Old Point Releases Second Quarter 2024 Results

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].