Old Point Financial (OPOF) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $2.9 million, a 20.9% increase from Q3 2024 and a 94.2% increase from Q4 2023[2] - Net income for the twelve months ended December 31, 2024, was $9,508,000, representing a 23.0% increase from $7,730,000 in the previous year[31] - Basic earnings per share for Q4 2024 was $0.57, up from $0.47 in Q3 2024 and $0.29 in Q4 2023, indicating a significant year-over-year growth of 96.6%[31] - Earnings per common share, diluted, increased to $0.57 in Q4 2024 from $0.47 in Q3 2024 and $0.29 in Q4 2023[35] Assets and Liabilities - Total assets reached $1.5 billion, a 0.3% increase from December 31, 2023[3] - Total assets as of December 31, 2024, were $1,478,544,000, an increase from $1,465,230,000 at the end of Q3 2024[32] - Total assets increased to $1,454,342 thousand in 2024 from $1,429,051 thousand in 2023, indicating a growth of approximately 1.6%[33] - Net loans held for investment decreased by $69.3 million, or 6.5%, from December 31, 2023, totaling $998.7 million[3] - The Company reported $998.71 million in net loans as of December 31, 2024, down from $1,068.05 million in 2023[29] Deposits and Equity - Total deposits increased by $24.5 million, or 2.0%, from December 31, 2023, reaching $1.3 billion[6] - Total deposits increased to $1,254.91 million as of December 31, 2024, up from $1,230.40 million in 2023[30] - The Company's total stockholders' equity increased by $7.2 million, or 6.7%, from December 31, 2023, to $114.0 million[7] - Total stockholders' equity as of December 31, 2024, was $113,970 thousand, up from $106,778 thousand in 2023, representing an increase of approximately 6.0%[36] Income and Expenses - Total interest and dividend income for Q4 2024 was $18,386,000, a slight decrease of 0.7% from $18,520,000 in Q3 2024, and an increase of 2.5% from $17,937,000 in Q4 2023[31] - Net interest income after provision for credit losses for Q4 2024 was $12,162,000, compared to $12,028,000 in Q3 2024 and $10,502,000 in Q4 2023, reflecting a year-over-year increase of 15.8%[31] - Noninterest income for Q4 2024 was $3.2 million, a decrease from $3.5 million in Q3 2024 and Q4 2023[15] - Total noninterest income for the twelve months ended December 31, 2024, was $13,409,000, slightly down from $13,873,000 in the previous year[31] - Total noninterest expense for the twelve months ended December 31, 2024, was $49,509,000, a decrease from $50,407,000 in the previous year[31] - Noninterest expense totaled $12.1 million for Q4 2024, a decrease from $12.4 million in Q3 2024 and $12.2 million in Q4 2023[16] Ratios and Margins - Return on average equity (ROE) was 9.96% for Q4 2024, up from 8.39% in Q3 2024 and 5.88% in Q4 2023[3] - The return on average assets (ROA) improved to 0.77% in Q4 2024 from 0.65% in Q3 2024, and 0.40% in Q4 2023[35] - The efficiency ratio for 2024 was reported at 78.01%, slightly improved from 78.53% in Q3 2024 and 79.53% in Q4 2023[35] - Net interest margin (NIM) for Q4 2024 was 3.52%, a decrease from 3.56% in Q3 2024 but an increase from 3.45% in Q4 2023[8] - The net interest margin for Q4 2024 was 3.53%, compared to 3.57% in Q3 2024 and 3.46% in Q4 2023[32] - The net interest margin (FTE) for 2024 was 3.55%, compared to 3.62% in 2023, indicating a slight decline[35] Credit Quality - Provision for credit losses was $90 thousand in Q4 2024, down from $282 thousand in Q3 2024 and $1.4 million in Q4 2023[10] - Non-performing assets (NPAs) as a percentage of total assets remained stable at 0.19% in Q4 2024, compared to 0.18% in Q3 2024 and 0.15% in Q4 2023[35] - The allowance for credit losses on loans was 1.13% of total loans as of December 31, 2024, consistent with the previous year[35] Dividends - For Q4 2024, the Company declared a dividend of $0.14 per share, maintaining a payout ratio of 24.7% of earnings per share[17] - Cash dividends declared per share remained consistent at $0.14 for both Q4 2024 and Q3 2024[31] - The Company continues to review cash dividends and payout ratios in light of economic conditions and future earnings expectations[17] Other Information - The Company emphasizes the importance of non-GAAP financial measures for understanding ongoing operations and enhancing comparability with prior periods[21] - The Company expects to recover investments in debt securities through scheduled payments of principal and interest, with unrealized losses not expected to affect earnings or regulatory capital[18] - The book value per share of the Company's common stock was $22.44, with a tangible book value per share of $22.09 as of December 31, 2024[20] - The average balance of loans for Q4 2024 was $1,018,029,000, with an interest income of $14,414,000, yielding an interest rate of 5.63%[32] - The average balance of loans for 2024 was $1,048,395 thousand, with an interest income of $58,733 thousand and a yield of 5.60%, compared to $1,078,303 thousand, $56,305 thousand, and 5.22% in 2023[33]