Old Point Releases First Quarter 2025 Results

Financial Performance - Old Point Financial Corporation reported net income of $2.2 million for Q1 2025, a decrease of 25.1% from $2.9 million in Q4 2024, but an increase of 25.7% from $1.7 million in Q1 2024 [1][12] - Diluted earnings per share were $0.42 for Q1 2025, down from $0.57 in Q4 2024 and up from $0.34 in Q1 2024 [1][12] - Adjusted operating earnings for Q1 2025 were $2.0 million, or $0.39 per diluted share, compared to $1.7 million, or $0.34 per share, for Q1 2024 [1] Balance Sheet and Asset Quality - Total assets increased to $1.5 billion as of March 31, 2025, up $418 thousand or 0.03% from December 31, 2024 [7][12] - Net loans held for investment rose to $1.0 billion, an increase of $2.3 million or 0.2% from December 31, 2024 [7][12] - Total deposits were $1.3 billion, up $2.6 million or 0.2% from December 31, 2024, with noninterest-bearing deposits increasing by $15.7 million or 4.4% [8][12] Non-Performing Assets and Credit Losses - Non-performing assets totaled $4.2 million as of March 31, 2025, an increase of 53.9% from $2.7 million at December 31, 2024 [10][12] - The provision for credit losses was $717 thousand for Q1 2025, significantly higher than $90 thousand in Q4 2024 and $80 thousand in Q1 2024 [11][12] Income and Expenses - Net interest income for Q1 2025 was $12.0 million, a decrease of $244 thousand or 2.0% from Q4 2024, but an increase of $468 thousand or 4.1% from Q1 2024 [14][12] - Total noninterest income was $3.8 million for Q1 2025, compared to $3.2 million for both Q4 2024 and Q1 2024 [17][12] - Noninterest expense totaled $12.4 million for Q1 2025, an increase from $12.1 million in Q4 2024 but a decrease from $12.7 million in Q1 2024 [18][12] Capital Management - The Company declared a dividend of $0.14 per share for Q1 2025, consistent with Q4 2024, representing a payout ratio of 33.0% of earnings per share [19][12] - Total stockholders' equity increased to $117.2 million as of March 31, 2025, up $3.2 million or 2.8% from December 31, 2024 [9][12] Merger Agreement - On April 2, 2025, Old Point Financial Corporation entered into a merger agreement with TowneBank, subject to shareholder and regulatory approvals [2][3] - The merger is expected to provide a stronger platform for growth and enhanced value for shareholders, customers, and employees [5][12]