment decreased by $25.3 million, or 2.4%, to $1.0 billion [1][9]. - Total deposits increased by $6.2 million, or 0.5%, to $1.2 billion [1][9]. - Non-performing assets totaled $2.0 million, representing 0.14% of total assets, a decrease from 0.15% in Q1 2024 [1][2]. Net Interest Income and Margin - Net interest income for Q2 2024 was $12.1 million, an increase of $576 thousand, or 5.0%, from Q1 2024 [3][10]. - The net interest margin (NIM) was 3.62% for Q2 2024, up from 3.45% in Q1 2024 but down from 3.67% in Q2 2023 [3][10]. Noninterest Income and Expense - Total noninterest income was $3.5 million for Q2 2024, an increase from $3.2 million in Q1 2024 [4][10]. - Noninterest expense decreased to $12.3 million in Q2 2024 from $12.7 million in Q1 2024 and $13.1 million in Q2 2023 [5][10]. Capital Management - The company declared a dividend of $0.14 per share for Q2 2024, consistent with the same quarter in 2023, representing a payout ratio of 28.0% [5][10]. - Total stockholders' equity increased by $3.2 million to $110.0 million as of June 30, 2024, primarily due to net income and lower unrealized losses in securities [5][10].
Old Point Financial Corporation Announces Quarterly Dividend
prnewswire.com· 2024-05-22 20:30
Group 1 - Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock, to be paid on June 28, 2024, to shareholders of record as of June 5, 2024 [1] - The dividend amount remains the same as the prior quarter's dividend, and based on the stock's closing price of $14.81 on May 21, 2024, the annual dividend yield is approximately 3.8% [1] Group 2 - Old Point Financial Corporation (Nasdaq: OPOF) is the parent company of Old Point National Bank and Old Point Wealth Management, serving the Hampton Roads and Richmond regions of Virginia [2] - Old Point National Bank is a locally owned community bank offering a wide range of financial services, including checking, insurance, mortgage products, and comprehensive commercial lending [2] - Old Point Wealth Management is the largest wealth management services provider headquartered in Hampton Roads, Virginia, providing local asset management by experienced professionals [2]
Old Point Financial (OPOF) - 2024 Q1 - Quarterly Report
2024-05-14 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from____________ to___________ Commission File Number: 000-12896 OLD POINT FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) (State or o ...
Old Point Financial (OPOF) - 2024 Q1 - Quarterly Results
2024-04-30 20:10
Exhibit 99.1 Old Point Releases First Quarter 2024 Results Hampton, VA, April 30, 2024 (PRNewswire) – Old Point Financial Corporation (the "Company" or "Old Point") (NASDAQ "OPOF") reported net income of $1.7 million and diluted earnings per common share of $0.34 for the first quarter of 2024 compared to net income of $1.5 million and diluted earnings per common share of $0.29 for the fourth quarter of 2023, and net income of $3.1 million and diluted earnings per common share of $0.62 for the first quarter ...
Old Point Releases First Quarter 2024 Results
Prnewswire· 2024-04-30 18:48
HAMPTON, Va., April 30, 2024 /PRNewswire/ -- Old Point Financial Corporation (the "Company" or "Old Point") (NASDAQ "OPOF") reported net income of $1.7 million and diluted earnings per common share of $0.34 for the first quarter of 2024 compared to net income of $1.5 million and diluted earnings per common share of $0.29 for the fourth quarter of 2023, and net income of $3.1 million and diluted earnings per common share of $0.62 for the first quarter of 2023. Robert Shuford, Jr., Chairman, President and CEO ...