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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.15 | -0.87% | 17.05 | 15.31 | 27.55 | 17.39 | 17.05 | 17.39 | 1,582 | 21:06:55 |
|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(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))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
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 July 25, 2024
|
||
Exhibit 104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
Old Point Financial Corporation
|
|||
Registrant
|
|||
Date: July 25, 2024
|
|||
/s/ Robert F. Shuford, Jr.
|
|||
Robert F. Shuford, Jr.
|
|||
Chairman of the Board
|
|||
President & Chief Executive Officer
|
• |
Total assets were $1.4 billion at June 30, 2024, decreasing $23.0 million or 1.6% from December 31, 2023. Net loans held for investment were $1.0 billion at June 30, 2024, decreasing $25.3 million,
or 2.4%, from December 31, 2023.
|
• |
Total deposits increased $6.2 million, or 0.5%, from December 31, 2023.
|
• |
Return on average equity (ROE) was 9.43% for the second quarter of 2024, compared to 6.44% for the first quarter of 2024, and 7.01% for the second quarter of 2023. Return on average assets (ROA)
was 0.71% for the second quarter of 2024, compared to 0.48% for the first quarter of 2024, and 0.51% for the second quarter of 2023.
|
• |
Book value per share and tangible book value per share (non-GAAP) at June 30, 2024 increased 1.45% and 1.50%, from March 31, 2024 and 6.39% and 6.60%, respectively from June 30, 2023.
|
• |
Net income improved $812 thousand, or 47.3%, to $2.5 million for the second quarter of 2024 from $1.7 million for the first quarter of 2024 and improved $727 thousand, or 40.3% from $1.8 million
for the second quarter of 2023.
|
• |
Net interest margin (NIM) was 3.62% for the second quarter of 2024 compared to 3.45% for the first quarter of 2024 and 3.67% for the second quarter of 2023. NIM on a fully tax-equivalent basis
(FTE) (non-GAAP) was 3.63% for the second quarter of 2024 compared to 3.46% for the first quarter of 2024 and 3.69% for the second quarter of 2023.
|
• |
Net interest income increased $576 thousand, or 5.0%, to $12.1 million for the second quarter of 2024 from $11.5 million for the first quarter of 2024 and increased $17 thousand, or 0.1%, compared
to the second quarter of 2023.
|
• |
Provision for credit losses of $261 thousand was recognized for the second quarter of 2024, compared to $80 thousand for the first quarter of 2024 and $361 thousand for the second quarter of 2023.
|
• |
Non-performing assets decreased by $193 thousand to $2.0 million or 0.14% of total assets at June 30, 2024 from $2.2 million or 0.15% of total assets at March 31, 2024 and increased $516 thousand
from $1.4 million or 0.10% of total assets at June 30, 2023.
|
• |
Liquidity as of June 30, 2024, defined as cash and cash equivalents, unpledged securities, and available secured borrowing capacity, totaled $403.8 million, representing 28.4% of total assets
compared to $342.5 million, representing 23.7% of total assets as of December 31, 2023.
|
Old Point Financial Corporation and Subsidiaries
|
||||||||
Consolidated Balance Sheets
|
June 30,
|
December 31,
|
||||||
(dollars in thousands, except per share amounts)
|
2024
|
2023
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
15,517
|
$
|
16,778
|
||||
Interest-bearing due from banks
|
76,635
|
63,539
|
||||||
Federal funds sold
|
593
|
489
|
||||||
Cash and cash equivalents
|
92,745
|
80,806
|
||||||
Securities available-for-sale, at fair value
|
192,127
|
202,231
|
||||||
Restricted securities, at cost
|
3,825
|
5,176
|
||||||
Loans held for sale
|
-
|
470
|
||||||
Loans, net
|
1,042,774
|
1,068,046
|
||||||
Premises and equipment, net
|
30,783
|
29,913
|
||||||
Premises and equipment, held for sale
|
344
|
344
|
||||||
Bank-owned life insurance
|
35,623
|
35,088
|
||||||
Goodwill
|
1,650
|
1,650
|
||||||
Core deposit intangible, net
|
165
|
187
|
||||||
Other assets
|
23,318
|
22,471
|
||||||
Total assets
|
$
|
1,423,354
|
$
|
1,446,382
|
||||
Liabilities & Stockholders' Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing deposits
|
$
|
360,296
|
$
|
331,992
|
||||
Savings deposits
|
624,777
|
655,694
|
||||||
Time deposits
|
251,502
|
242,711
|
||||||
Total deposits
|
1,236,575
|
1,230,397
|
||||||
Overnight repurchase agreements
|
1,381
|
2,383
|
||||||
Federal Home Loan Bank advances
|
39,586
|
69,450
|
||||||
Subordinated notes
|
29,733
|
29,668
|
||||||
Accrued expenses and other liabilities
|
6,083
|
7,706
|
||||||
Total liabilities
|
1,313,358
|
1,339,604
|
||||||
Stockholders' equity:
|
||||||||
Common stock, $5 par value, 10,000,000 shares authorized; 5,077,525 and 5,040,095 shares outstanding (includes 68,113 and 53,660 of
nonvested restricted stock, respectively)
|
25,047
|
24,932
|
||||||
Additional paid-in capital
|
17,248
|
17,099
|
||||||
Retained earnings
|
84,999
|
82,277
|
||||||
Accumulated other comprehensive loss, net
|
(17,298
|
)
|
(17,530
|
)
|
||||
Total stockholders' equity
|
109,996
|
106,778
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,423,354
|
$
|
1,446,382
|
Consolidated Statements of Income (unaudited)
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||
(dollars in thousands, except per share amounts)
|
Jun. 30, 2024
|
Mar. 31, 2024
|
Jun. 30, 2023
|
Jun. 30, 2024
|
Jun. 30, 2023
|
|||||||||||||||
Interest and Dividend Income:
|
||||||||||||||||||||
Loans, including fees
|
$
|
15,042
|
$
|
14,544
|
$
|
14,185
|
$
|
29,586
|
$
|
27,226
|
||||||||||
Due from banks
|
1,087
|
799
|
93
|
1,886
|
157
|
|||||||||||||||
Federal funds sold
|
12
|
9
|
9
|
21
|
15
|
|||||||||||||||
Securities:
|
||||||||||||||||||||
Taxable
|
1,761
|
1,798
|
1,772
|
3,559
|
3,536
|
|||||||||||||||
Tax-exempt
|
139
|
139
|
209
|
278
|
421
|
|||||||||||||||
Dividends and interest on all other securities
|
77
|
94
|
79
|
171
|
145
|
|||||||||||||||
Total interest and dividend income
|
18,118
|
17,383
|
16,347
|
35,501
|
31,500
|
|||||||||||||||
Interest Expense:
|
||||||||||||||||||||
Checking and savings deposits
|
2,699
|
2,597
|
1,569
|
5,296
|
2,423
|
|||||||||||||||
Time deposits
|
2,337
|
2,172
|
1,419
|
4,509
|
1,956
|
|||||||||||||||
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
|
1
|
1
|
2
|
2
|
39
|
|||||||||||||||
Federal Home Loan Bank advances
|
670
|
778
|
963
|
1,448
|
1,580
|
|||||||||||||||
Long term borrowings
|
295
|
295
|
295
|
590
|
590
|
|||||||||||||||
Total interest expense
|
6,002
|
5,843
|
4,248
|
11,845
|
6,588
|
|||||||||||||||
Net interest income
|
12,116
|
11,540
|
12,099
|
23,656
|
24,912
|
|||||||||||||||
Provision for credit losses
|
261
|
80
|
361
|
341
|
737
|
|||||||||||||||
Net interest income after provision for credit losses
|
11,855
|
11,460
|
11,738
|
23,315
|
24,175
|
|||||||||||||||
Noninterest Income:
|
||||||||||||||||||||
Fiduciary and asset management fees
|
1,129
|
1,192
|
1,154
|
2,321
|
2,270
|
|||||||||||||||
Service charges on deposit accounts
|
837
|
758
|
793
|
1,595
|
1,546
|
|||||||||||||||
Other service charges, commissions and fees
|
1,150
|
883
|
1,027
|
2,033
|
2,136
|
|||||||||||||||
Bank-owned life insurance income
|
270
|
265
|
259
|
535
|
513
|
|||||||||||||||
Mortgage banking income
|
2
|
16
|
112
|
18
|
207
|
|||||||||||||||
Loss on sale of available-for-sale securities, net
|
-
|
-
|
(164
|
)
|
-
|
(164
|
)
|
|||||||||||||
Gain (loss) on sale of repossessed assets
|
(58
|
)
|
22
|
(69
|
)
|
(36
|
)
|
(69
|
)
|
|||||||||||
Gain on sale of fixed assets
|
-
|
-
|
200
|
-
|
200
|
|||||||||||||||
Other operating income
|
141
|
86
|
165
|
227
|
259
|
|||||||||||||||
Total noninterest income
|
3,471
|
3,222
|
3,477
|
6,693
|
6,898
|
|||||||||||||||
Noninterest Expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
7,195
|
7,831
|
8,043
|
15,026
|
15,406
|
|||||||||||||||
Occupancy and equipment
|
1,373
|
1,173
|
1,255
|
2,546
|
2,450
|
|||||||||||||||
Data processing
|
1,393
|
1,315
|
1,264
|
2,708
|
2,443
|
|||||||||||||||
Customer development
|
176
|
55
|
101
|
231
|
214
|
|||||||||||||||
Professional services
|
680
|
585
|
756
|
1,265
|
1,429
|
|||||||||||||||
Employee professional development
|
167
|
211
|
289
|
378
|
523
|
|||||||||||||||
Other taxes
|
276
|
261
|
234
|
537
|
447
|
|||||||||||||||
ATM and other losses
|
98
|
231
|
154
|
329
|
409
|
|||||||||||||||
Other operating expenses
|
966
|
1,041
|
1,051
|
2,007
|
1,994
|
|||||||||||||||
Total noninterest expense
|
12,324
|
12,703
|
13,147
|
25,027
|
25,315
|
|||||||||||||||
Income before income taxes
|
3,002
|
1,979
|
2,068
|
4,981
|
5,758
|
|||||||||||||||
Income tax expense
|
473
|
262
|
266
|
735
|
873
|
|||||||||||||||
Net income
|
$
|
2,529
|
$
|
1,717
|
$
|
1,802
|
$
|
4,246
|
$
|
4,885
|
||||||||||
Basic Earnings per Common Share:
|
||||||||||||||||||||
Weighted average shares outstanding
|
5,064,363
|
5,039,819
|
5,023,305
|
5,052,091
|
5,011,481
|
|||||||||||||||
Net income per share of common stock
|
$
|
0.50
|
$
|
0.34
|
$
|
0.36
|
$
|
0.84
|
$
|
0.97
|
||||||||||
Diluted Earnings per Common Share:
|
||||||||||||||||||||
Weighted average shares outstanding
|
5,064,503
|
5,039,876
|
5,023,603
|
5,052,190
|
5,011,697
|
|||||||||||||||
Net income per share of common stock
|
$
|
0.50
|
$
|
0.34
|
$
|
0.36
|
$
|
0.84
|
$
|
0.97
|
||||||||||
Cash Dividends Declared per Share:
|
$
|
0.14
|
$
|
0.14
|
$
|
0.14
|
$
|
0.28
|
$
|
0.28
|
For the quarters ended
|
||||||||||||||||||||||||||||||||||||
(unaudited)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||||||||||||||||||||||||||
Interest
|
Interest
|
Interest
|
||||||||||||||||||||||||||||||||||
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Balance
|
Expense
|
Rate**
|
Balance
|
Expense
|
Rate**
|
Balance
|
Expense
|
Rate**
|
|||||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||||||||||
Loans*
|
$
|
1,061,884
|
$
|
15,042
|
5.68
|
%
|
$
|
1,076,894
|
$
|
14,544
|
5.42
|
%
|
$
|
1,088,723
|
$
|
14,185
|
5.23
|
%
|
||||||||||||||||||
Investment securities:
|
||||||||||||||||||||||||||||||||||||
Taxable
|
169,675
|
1,761
|
4.16
|
%
|
175,241
|
1,798
|
4.12
|
%
|
183,278
|
1,772
|
3.88
|
%
|
||||||||||||||||||||||||
Tax-exempt*
|
26,036
|
176
|
2.71
|
%
|
26,115
|
176
|
2.70
|
%
|
37,851
|
265
|
2.81
|
%
|
||||||||||||||||||||||||
Total investment securities
|
195,711
|
1,937
|
3.97
|
%
|
201,356
|
1,974
|
3.93
|
%
|
221,129
|
2,037
|
3.69
|
%
|
||||||||||||||||||||||||
Interest-bearing due from banks
|
79,752
|
1,087
|
5.47
|
%
|
57,921
|
799
|
5.53
|
%
|
7,510
|
93
|
4.96
|
%
|
||||||||||||||||||||||||
Federal funds sold
|
894
|
12
|
5.38
|
%
|
709
|
9
|
5.09
|
%
|
718
|
9
|
4.88
|
%
|
||||||||||||||||||||||||
Other investments
|
4,506
|
77
|
6.85
|
%
|
5,201
|
94
|
7.33
|
%
|
4,806
|
79
|
6.68
|
%
|
||||||||||||||||||||||||
Total earning assets
|
1,342,747
|
$
|
18,155
|
5.42
|
%
|
1,342,081
|
$
|
17,420
|
5.21
|
%
|
1,322,886
|
16,403
|
4.97
|
%
|
||||||||||||||||||||||
Allowance for credit losses
|
(11,905
|
)
|
(12,393
|
)
|
(11,732
|
)
|
||||||||||||||||||||||||||||||
Other non-earning assets
|
107,487
|
105,193
|
106,738
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
1,438,329
|
$
|
1,434,881
|
$
|
1,417,892
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
94,868
|
$
|
3
|
0.01
|
%
|
$
|
94,434
|
$
|
3
|
0.01
|
%
|
$
|
80,393
|
$
|
3
|
0.02
|
%
|
||||||||||||||||||
Money market deposit accounts
|
446,359
|
2,689
|
2.42
|
%
|
452,198
|
2,587
|
2.29
|
%
|
437,481
|
1,558
|
1.43
|
%
|
||||||||||||||||||||||||
Savings accounts
|
85,098
|
7
|
0.03
|
%
|
89,035
|
7
|
0.03
|
%
|
105,161
|
8
|
0.03
|
%
|
||||||||||||||||||||||||
Time deposits
|
247,472
|
2,337
|
3.79
|
%
|
238,076
|
2,172
|
3.66
|
%
|
200,951
|
1,419
|
2.83
|
%
|
||||||||||||||||||||||||
Total time and savings deposits
|
873,797
|
5,036
|
2.31
|
%
|
873,743
|
4,769
|
2.19
|
%
|
823,986
|
2,988
|
1.45
|
%
|
||||||||||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
2,006
|
1
|
0.20
|
%
|
2,484
|
1
|
0.32
|
%
|
4,959
|
2
|
0.13
|
%
|
||||||||||||||||||||||||
Federal Home Loan Bank advances
|
54,006
|
670
|
4.98
|
%
|
69,716
|
778
|
4.48
|
%
|
77,255
|
963
|
4.93
|
%
|
||||||||||||||||||||||||
Long term borrowings
|
29,712
|
295
|
3.98
|
%
|
29,680
|
295
|
3.99
|
%
|
29,585
|
295
|
3.95
|
%
|
||||||||||||||||||||||||
Total interest-bearing liabilities
|
959,521
|
6,002
|
2.51
|
%
|
975,623
|
5,843
|
2.40
|
%
|
935,785
|
4,248
|
1.82
|
%
|
||||||||||||||||||||||||
Demand deposits
|
362,884
|
344,098
|
370,907
|
|||||||||||||||||||||||||||||||||
Other liabilities
|
8,380
|
8,209
|
8,125
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
107,544
|
106,951
|
103,075
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,438,329
|
$
|
1,434,881
|
$
|
1,417,892
|
||||||||||||||||||||||||||||||
Net interest margin*
|
$
|
12,153
|
3.63
|
%
|
$
|
11,577
|
3.46
|
%
|
$
|
12,155
|
3.69
|
%
|
For the six months ended June 30,
|
||||||||||||||||||||||||
(unaudited)
|
2024
|
2023
|
||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
|||||||||||||||||||
(dollars in thousands)
|
Balance
|
Expense
|
Rate**
|
Balance
|
Expense
|
Rate**
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
1,069,389
|
$
|
29,586
|
5.55
|
%
|
$
|
1,072,391
|
$
|
27,226
|
5.12
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
172,458
|
3,559
|
4.14
|
%
|
184,776
|
3,536
|
3.86
|
%
|
||||||||||||||||
Tax-exempt*
|
26,075
|
352
|
2.71
|
%
|
38,028
|
533
|
2.83
|
%
|
||||||||||||||||
Total investment securities
|
198,533
|
3,911
|
3.95
|
%
|
222,804
|
4,069
|
3.68
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
68,837
|
1,886
|
5.49
|
%
|
7,056
|
157
|
4.48
|
%
|
||||||||||||||||
Federal funds sold
|
801
|
21
|
5.26
|
%
|
648
|
15
|
4.59
|
%
|
||||||||||||||||
Other investments
|
4,853
|
171
|
7.07
|
%
|
4,222
|
146
|
6.95
|
%
|
||||||||||||||||
Total earning assets
|
1,342,413
|
$
|
35,575
|
5.31
|
%
|
1,307,121
|
$
|
31,613
|
4.88
|
%
|
||||||||||||||
Allowance for credit losses
|
(12,149
|
)
|
(11,536
|
)
|
||||||||||||||||||||
Other nonearning assets
|
106,340
|
105,630
|
||||||||||||||||||||||
Total assets
|
$
|
1,436,604
|
$
|
1,401,215
|
||||||||||||||||||||
|
||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
94,651
|
$
|
6
|
0.01
|
%
|
$
|
75,351
|
$
|
6
|
0.02
|
%
|
||||||||||||
Money market deposit accounts
|
449,279
|
5,277
|
2.36
|
%
|
433,235
|
2,400
|
1.12
|
%
|
||||||||||||||||
Savings accounts
|
87,066
|
13
|
0.03
|
%
|
110,491
|
17
|
0.03
|
%
|
||||||||||||||||
Time deposits
|
242,774
|
4,509
|
3.72
|
%
|
174,902
|
1,956
|
2.26
|
%
|
||||||||||||||||
Total time and savings deposits
|
873,770
|
9,805
|
2.25
|
%
|
793,979
|
4,379
|
1.11
|
%
|
||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
2,245
|
2
|
0.18
|
%
|
6,450
|
39
|
1.23
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
61,861
|
1,448
|
4.69
|
%
|
65,009
|
1,580
|
4.90
|
%
|
||||||||||||||||
Long term borrowings
|
29,696
|
590
|
3.98
|
%
|
29,568
|
590
|
4.03
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
967,572
|
11,845
|
2.46
|
%
|
895,006
|
6,588
|
1.48
|
%
|
||||||||||||||||
Demand deposits
|
353,491
|
396,202
|
||||||||||||||||||||||
Other liabilities
|
8,294
|
8,235
|
||||||||||||||||||||||
Stockholders' equity
|
107,247
|
101,772
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,436,604
|
$
|
1,401,215
|
||||||||||||||||||||
Net interest margin*
|
$
|
23,730
|
3.55
|
%
|
$
|
25,025
|
3.86
|
%
|
As of or for the quarters ended,
|
For the six months ended,
|
|||||||||||||||||||
Selected Ratios (unaudited)
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
|||||||||||||||
(dollars in thousands, except per share data)
|
2024
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||
Earnings per common share, diluted
|
$
|
0.50
|
$
|
0.34
|
$
|
0.36
|
$
|
0.84
|
$
|
0.97
|
||||||||||
Return on average assets (ROA)
|
0.71
|
%
|
0.48
|
%
|
0.51
|
%
|
0.59
|
%
|
0.70
|
%
|
||||||||||
Return on average equity (ROE)
|
9.43
|
%
|
6.44
|
%
|
7.01
|
%
|
7.94
|
%
|
9.68
|
%
|
||||||||||
Net Interest Margin (FTE) (non-GAAP)
|
3.63
|
%
|
3.46
|
%
|
3.69
|
%
|
3.55
|
%
|
3.86
|
%
|
||||||||||
Efficiency ratio
|
79.07
|
%
|
86.05
|
%
|
84.41
|
%
|
82.46
|
%
|
79.58
|
%
|
||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
78.88
|
%
|
85.83
|
%
|
84.10
|
%
|
82.26
|
%
|
79.30
|
%
|
||||||||||
Book value per share
|
$
|
21.66
|
$
|
21.35
|
$
|
20.36
|
||||||||||||||
Tangible Book Value per share (non-GAAP)
|
21.31
|
20.99
|
19.99
|
|||||||||||||||||
Non-performing assets (NPAs) / total assets
|
0.14
|
%
|
0.15
|
%
|
0.10
|
%
|
||||||||||||||
Annualized Net Charge-Offs / average total loans
|
0.12
|
%
|
0.12
|
%
|
0.08
|
%
|
||||||||||||||
Allowance for credit losses on loans / total loans
|
1.12
|
%
|
1.12
|
%
|
1.06
|
%
|
||||||||||||||
Non-Performing Assets (NPAs)
|
||||||||||||||||||||
Nonaccrual loans
|
$
|
44
|
$
|
194
|
$
|
235
|
||||||||||||||
Loans > 90 days past due, but still accruing interest
|
444
|
878
|
1,208
|
|||||||||||||||||
Repossessed assets
|
1,471
|
1,080
|
-
|
|||||||||||||||||
Total non-performing assets
|
$
|
1,959
|
$
|
2,152
|
$
|
1,443
|
||||||||||||||
Other Selected Numbers
|
||||||||||||||||||||
Loans, net
|
$
|
1,042,774
|
$
|
1,055,955
|
$
|
1,082,965
|
||||||||||||||
Deposits
|
1,236,575
|
1,228,269
|
1,228,715
|
|||||||||||||||||
Stockholders' equity
|
109,996
|
107,630
|
102,542
|
|||||||||||||||||
Total assets
|
1,423,354
|
1,445,489
|
1,443,059
|
|||||||||||||||||
Loans charged off during the quarter, net of recoveries
|
311
|
336
|
210
|
|||||||||||||||||
Quarterly average loans
|
1,061,884
|
1,076,894
|
1,088,723
|
|||||||||||||||||
Quarterly average assets
|
1,438,329
|
1,434,881
|
1,417,892
|
|||||||||||||||||
Quarterly average earning assets
|
1,342,747
|
1,342,081
|
1,322,886
|
|||||||||||||||||
Quarterly average deposits
|
1,236,681
|
1,217,841
|
1,194,893
|
|||||||||||||||||
Quarterly average equity
|
107,544
|
106,951
|
103,075
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||
(dollars in thousands, except per share data)
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||
Jun. 30, 2024
|
Mar. 31, 2024
|
Jun. 30, 2023
|
Jun. 30, 2024
|
Jun. 30, 2023
|
||||||||||||||||
Fully Taxable Equivalent Net Interest Income
|
||||||||||||||||||||
Net interest income (GAAP)
|
$
|
12,116
|
$
|
11,540
|
$
|
12,099
|
$
|
23,656
|
$
|
24,912
|
||||||||||
FTE adjustment
|
37
|
37
|
56
|
74
|
113
|
|||||||||||||||
Net interest income (FTE) (non-GAAP)
|
$
|
12,153
|
$
|
11,577
|
$
|
12,155
|
$
|
23,730
|
$
|
25,025
|
||||||||||
Noninterest income (GAAP)
|
3,471
|
3,222
|
3,477
|
6,693
|
6,898
|
|||||||||||||||
Total revenue (FTE) (non-GAAP)
|
$
|
15,624
|
$
|
14,799
|
$
|
15,632
|
$
|
30,423
|
$
|
31,923
|
||||||||||
Noninterest expense (GAAP)
|
12,324
|
12,703
|
13,147
|
25,027
|
25,315
|
|||||||||||||||
Average earning assets
|
$
|
1,342,747
|
$
|
1,342,081
|
$
|
1,322,886
|
$
|
1,342,413
|
$
|
1,307,121
|
||||||||||
Net interest margin
|
3.62
|
%
|
3.45
|
%
|
3.67
|
%
|
3.53
|
%
|
3.84
|
%
|
||||||||||
Net interest margin (FTE) (non-GAAP)
|
3.63
|
%
|
3.46
|
%
|
3.69
|
%
|
3.55
|
%
|
3.86
|
%
|
||||||||||
Efficiency ratio
|
79.07
|
%
|
86.05
|
%
|
84.41
|
%
|
82.46
|
%
|
79.58
|
%
|
||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
78.88
|
%
|
85.83
|
%
|
84.10
|
%
|
82.26
|
%
|
79.30
|
%
|
||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||
Total Stockholders Equity (GAAP)
|
$
|
109,996
|
$
|
107,630
|
$
|
102,542
|
||||||||||||||
Less goodwill
|
1,650
|
1,650
|
1,650
|
|||||||||||||||||
Less core deposit intangible, net
|
165
|
176
|
209
|
|||||||||||||||||
Tangible Stockholders Equity (non-GAAP)
|
$
|
108,181
|
$
|
105,804
|
$
|
100,683
|
||||||||||||||
Shares issued and outstanding
|
5,077,525
|
5,040,391
|
5,037,275
|
|||||||||||||||||
Book value per share
|
$
|
21.66
|
$
|
21.35
|
$
|
20.36
|
||||||||||||||
Tangible book value per share (non-GAAP)
|
$
|
21.31
|
$
|
20.99
|
$
|
19.99
|
Document and Entity Information |
Jul. 25, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 25, 2024 |
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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