Old Point Releases Third Quarter 2024 Results

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].