Old Point Releases Fourth Quarter and Full Year 2024 Results

Core Viewpoint - Old Point Financial Corporation reported record earnings for 2024 despite a challenging banking environment, with a focus on capital, asset quality, liquidity, and expense discipline [2] Financial Performance - Net income for Q4 2024 was $2.9 million, up from $2.4 million in Q3 2024 and $1.5 million in Q4 2023, with diluted earnings per share of $0.57 [1] - For the year ended December 31, 2024, net income was $9.5 million, an increase of 23% from $7.7 million in 2023 [1][8] - Return on average equity (ROE) for Q4 2024 was 9.96%, compared to 8.39% in Q3 2024 and 5.88% in Q4 2023 [8] - Return on average assets (ROA) for Q4 2024 was 0.77%, up from 0.64% in Q3 2024 and 0.40% in Q4 2023 [8] Balance Sheet and Asset Quality - Total assets increased to $1.5 billion as of December 31, 2024, up $4.2 million from the previous year [4] - Net loans held for investment decreased by $69.3 million, or 6.5%, to $998.7 million, primarily due to declines in consumer, construction, and commercial loans [4] - Total deposits rose to $1.3 billion, an increase of $24.5 million, or 2.0%, from December 31, 2023 [5] - Non-performing assets (NPAs) were $2.7 million, representing 0.19% of total assets, slightly up from 0.15% a year earlier [7] Noninterest Income and Expense - Total noninterest income for Q4 2024 was $3.2 million, down from $3.5 million in Q3 2024 and Q4 2023 [13] - 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 [14] Capital Management - Total stockholders' equity increased by $7.2 million, or 6.7%, to $114.0 million as of December 31, 2024 [6] - The Company declared a dividend of $0.14 per share for Q4 2024, consistent with the previous year, representing a payout ratio of 24.7% [15] Interest Income and Margin - Net interest income for Q4 2024 was $12.3 million, a slight decrease from the previous quarter but an increase of 3.3% from Q4 2023 [10] - Net interest margin (NIM) was 3.52% for Q4 2024, down from 3.56% in Q3 2024 but up from 3.45% in Q4 2023 [11]