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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.5198 | 3.71% | 14.5299 | 13.91 | 22.45 | 14.5299 | 13.90 | 14.13 | 749 | 21:05:48 |
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|
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(State or other jurisdiction of incorporation)
|
(Commission File Number)
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(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
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
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
|
Press release dated January 30, 2024
|
||
Exhibit 104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
Old Point Financial Corporation
|
|||
Registrant
|
|||
Date: January 31, 2024
|
|||
/s/ Robert F. Shuford, Jr.
|
|||
Robert F. Shuford, Jr.
|
|||
Chairman of the Board
|
|||
President & Chief Executive Officer
|
● |
Total deposits were $1.2 billion at December 31, 2023, up $74.4 million, or 6.4%, from December 31, 2022.
|
● |
Average earning assets were $1.4 and $1.3 billion for the quarter and year ended December 31, 2023, growing $129.1 million, or 10.4%, and $100.2 million, or 8.1%, compared to the prior year
comparative periods, respectively.
|
● |
Average interest-bearing liabilities were $999.4 and $943.8 million for the quarter and year ended December 31, 2023, growing $200.7 million or 25.1%, and $154.2 million or 19.5% compared to the
prior year comparative periods, respectively.
|
● |
Net interest margin (NIM) was 3.45% in the fourth quarter of 2023, compared to 3.33% in the third quarter of 2023 and 4.14% in the fourth quarter of 2022. NIM on a fully tax-equivalent basis (FTE)
(non-GAAP) was 3.46% in the fourth quarter of 2023, 3.35% in the linked quarter and 4.17% in the fourth quarter of 2022.
|
● |
Net interest income for the fourth quarter of 2023, decreased $1.0 million, or 8.1% compared to the fourth quarter of 2022, and increased $435 thousand, or 3.8%, compared to the third quarter of
2023. For the years ended December 31, 2023, and 2022, net interest income was $48.2 million and $44.4 million, respectively.
|
● |
Liquidity as of December 31, 2023, defined as cash and due from banks, unpledged securities, and available secured borrowing capacity, totaled $342.5 million, representing 23.7% of total assets.
|
Old Point Financial Corporation and Subsidiaries
|
||||||||
Consolidated Balance Sheets
|
December 31,
|
December 31,
|
||||||
(dollars in thousands, except share data)
|
2023
|
2022
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
14,731
|
$
|
15,670
|
||||
Interest-bearing due from banks
|
63,539
|
3,580
|
||||||
Federal funds sold
|
489
|
-
|
||||||
Cash and cash equivalents
|
78,759
|
19,250
|
||||||
Securities available-for-sale, at fair value
|
204,278
|
225,518
|
||||||
Restricted securities, at cost
|
5,176
|
3,434
|
||||||
Loans held for sale
|
470
|
421
|
||||||
Loans, net
|
1,068,046
|
1,016,559
|
||||||
Premises and equipment, net
|
29,913
|
31,008
|
||||||
Premises and equipment, held for sale
|
344
|
987
|
||||||
Bank-owned life insurance
|
35,088
|
34,049
|
||||||
Goodwill
|
1,650
|
1,650
|
||||||
Core deposit intangible, net
|
187
|
231
|
||||||
Other assets
|
22,471
|
22,228
|
||||||
Total assets
|
$
|
1,446,382
|
$
|
1,355,335
|
||||
Liabilities & Stockholders' Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing deposits
|
$
|
331,992
|
$
|
418,582
|
||||
Savings deposits
|
655,694
|
584,527
|
||||||
Time deposits
|
242,711
|
152,910
|
||||||
Total deposits
|
1,230,397
|
1,156,019
|
||||||
Overnight repurchase agreements
|
2,383
|
4,987
|
||||||
Federal funds purchased
|
-
|
11,378
|
||||||
Federal Home Loan Bank advances
|
69,450
|
46,100
|
||||||
Long term borrowings
|
29,668
|
29,538
|
||||||
Accrued expenses and other liabilities
|
7,706
|
8,579
|
||||||
Total liabilities
|
1,339,604
|
1,256,601
|
||||||
Stockholders' equity:
|
||||||||
Common stock, $5 par value, 10,000,000 shares authorized; 5,040,095 and 4,999,083 shares outstanding (includes 53,660 and
46,989 of nonvested restricted stock, respectively)
|
24,932
|
24,761
|
||||||
Additional paid-in capital
|
17,099
|
16,593
|
||||||
Retained earnings
|
82,277
|
78,147
|
||||||
Accumulated other comprehensive loss, net
|
(17,530
|
)
|
(20,767
|
)
|
||||
Total stockholders' equity
|
106,778
|
98,734
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,446,382
|
$
|
1,355,335
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||
Consolidated Statements of Income (unaudited)
|
Three Months Ended
|
Year Ended
|
||||||||||||||||||
(dollars in thousands, except per share data)
|
Dec. 31, 2023
|
Sep. 30, 2023
|
Dec. 31, 2022
|
Dec. 31, 2023
|
Dec. 31, 2022
|
|||||||||||||||
Interest and Dividend Income:
|
||||||||||||||||||||
Loans, including fees
|
$
|
14,766
|
$
|
14,311
|
$
|
12,234
|
$
|
56,303
|
$
|
41,407
|
||||||||||
Due from banks
|
1,072
|
838
|
65
|
2,067
|
598
|
|||||||||||||||
Federal funds sold
|
10
|
9
|
3
|
34
|
21
|
|||||||||||||||
Securities:
|
||||||||||||||||||||
Taxable
|
1,853
|
1,788
|
1,527
|
7,177
|
4,936
|
|||||||||||||||
Tax-exempt
|
139
|
159
|
262
|
719
|
994
|
|||||||||||||||
Dividends and interest on all other securities
|
97
|
84
|
29
|
326
|
87
|
|||||||||||||||
Total interest and dividend income
|
17,937
|
17,189
|
14,120
|
66,626
|
48,043
|
|||||||||||||||
Interest Expense:
|
||||||||||||||||||||
Checking and savings deposits
|
2,327
|
2,060
|
275
|
6,810
|
746
|
|||||||||||||||
Time deposits
|
2,645
|
2,456
|
410
|
7,057
|
1,403
|
|||||||||||||||
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
|
1
|
-
|
66
|
40
|
69
|
|||||||||||||||
Federal Home Loan Bank advances
|
807
|
952
|
165
|
3,339
|
207
|
|||||||||||||||
Long term borrowings
|
296
|
295
|
295
|
1,181
|
1,180
|
|||||||||||||||
Total interest expense
|
6,076
|
5,763
|
1,211
|
18,427
|
3,605
|
|||||||||||||||
Net interest income
|
11,861
|
11,426
|
12,909
|
48,199
|
44,438
|
|||||||||||||||
Provision for credit losses
|
1,359
|
505
|
633
|
2,601
|
1,706
|
|||||||||||||||
Net interest income after provision for credit losses
|
10,502
|
10,921
|
12,276
|
45,598
|
42,732
|
|||||||||||||||
Noninterest Income:
|
||||||||||||||||||||
Fiduciary and asset management fees
|
1,350
|
1,012
|
1,011
|
4,632
|
4,097
|
|||||||||||||||
Service charges on deposit accounts
|
780
|
751
|
791
|
3,077
|
3,069
|
|||||||||||||||
Other service charges, commissions and fees
|
888
|
1,119
|
1,044
|
4,143
|
4,383
|
|||||||||||||||
Bank-owned life insurance income
|
262
|
263
|
256
|
1,038
|
909
|
|||||||||||||||
Mortgage banking income
|
82
|
144
|
78
|
433
|
497
|
|||||||||||||||
Gain (loss) on sale of available-for-sale securities, net
|
-
|
30
|
(1,870
|
)
|
(134
|
)
|
(1,870
|
)
|
||||||||||||
(Loss) on sale of repossessed assets
|
-
|
-
|
-
|
(69
|
)
|
-
|
||||||||||||||
Gain on sale of fixed assets
|
20
|
-
|
1,690
|
220
|
1,690
|
|||||||||||||||
Other operating income
|
111
|
163
|
125
|
533
|
730
|
|||||||||||||||
Total noninterest income
|
3,493
|
3,482
|
3,125
|
13,873
|
13,505
|
|||||||||||||||
Noninterest Expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
7,193
|
7,830
|
7,201
|
30,429
|
27,055
|
|||||||||||||||
Occupancy and equipment
|
1,198
|
1,241
|
1,232
|
4,889
|
4,720
|
|||||||||||||||
Data processing
|
1,267
|
1,300
|
1,183
|
5,010
|
4,630
|
|||||||||||||||
Customer development
|
175
|
159
|
175
|
548
|
473
|
|||||||||||||||
Professional services
|
599
|
636
|
758
|
2,664
|
2,673
|
|||||||||||||||
Employee professional development
|
222
|
257
|
222
|
1,002
|
991
|
|||||||||||||||
Other taxes
|
252
|
251
|
212
|
950
|
849
|
|||||||||||||||
ATM and other losses
|
219
|
154
|
309
|
782
|
535
|
|||||||||||||||
Other operating expenses
|
1,086
|
1,053
|
995
|
4,133
|
3,729
|
|||||||||||||||
Total noninterest expense
|
12,211
|
12,881
|
12,287
|
50,407
|
45,655
|
|||||||||||||||
Income before income taxes
|
1,784
|
1,522
|
3,114
|
9,064
|
10,582
|
|||||||||||||||
Income tax expense
|
301
|
160
|
471
|
1,334
|
1,474
|
|||||||||||||||
Net income
|
$
|
1,483
|
$
|
1,362
|
$
|
2,643
|
$
|
7,730
|
$
|
9,108
|
||||||||||
Basic Earnings per Common Share:
|
||||||||||||||||||||
Weighted average shares outstanding
|
5,039,064
|
5,037,558
|
4,998,173
|
5,025,006
|
5,071,130
|
|||||||||||||||
Net income per share of common stock
|
$
|
0.29
|
$
|
0.27
|
$
|
0.53
|
$
|
1.54
|
$
|
1.80
|
||||||||||
Diluted Earnings per Common Share:
|
||||||||||||||||||||
Weighted average shares outstanding
|
5,039,064
|
5,037,662
|
4,998,173
|
5,025,139
|
5,071,169
|
|||||||||||||||
Net income per share of common stock
|
$
|
0.29
|
$
|
0.27
|
$
|
0.53
|
$
|
1.54
|
$
|
1.80
|
||||||||||
Cash Dividends Declared per Share:
|
$
|
0.14
|
$
|
0.14
|
$
|
0.13
|
$
|
0.56
|
$
|
0.52
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||||||
Average Balance Sheets, Net Interest Income And Rates
|
||||||||||||||||||||||||
For the quarters ended December 31,
|
||||||||||||||||||||||||
(unaudited)
|
2023
|
2022
|
||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
|||||||||||||||||||
(dollars in thousands)
|
Balance
|
Expense
|
Rate**
|
Balance
|
Expense
|
Rate**
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
1,082,059
|
$
|
14,766
|
5.41
|
%
|
$
|
999,687
|
$
|
12,235
|
4.86
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
172,474
|
1,853
|
4.26
|
%
|
181,254
|
1,527
|
3.34
|
%
|
||||||||||||||||
Tax-exempt*
|
26,193
|
176
|
2.67
|
%
|
44,526
|
331
|
2.95
|
%
|
||||||||||||||||
Total investment securities
|
198,667
|
2,029
|
4.05
|
%
|
225,780
|
1,858
|
3.27
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
78,393
|
1,072
|
5.42
|
%
|
8,251
|
65
|
3.11
|
%
|
||||||||||||||||
Federal funds sold
|
777
|
10
|
5.11
|
%
|
262
|
3
|
3.68
|
%
|
||||||||||||||||
Other investments
|
5,176
|
97
|
7.43
|
%
|
2,024
|
29
|
5.96
|
%
|
||||||||||||||||
Total earning assets
|
1,365,072
|
$
|
17,974
|
5.22
|
%
|
1,236,004
|
$
|
14,190
|
4.56
|
%
|
||||||||||||||
Allowance for credit losses
|
(11,784
|
)
|
(10,247
|
)
|
||||||||||||||||||||
Other non-earning assets
|
106,639
|
106,319
|
||||||||||||||||||||||
Total assets
|
$
|
1,459,927
|
$
|
1,332,076
|
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
101,567
|
$
|
4
|
0.01
|
%
|
$
|
85,661
|
$
|
3
|
0.01
|
%
|
||||||||||||
Money market deposit accounts
|
434,341
|
2,316
|
2.12
|
%
|
382,513
|
263
|
0.27
|
%
|
||||||||||||||||
Savings accounts
|
93,981
|
7
|
0.03
|
%
|
120,398
|
9
|
0.03
|
%
|
||||||||||||||||
Time deposits
|
268,234
|
2,645
|
3.91
|
%
|
153,967
|
410
|
1.06
|
%
|
||||||||||||||||
Total time and savings deposits
|
898,123
|
4,972
|
2.20
|
%
|
742,539
|
685
|
0.37
|
%
|
||||||||||||||||
Federal funds purchased, repurchase
agreements and other borrowings |
2,181
|
0
|
0.07
|
%
|
11,396
|
66
|
2.32
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
69,450
|
807
|
4.61
|
%
|
15,284
|
165
|
4.21
|
%
|
||||||||||||||||
Long term borrowings
|
29,649
|
296
|
3.96
|
%
|
29,517
|
295
|
3.91
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
999,403
|
6,075
|
2.41
|
%
|
798,736
|
1,211
|
0.60
|
%
|
||||||||||||||||
Demand deposits
|
350,408
|
429,740
|
||||||||||||||||||||||
Other liabilities
|
10,017
|
7,917
|
||||||||||||||||||||||
Stockholders' equity
|
100,099
|
95,683
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,459,927
|
$
|
1,332,076
|
||||||||||||||||||||
Net interest margin*
|
$
|
11,899
|
3.46
|
%
|
$
|
12,979
|
4.17
|
%
|
*
|
Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income by $38 thousand and $70 thousand for December 31, 2023 and
2022, respectively.
|
**
|
Annualized
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||||||
Average Balance Sheets, Net Interest Income And Rates
|
||||||||||||||||||||||||
For the years ended December 31,
|
||||||||||||||||||||||||
(unaudited)
|
2023
|
2022
|
||||||||||||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
1,078,303
|
$
|
56,305
|
5.22
|
%
|
$
|
919,990
|
$
|
41,440
|
4.50
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
179,576
|
7,177
|
4.00
|
%
|
192,639
|
4,936
|
2.56
|
%
|
||||||||||||||||
Tax-exempt*
|
33,053
|
910
|
2.75
|
%
|
42,792
|
1,258
|
2.94
|
%
|
||||||||||||||||
Total investment securities
|
212,629
|
8,087
|
3.80
|
%
|
235,431
|
6,194
|
2.63
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
38,746
|
2,067
|
5.33
|
%
|
75,111
|
598
|
0.80
|
%
|
||||||||||||||||
Federal funds sold
|
698
|
34
|
4.87
|
%
|
2,694
|
21
|
0.77
|
%
|
||||||||||||||||
Other investments
|
4,610
|
326
|
7.06
|
%
|
1,554
|
87
|
5.63
|
%
|
||||||||||||||||
Total earning assets
|
1,334,986
|
$
|
66,819
|
5.01
|
%
|
1,234,780
|
$
|
48,340
|
3.91
|
%
|
||||||||||||||
Allowance for credit losses
|
(11,694
|
)
|
(9,958
|
)
|
||||||||||||||||||||
Other nonearning assets
|
105,759
|
99,272
|
||||||||||||||||||||||
Total assets
|
$
|
1,429,051
|
$
|
1,324,094
|
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
85,939
|
$
|
13
|
0.02
|
%
|
$
|
78,167
|
$
|
10
|
0.01
|
%
|
||||||||||||
Money market deposit accounts
|
432,758
|
6,766
|
1.56
|
%
|
385,067
|
697
|
0.18
|
%
|
||||||||||||||||
Savings accounts
|
103,372
|
31
|
0.03
|
%
|
125,310
|
39
|
0.03
|
%
|
||||||||||||||||
Time deposits
|
220,674
|
7,057
|
3.20
|
%
|
159,889
|
1,403
|
0.88
|
%
|
||||||||||||||||
Total time and savings deposits
|
842,743
|
13,867
|
1.65
|
%
|
748,433
|
2,149
|
0.29
|
%
|
||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
4,245
|
40
|
0.94
|
%
|
6,170
|
69
|
1.12
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
67,248
|
3,339
|
4.97
|
%
|
5,606
|
207
|
3.69
|
%
|
||||||||||||||||
Long term borrowings
|
29,601
|
1,181
|
3.99
|
%
|
29,469
|
1,180
|
4.01
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
943,837
|
18,427
|
1.95
|
%
|
789,678
|
3,605
|
0.46
|
%
|
||||||||||||||||
Demand deposits
|
374,716
|
422,850
|
||||||||||||||||||||||
Other liabilities
|
8,876
|
6,221
|
||||||||||||||||||||||
Stockholders' equity
|
101,622
|
105,345
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,429,051
|
$
|
1,324,094
|
||||||||||||||||||||
Net interest margin*
|
$
|
48,392
|
3.62
|
%
|
$
|
44,735
|
3.62
|
%
|
*
|
Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income by $193 thousand and $297 thousand for December 31, 2023 and
2022, respectively.
|
**
|
Annualized
|
Old Point Financial Corporation and Subsidiaries
|
As of or for the quarters ended,
|
For the years ended,
|
||||||||||||||||||
Selected Ratios (unaudited)
(dollars in thousands, except per share data)
|
December 31,
2023
|
September 30,
2023
|
December 31,
2022
|
December 31,
2023
|
December 31,
2022
|
|||||||||||||||
Earnings per common share, diluted
|
$
|
0.29
|
$
|
0.27
|
$
|
0.53
|
$
|
1.54
|
$
|
1.80
|
||||||||||
Return on average assets (ROA)
|
0.40
|
%
|
0.37
|
%
|
0.79
|
%
|
0.54
|
%
|
0.69
|
%
|
||||||||||
Return on average equity (ROE)
|
5.88
|
%
|
5.25
|
%
|
10.96
|
%
|
7.61
|
%
|
8.65
|
%
|
||||||||||
Net Interest Margin (FTE) (non-GAAP)
|
3.46
|
%
|
3.35
|
%
|
4.17
|
%
|
3.62
|
%
|
3.62
|
%
|
||||||||||
Efficiency ratio
|
79.53
|
%
|
86.40
|
%
|
76.63
|
%
|
81.21
|
%
|
78.79
|
%
|
||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
79.34
|
%
|
86.16
|
%
|
76.30
|
%
|
80.96
|
%
|
78.39
|
%
|
||||||||||
Book value per share
|
21.19
|
19.75
|
19.75
|
|||||||||||||||||
Tangible Book Value per share (non-GAAP)
|
20.82
|
19.39
|
19.37
|
|||||||||||||||||
Non-performing assets (NPAs) / total assets
|
0.15
|
%
|
0.19
|
%
|
0.15
|
%
|
||||||||||||||
Annualized Net Charge-Offs / average total loans
|
0.39
|
%
|
0.09
|
%
|
0.02
|
%
|
||||||||||||||
Allowance for credit losses on loans / total loans
|
1.13
|
%
|
1.09
|
%
|
1.02
|
%
|
||||||||||||||
Non-Performing Assets (NPAs)
|
||||||||||||||||||||
Nonaccrual loans
|
$
|
403
|
$
|
1,918
|
$
|
1,243
|
||||||||||||||
Loans > 90 days past due, but still accruing interest
|
1,780
|
797
|
840
|
|||||||||||||||||
Other real estate owned
|
-
|
-
|
-
|
|||||||||||||||||
Total non-performing assets
|
$
|
2,183
|
$
|
2,715
|
$
|
2,083
|
||||||||||||||
Other Selected Numbers
|
||||||||||||||||||||
Loans, net
|
$
|
1,068,046
|
$
|
1,070,834
|
$
|
1,016,559
|
||||||||||||||
Deposits
|
1,230,397
|
1,237,608
|
1,156,019
|
|||||||||||||||||
Stockholders' equity
|
106,778
|
99,526
|
98,734
|
|||||||||||||||||
Total assets
|
1,446,382
|
1,447,063
|
1,355,335
|
|||||||||||||||||
Loans charged off during the quarter, net of recoveries
|
1,053
|
237
|
40
|
|||||||||||||||||
Quarterly average loans
|
1,082,059
|
1,086,180
|
999,687
|
|||||||||||||||||
Quarterly average assets
|
1,459,927
|
1,452,939
|
1,332,076
|
|||||||||||||||||
Quarterly average earning assets
|
1,365,072
|
1,359,721
|
1,236,004
|
|||||||||||||||||
Quarterly average deposits
|
1,248,531
|
1,240,052
|
1,172,279
|
|||||||||||||||||
Quarterly average equity
|
100,099
|
102,850
|
95,683
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures (unaudited)
|
||||||||||||||||||||
(dollars in thousands, except per share data)
|
Three Months Ended
|
Year Ended
|
||||||||||||||||||
Dec. 31, 2023
|
Sep. 30, 2023
|
Dec. 31, 2022
|
Dec. 31, 2023
|
Dec. 31, 2022
|
||||||||||||||||
Fully Taxable Equivalent Net Interest Income
|
||||||||||||||||||||
Net interest income (GAAP)
|
$
|
11,861
|
$
|
11,426
|
$
|
12,909
|
$
|
48,199
|
$
|
44,438
|
||||||||||
FTE adjustment
|
38
|
42
|
70
|
193
|
297
|
|||||||||||||||
Net interest income (FTE) (non-GAAP)
|
$
|
11,899
|
$
|
11,468
|
$
|
12,979
|
$
|
48,392
|
$
|
44,735
|
||||||||||
Noninterest income (GAAP)
|
3,493
|
3,482
|
3,125
|
13,873
|
13,505
|
|||||||||||||||
Total revenue (FTE) (non-GAAP)
|
$
|
15,392
|
$
|
14,950
|
$
|
16,104
|
$
|
62,265
|
$
|
58,240
|
||||||||||
Noninterest expense (GAAP)
|
12,211
|
12,881
|
12,287
|
50,407
|
45,655
|
|||||||||||||||
Average earning assets
|
$
|
1,365,072
|
$
|
1,359,721
|
$
|
1,236,004
|
$
|
1,334,986
|
$
|
1,234,780
|
||||||||||
Net interest margin
|
3.45
|
%
|
3.33
|
%
|
4.14
|
%
|
3.61
|
%
|
3.60
|
%
|
||||||||||
Net interest margin (FTE) (non-GAAP)
|
3.46
|
%
|
3.35
|
%
|
4.17
|
%
|
3.62
|
%
|
3.62
|
%
|
||||||||||
Efficiency ratio
|
79.53
|
%
|
86.40
|
%
|
76.63
|
%
|
81.21
|
%
|
78.79
|
%
|
||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
79.34
|
%
|
86.16
|
%
|
76.30
|
%
|
80.96
|
%
|
78.39
|
%
|
||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||
Total Stockholders Equity (GAAP)
|
$
|
106,778
|
$
|
99,526
|
$
|
98,734
|
||||||||||||||
Less goodwill
|
1,650
|
1,650
|
1,650
|
|||||||||||||||||
Less core deposit intangible, net
|
187
|
198
|
231
|
|||||||||||||||||
Tangible Stockholders Equity (non-GAAP)
|
$
|
104,941
|
$
|
97,678
|
$
|
96,853
|
||||||||||||||
Shares issued and outstanding
|
5,040,095
|
5,038,066
|
4,999,083
|
|||||||||||||||||
Book value per share
|
$
|
21.19
|
$
|
19.75
|
$
|
19.75
|
||||||||||||||
Tangible book value per share (non-GAAP)
|
$
|
20.82
|
$
|
19.39
|
$
|
19.37
|
Document and Entity Information |
Jan. 30, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 30, 2024 |
Entity File Number | 000-12896 |
Entity Registrant Name | OLD POINT FINANCIAL CORP |
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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