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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Old Point Financial Corporation | NASDAQ:OPOF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -0.95% | 14.55 | 5.88 | 23.49 | 14.57 | 14.55 | 14.55 | 1,275 | 22:16:16 |
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Item 2.02 |
Results of Operations and Financial Condition.
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Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits
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Press release dated July 27, 2023
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Exhibit 104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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Old Point Financial Corporation
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Registrant
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Date: July 27, 2023
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/s/ Robert F. Shuford, Jr.
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Robert F. Shuford, Jr.
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Chairman of the Board
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President & Chief Executive Officer
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• |
Net loans held for investment grew $66.4 million, or 6.5%, from December 31, 2022 and $178.6 million, or 19.8% from June 30, 2022.
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• |
Total deposits increased $72.7 million, or 6.3%, from December 31, 2022.
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• |
Nonperforming assets were $1.4 million at June 30, 2023 down from $4.6 million at June 30, 2022.
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• |
Average earning assets of $1.3 billion for the quarter and six months ended June 30, 2023 grew $89.6 million, or 7.3%, and $67.5 million, or 5.4%, compared to the prior year comparative periods,
respectively.
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• |
Average interest-bearing liabilities were $935.8 million for the quarter ended June 30, 2023, up $144.3 million or 18.2%, compared to the prior year comparative period. For the six months ended
June 30, 2023 and 2022, average interest-bearing liabilities were $895.0 million and $792.1 million, respectively.
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• |
Net interest margin (NIM) was 3.67% in the second quarter of 2023, compared to 4.02% in the first quarter of 2023 and 3.36% in the second quarter of 2022. NIM on a fully tax-equivalent basis (FTE)
(non-GAAP) was 3.69% in the second quarter of 2023, 4.04% in the linked quarter and 3.38% in the second quarter of 2022.
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• |
Net interest income for the second quarter of 2023, increased $1.8 million, or 17.2% compared to the second quarter of 2022, and decreased $714 thousand, or 5.6%, compared to the first quarter of
2023. For the six months ended June 30, 2023 and 2022, net interest income was $24.9 million and $20.0 million, respectively.
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• |
Liquidity as of June 30, 2023, defined as cash and due from banks, unpledged securities, and available secured borrowing capacity, totaled $391.3 million, representing 27.1% of total assets.
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Old Point Financial Corporation and Subsidiaries
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||||||||
Consolidated Balance Sheets
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June 30,
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December 31,
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||||||
(dollars in thousands, except share data)
|
2023
|
2022
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
21,262
|
$
|
15,670
|
||||
Interest-bearing due from banks
|
32,092
|
3,580
|
||||||
Federal funds sold
|
809
|
-
|
||||||
Cash and cash equivalents
|
54,163
|
19,250
|
||||||
Securities available-for-sale, at fair value
|
210,561
|
225,518
|
||||||
Restricted securities, at cost
|
4,559
|
3,434
|
||||||
Loans held for sale
|
1,017
|
421
|
||||||
Loans, net
|
1,082,965
|
1,016,559
|
||||||
Premises and equipment, net
|
30,403
|
31,008
|
||||||
Premises and equipment, held for sale
|
344
|
987
|
||||||
Bank-owned life insurance
|
34,563
|
34,049
|
||||||
Goodwill
|
1,650
|
1,650
|
||||||
Core deposit intangible, net
|
209
|
231
|
||||||
Other assets
|
22,625
|
22,228
|
||||||
Total assets
|
$
|
1,443,059
|
$
|
1,355,335
|
||||
Liabilities & Stockholders' Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing deposits
|
$
|
344,696
|
$
|
418,582
|
||||
Savings deposits
|
626,285
|
584,527
|
||||||
Time deposits
|
257,734
|
152,910
|
||||||
Total deposits
|
1,228,715
|
1,156,019
|
||||||
Overnight repurchase agreements
|
4,500
|
4,987
|
||||||
Federal funds purchased
|
-
|
11,378
|
||||||
Federal Home Loan Bank advances
|
69,450
|
46,100
|
||||||
Long term borrowings
|
29,603
|
29,538
|
||||||
Accrued expenses and other liabilities
|
8,249
|
8,579
|
||||||
Total liabilities
|
1,340,517
|
1,256,601
|
||||||
Stockholders' equity:
|
||||||||
Common stock, $5 par value, 10,000,000 shares authorized; 5,037,275 and 5,064,236 shares outstanding (includes 59,999 and 46,092 of
nonvested restricted stock, respectively)
|
24,886
|
24,761
|
||||||
Additional paid-in capital
|
16,777
|
16,593
|
||||||
Retained earnings
|
80,636
|
78,147
|
||||||
Accumulated other comprehensive loss, net
|
(19,757
|
)
|
(20,767
|
)
|
||||
Total stockholders' equity
|
102,542
|
98,734
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,443,059
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$
|
1,355,335
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||
Consolidated Statements of Income (unaudited)
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Three Months Ended
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Six Months Ended
|
||||||||||||||||||
(dollars in thousands, except per share data)
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Jun. 30, 2022
|
Jun. 30, 2023
|
Jun. 30, 2022
|
|||||||||||||||
Interest and Dividend Income:
|
||||||||||||||||||||
Loans, including fees
|
$
|
14,185
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$
|
13,041
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$
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9,483
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$
|
27,226
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$
|
18,667
|
||||||||||
Due from banks
|
93
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64
|
208
|
157
|
281
|
|||||||||||||||
Federal funds sold
|
9
|
6
|
6
|
15
|
7
|
|||||||||||||||
Securities:
|
||||||||||||||||||||
Taxable
|
1,772
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1,764
|
1,123
|
3,536
|
2,112
|
|||||||||||||||
Tax-exempt
|
209
|
212
|
251
|
421
|
460
|
|||||||||||||||
Dividends and interest on all other securities
|
79
|
66
|
14
|
145
|
28
|
|||||||||||||||
Total interest and dividend income
|
16,347
|
15,153
|
11,085
|
31,500
|
21,555
|
|||||||||||||||
Interest Expense:
|
||||||||||||||||||||
Checking and savings deposits
|
1,569
|
854
|
148
|
2,423
|
324
|
|||||||||||||||
Time deposits
|
1,419
|
537
|
320
|
1,956
|
681
|
|||||||||||||||
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
|
2
|
37
|
1
|
39
|
2
|
|||||||||||||||
Federal Home Loan Bank advances
|
963
|
617
|
-
|
1,580
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-
|
|||||||||||||||
Long term borrowings
|
295
|
295
|
295
|
590
|
590
|
|||||||||||||||
Total interest expense
|
4,248
|
2,340
|
764
|
6,588
|
1,597
|
|||||||||||||||
Net interest income
|
12,099
|
12,813
|
10,321
|
24,912
|
19,958
|
|||||||||||||||
Provision for credit losses
|
361
|
376
|
570
|
737
|
671
|
|||||||||||||||
Net interest income after provision for credit losses
|
11,738
|
12,437
|
9,751
|
24,175
|
19,287
|
|||||||||||||||
Noninterest Income:
|
||||||||||||||||||||
Fiduciary and asset management fees
|
1,154
|
1,116
|
1,061
|
2,270
|
2,133
|
|||||||||||||||
Service charges on deposit accounts
|
793
|
753
|
761
|
1,546
|
1,483
|
|||||||||||||||
Other service charges, commissions and fees
|
1,027
|
1,109
|
1,143
|
2,136
|
2,196
|
|||||||||||||||
Bank-owned life insurance income
|
259
|
254
|
195
|
513
|
426
|
|||||||||||||||
Mortgage banking income
|
112
|
95
|
113
|
207
|
333
|
|||||||||||||||
(Loss) on sale of available-for-sale securities, net
|
(164
|
)
|
-
|
-
|
(164
|
)
|
-
|
|||||||||||||
(Loss) on sale of repossessed assets
|
(69
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)
|
-
|
-
|
(69
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)
|
-
|
|||||||||||||
Gain on sale of fixed assets
|
200
|
-
|
-
|
200
|
-
|
|||||||||||||||
Other operating income
|
165
|
94
|
227
|
259
|
444
|
|||||||||||||||
Total noninterest income
|
3,477
|
3,421
|
3,500
|
6,898
|
7,015
|
|||||||||||||||
Noninterest Expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
8,043
|
7,363
|
6,611
|
15,406
|
13,033
|
|||||||||||||||
Occupancy and equipment
|
1,255
|
1,195
|
1,143
|
2,450
|
2,304
|
|||||||||||||||
Data processing
|
1,264
|
1,179
|
1,151
|
2,443
|
2,241
|
|||||||||||||||
Customer development
|
101
|
113
|
69
|
214
|
162
|
|||||||||||||||
Professional services
|
756
|
673
|
638
|
1,429
|
1,268
|
|||||||||||||||
Employee professional development
|
289
|
234
|
275
|
523
|
539
|
|||||||||||||||
Other taxes
|
234
|
213
|
212
|
447
|
425
|
|||||||||||||||
ATM and other losses
|
154
|
255
|
100
|
409
|
114
|
|||||||||||||||
Other operating expenses
|
1,051
|
943
|
891
|
1,994
|
1,717
|
|||||||||||||||
Total noninterest expense
|
13,147
|
12,168
|
11,090
|
25,315
|
21,803
|
|||||||||||||||
Income before income taxes
|
2,068
|
3,690
|
2,161
|
5,758
|
4,499
|
|||||||||||||||
Income tax expense
|
266
|
607
|
269
|
873
|
576
|
|||||||||||||||
Net income
|
$
|
1,802
|
$
|
3,083
|
$
|
1,892
|
$
|
4,885
|
$
|
3,923
|
||||||||||
Basic Earnings per Common Share:
|
||||||||||||||||||||
Weighted average shares outstanding
|
5,023,305
|
4,999,887
|
5,086,957
|
5,011,481
|
5,136,380
|
|||||||||||||||
Net income per share of common stock
|
$
|
0.36
|
$
|
0.62
|
$
|
0.37
|
$
|
0.97
|
$
|
0.76
|
||||||||||
Diluted Earnings per Common Share:
|
||||||||||||||||||||
Weighted average shares outstanding
|
5,023,603
|
5,000,020
|
5,087,038
|
5,011,697
|
5,136,459
|
|||||||||||||||
Net income per share of common stock
|
$
|
0.36
|
$
|
0.62
|
$
|
0.37
|
$
|
0.97
|
$
|
0.76
|
||||||||||
Cash Dividends Declared per Share:
|
$
|
0.14
|
$
|
0.14
|
$
|
0.13
|
$
|
0.28
|
$
|
0.26
|
|
For the quarters ended June 30,
|
|||||||||||||||||||||||
(unaudited)
|
2023
|
2022
|
||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
1,088,723
|
$
|
14,185
|
5.23
|
%
|
$
|
876,575
|
$
|
9,495
|
4.34
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
183,278
|
1,772
|
3.88
|
%
|
196,880
|
1,123
|
2.29
|
%
|
||||||||||||||||
Tax-exempt*
|
37,851
|
265
|
2.81
|
%
|
43,471
|
318
|
2.93
|
%
|
||||||||||||||||
Total investment securities
|
221,129
|
2,037
|
3.69
|
%
|
240,351
|
1,441
|
2.40
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
7,510
|
93
|
4.96
|
%
|
111,091
|
208
|
0.75
|
%
|
||||||||||||||||
Federal funds sold
|
718
|
9
|
4.88
|
%
|
3,923
|
6
|
0.61
|
%
|
||||||||||||||||
Other investments
|
4,806
|
79
|
6.68
|
%
|
1,389
|
14
|
4.20
|
%
|
||||||||||||||||
Total earning assets
|
1,322,886
|
$
|
16,403
|
4.97
|
%
|
1,233,329
|
$
|
11,164
|
3.63
|
%
|
||||||||||||||
Allowance for credit losses
|
(11,732
|
)
|
(9,578
|
)
|
||||||||||||||||||||
Other non-earning assets
|
106,738
|
97,156
|
||||||||||||||||||||||
Total assets
|
$
|
1,417,892
|
$
|
1,320,907
|
||||||||||||||||||||
|
||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
80,393
|
$
|
3
|
0.02
|
%
|
$
|
72,125
|
$
|
3
|
0.01
|
%
|
||||||||||||
Money market deposit accounts
|
437,481
|
1,558
|
1.43
|
%
|
393,014
|
135
|
0.14
|
%
|
||||||||||||||||
Savings accounts
|
105,161
|
8
|
0.03
|
%
|
131,062
|
10
|
0.03
|
%
|
||||||||||||||||
Time deposits
|
200,951
|
1,419
|
2.83
|
%
|
161,939
|
320
|
0.79
|
%
|
||||||||||||||||
Total time and savings deposits
|
823,986
|
2,988
|
1.45
|
%
|
758,140
|
468
|
0.25
|
%
|
||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
4,959
|
2
|
0.13
|
%
|
3,926
|
1
|
0.07
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
77,255
|
963
|
4.93
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Long term borrowings
|
29,585
|
295
|
3.95
|
%
|
29,453
|
295
|
3.96
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
935,785
|
4,248
|
1.82
|
%
|
791,519
|
764
|
0.39
|
%
|
||||||||||||||||
Demand deposits
|
370,907
|
417,400
|
||||||||||||||||||||||
Other liabilities
|
8,125
|
6,077
|
||||||||||||||||||||||
Stockholders' equity
|
103,075
|
105,911
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,417,892
|
$
|
1,320,907
|
||||||||||||||||||||
Net interest margin*
|
$
|
12,155
|
3.69
|
%
|
$
|
10,400
|
3.38
|
%
|
*
|
Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income by $56 thousand and $79 thousand for June 30, 2023 and 2022,
respectively.
|
**
|
Annualized
|
|
For the six months ended June 30,
|
|||||||||||||||||||||||
(unaudited)
|
2023
|
2022
|
||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
1,072,391
|
$
|
27,226
|
5.12
|
%
|
$
|
870,271
|
$
|
18,690
|
4.33
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
184,776
|
3,536
|
3.86
|
%
|
199,396
|
2,112
|
2.14
|
%
|
||||||||||||||||
Tax-exempt*
|
38,028
|
533
|
2.83
|
%
|
40,257
|
582
|
2.92
|
%
|
||||||||||||||||
Total investment securities
|
222,804
|
4,069
|
3.68
|
%
|
239,653
|
2,694
|
2.27
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
7,056
|
157
|
4.48
|
%
|
124,272
|
281
|
0.46
|
%
|
||||||||||||||||
Federal funds sold
|
648
|
15
|
4.59
|
%
|
4,181
|
7
|
0.33
|
%
|
||||||||||||||||
Other investments
|
4,222
|
146
|
6.95
|
%
|
1,266
|
28
|
4.51
|
%
|
||||||||||||||||
Total earning assets
|
1,307,121
|
$
|
31,613
|
4.88
|
%
|
1,239,643
|
$
|
21,700
|
3.53
|
%
|
||||||||||||||
Allowance for credit losses
|
(11,536
|
)
|
(9,782
|
)
|
||||||||||||||||||||
Other nonearning assets
|
105,630
|
95,485
|
||||||||||||||||||||||
Total assets
|
$
|
1,401,215
|
$
|
1,325,346
|
||||||||||||||||||||
|
||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
75,351
|
$
|
6
|
0.02
|
%
|
$
|
73,619
|
$
|
5
|
0.01
|
%
|
||||||||||||
Money market deposit accounts
|
433,235
|
2,400
|
1.12
|
%
|
391,201
|
299
|
0.15
|
%
|
||||||||||||||||
Savings accounts
|
110,491
|
17
|
0.03
|
%
|
128,673
|
20
|
0.03
|
%
|
||||||||||||||||
Time deposits
|
174,902
|
1,956
|
2.26
|
%
|
164,882
|
681
|
0.83
|
%
|
||||||||||||||||
Total time and savings deposits
|
793,979
|
4,379
|
1.11
|
%
|
758,375
|
1,005
|
0.27
|
%
|
||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
6,450
|
39
|
1.23
|
%
|
4,256
|
2
|
0.08
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
65,009
|
1,580
|
4.90
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Long term borrowings
|
29,568
|
590
|
4.03
|
%
|
29,436
|
590
|
4.04
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
895,006
|
6,588
|
1.48
|
%
|
792,067
|
1,597
|
0.41
|
%
|
||||||||||||||||
Demand deposits
|
396,202
|
415,749
|
||||||||||||||||||||||
Other liabilities
|
8,235
|
5,725
|
||||||||||||||||||||||
Stockholders' equity
|
101,772
|
111,805
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,401,215
|
$
|
1,325,346
|
||||||||||||||||||||
Net interest margin*
|
$
|
25,025
|
3.86
|
%
|
$
|
20,103
|
3.27
|
%
|
*
|
Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income by $113 thousand and $145 thousand for June 30, 2023 and 2022,
respectively.
|
**
|
Annualized
|
Old Point Financial Corporation and Subsidiaries
|
As of or for the quarters ended,
|
For the six months ended,
|
||||||||||||||||||
Selected Ratios (unaudited)
(dollars in thousands, except per share data)
|
June 30,
2023
|
March 31,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
|||||||||||||||
Earnings per common share, diluted
|
$
|
0.36
|
$
|
0.62
|
$
|
0.37
|
$
|
0.97
|
$
|
0.76
|
||||||||||
Return on average assets (ROA)
|
0.51
|
%
|
0.90
|
%
|
0.57
|
%
|
0.70
|
%
|
0.60
|
%
|
||||||||||
Return on average equity (ROE)
|
7.01
|
%
|
12.45
|
%
|
7.17
|
%
|
9.68
|
%
|
7.08
|
%
|
||||||||||
Net Interest Margin (FTE) (non-GAAP)
|
3.69
|
%
|
4.04
|
%
|
3.38
|
%
|
3.86
|
%
|
3.27
|
%
|
||||||||||
Efficiency ratio
|
84.41
|
%
|
74.95
|
%
|
80.24
|
%
|
79.58
|
%
|
80.83
|
%
|
||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
84.10
|
%
|
74.69
|
%
|
79.79
|
%
|
79.30
|
%
|
80.40
|
%
|
||||||||||
Book value per share
|
20.36
|
20.52
|
19.97
|
|||||||||||||||||
Tangible Book Value per share (non-GAAP)
|
19.99
|
20.14
|
19.60
|
|||||||||||||||||
Non-performing assets (NPAs) / total assets
|
0.10
|
%
|
0.12
|
%
|
0.35
|
%
|
||||||||||||||
Annualized Net Charge-Offs / average total loans
|
0.08
|
%
|
0.07
|
%
|
0.09
|
%
|
||||||||||||||
Allowance for credit losses on loans / total loans
|
1.06
|
%
|
1.07
|
%
|
1.08
|
%
|
||||||||||||||
Allowance for credit losses / total loans
|
1.09
|
%
|
1.09
|
%
|
1.08
|
%
|
||||||||||||||
Non-Performing Assets (NPAs)
|
||||||||||||||||||||
Nonaccrual loans
|
$
|
235
|
$
|
980
|
$
|
4,074
|
||||||||||||||
Loans > 90 days past due, but still accruing interest
|
1,208
|
722
|
565
|
|||||||||||||||||
Other real estate owned
|
-
|
-
|
-
|
|||||||||||||||||
Total non-performing assets
|
$
|
1,443
|
$
|
1,702
|
$
|
4,639
|
||||||||||||||
Other Selected Numbers
|
||||||||||||||||||||
Loans, net
|
$
|
1,082,965
|
$
|
1,069,714
|
$
|
904,376
|
||||||||||||||
Deposits
|
1,228,715
|
1,199,615
|
1,172,994
|
|||||||||||||||||
Stockholders' equity
|
102,542
|
102,598
|
101,150
|
|||||||||||||||||
Total assets
|
1,443,059
|
1,416,151
|
1,314,884
|
|||||||||||||||||
Loans charged off during the quarter, net of recoveries
|
210
|
179
|
194
|
|||||||||||||||||
Quarterly average loans
|
1,088,723
|
1,055,878
|
876,575
|
|||||||||||||||||
Quarterly average assets
|
1,417,892
|
1,384,353
|
1,320,907
|
|||||||||||||||||
Quarterly average earning assets
|
1,322,886
|
1,291,181
|
1,233,329
|
|||||||||||||||||
Quarterly average deposits
|
1,194,893
|
1,185,417
|
1,175,540
|
|||||||||||||||||
Quarterly average equity
|
103,075
|
100,453
|
105,911
|
(dollars in thousands, except per share data)
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||
Jun. 30, 2023
|
Mar. 31, 2023
|
Jun. 30, 2022
|
Jun. 30, 2023
|
Jun. 30, 2022
|
||||||||||||||||
Fully Taxable Equivalent Net Interest Income
|
||||||||||||||||||||
Net interest income (GAAP)
|
$
|
12,099
|
$
|
12,813
|
$
|
10,321
|
$
|
24,912
|
$
|
19,958
|
||||||||||
FTE adjustment
|
56
|
57
|
79
|
113
|
145
|
|||||||||||||||
Net interest income (FTE) (non-GAAP)
|
$
|
12,155
|
$
|
12,870
|
$
|
10,400
|
$
|
25,025
|
$
|
20,103
|
||||||||||
Noninterest income (GAAP)
|
3,477
|
3,421
|
3,500
|
6,898
|
7,015
|
|||||||||||||||
Total revenue (FTE) (non-GAAP)
|
$
|
15,632
|
$
|
16,291
|
$
|
13,900
|
$
|
31,923
|
$
|
27,118
|
||||||||||
Noninterest expense (GAAP)
|
13,147
|
12,168
|
11,090
|
25,315
|
21,803
|
|||||||||||||||
|
||||||||||||||||||||
Average earning assets
|
$
|
1,322,886
|
$
|
1,291,181
|
$
|
1,233,329
|
$
|
1,307,121
|
$
|
1,239,643
|
||||||||||
Net interest margin
|
3.67
|
%
|
4.02
|
%
|
3.36
|
%
|
3.84
|
%
|
3.25
|
%
|
||||||||||
Net interest margin (FTE) (non-GAAP)
|
3.69
|
%
|
4.04
|
%
|
3.38
|
%
|
3.86
|
%
|
3.27
|
%
|
||||||||||
|
||||||||||||||||||||
Efficiency ratio
|
84.41
|
%
|
74.95
|
%
|
80.24
|
%
|
79.58
|
%
|
80.83
|
%
|
||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
84.10
|
%
|
74.69
|
%
|
79.79
|
%
|
79.30
|
%
|
80.40
|
%
|
||||||||||
|
||||||||||||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||
Total Stockholders Equity (GAAP)
|
$
|
102,542
|
$
|
102,598
|
$
|
101,150
|
||||||||||||||
Less goodwill
|
1,650
|
1,650
|
1,650
|
|||||||||||||||||
Less core deposit intangible, net
|
209
|
220
|
253
|
|||||||||||||||||
Tangible Stockholders Equity (non-GAAP)
|
$
|
100,683
|
$
|
100,728
|
$
|
99,247
|
||||||||||||||
|
||||||||||||||||||||
Shares issued and outstanding
|
5,037,275
|
5,000,331
|
5,064,236
|
|||||||||||||||||
|
||||||||||||||||||||
Book value per share
|
$
|
20.36
|
$
|
20.52
|
$
|
19.97
|
||||||||||||||
Tangible book value per share (non-GAAP)
|
$
|
19.99
|
$
|
20.14
|
$
|
19.60
|
Document and Entity Information |
Jul. 27, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 27, 2023 |
Entity File Number | 000-12896 |
Entity Registrant Name | OLD POINT FINANCIAL CORPORATION |
Entity Central Index Key | 0000740971 |
Entity Incorporation, State or Country Code | VA |
Entity Tax Identification Number | 54-1265373 |
Entity Address, Address Line One | 101 East Queen Street |
Entity Address, City or Town | Hampton |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23669 |
City Area Code | 757 |
Local Phone Number | 728-1200 |
Title of 12(b) Security | Common Stock, $5.00 par value |
Trading Symbol | OPOF |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Old Point Financial Chart |
1 Month Old Point Financial Chart |
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