Old Point Financial (OPOF) - 2024 Q3 - Quarterly Results

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]