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Old Point Financial Corporation (Nasdaq: OPOF) is a leading financial services provider based in Hampton Roads, Virginia. As the parent company of Old Point National Bank and Old Point Wealth Management, Old Point Financial offers a comprehensive range of financial solutions. Their offerings include checking, insurance, mortgage products, and extensive commercial lending and banking services.
Old Point National Bank, a full-service community bank, operates 19 branches throughout the Hampton Roads region. It provides a broad spectrum of services, from sophisticated commercial banking solutions to consumer services, characterized by personalized attention. Additionally, Old Point National Bank offers surcharge-free access to over 55,000 ATMs worldwide, through the Allpoint ATM network, enhancing convenience for its customers.
Old Point Wealth Management, the largest wealth management services provider headquartered in Hampton Roads, has been providing local asset management by experienced professionals since 1926. The company is renowned for its sophisticated wealth management solutions and personalized service.
Committed to community support, Old Point Financial contributes to over 300 local charitable organizations. This dedication to community service underscores their mission to create a better community every day.
Financially, Old Point Financial remains robust, evidenced by their substantial net income and healthy asset growth. Despite the challenges faced by the banking industry, including rising interest rates and intense competition for deposits, Old Point Financial has managed to deliver strong operating results. Their balance sheet reflects strength in core banking fundamentals like asset quality, capital, and liquidity.
Recent strategic initiatives include a partnership with Tidewater Home Funding to enhance their mortgage product offerings while maintaining Old Point Mortgage's branding. This alliance is expected to bring increased homeownership opportunities to the region, demonstrating Old Point's commitment to expanding and improving their service offerings.
As of the latest financial reports, Old Point Financial boasts total assets of $1.4 billion, net loans of $1.1 billion, and total deposits of $1.2 billion. They continue to focus on maintaining strong asset quality and capital levels, positioning themselves for sustainable growth and value creation for shareholders.
Old Point Financial has announced a quarterly cash dividend of $0.14 per share on its common stock. The dividend will be paid on December 27, 2024 to shareholders of record as of December 4, 2024. This dividend maintains the same level as the previous quarter. Based on the stock's closing price of $20.30 on November 19, 2024, the dividend represents an annual yield of approximately 2.76%.
Old Point Financial (NASDAQ: OPOF) has appointed Cathy W. Liles as Senior Vice President and Chief Financial Officer. Liles, who has been serving as Interim CFO since July 2024, joined the company in May 2024 as Chief Accounting Officer. She previously held executive positions at American National Bankshares and Carter Bank & Trust, and was a partner at Forvis LLP. A Certified Public Accountant with a B.S. in Accounting from Belmont Abby College, Liles is also a member of the Virginia Bankers Association's CFO Committee.
Old Point Financial (OPOF) reported Q3 2024 net income of $2.4 million with diluted EPS of $0.47, compared to $2.5 million and $0.50 in Q2 2024. Total assets reached $1.5 billion, up 2.2% from December 2023. Net loans decreased 5.1% to $1.0 billion, while total deposits increased 4.3%. The company's net interest margin was 3.56%, down from 3.62% in Q2. Notable developments include $997 thousand in one-time costs related to cost-saving initiatives expected to reduce annual expenses by $5.0 million. Asset quality remains strong with non-performing assets at 0.18% of total assets.
Old Point Financial (OPOF) has announced a quarterly cash dividend of $0.14 per share on its common stock. The dividend will be paid on September 27, 2024 to shareholders of record as of September 4, 2024. This dividend amount remains unchanged from the previous quarter. Based on the stock's closing price of $18.39 on August 20, 2024, the annual dividend yield is approximately 3.05%. This announcement demonstrates Old Point Financial 's commitment to providing consistent returns to its shareholders, maintaining its dividend policy despite potential economic uncertainties.
Old Point Financial reported net income of $2.5 million with diluted earnings per share of $0.50 for Q2 2024, up from $1.7 million and $0.34 EPS in Q1 2024. Key highlights include:
- Total assets were $1.4 billion as of June 30, 2024, down 1.6% from December 31, 2023
- Net loans held for investment decreased 2.4% to $1.0 billion
- Total deposits increased 0.5% to $1.2 billion
- Return on average equity (ROE) was 9.43%, up from 6.44% in Q1 2024
- Net interest margin improved to 3.62% from 3.45% in Q1 2024
- Non-performing assets decreased to 0.14% of total assets
The company continued cost-saving initiatives, expecting to reduce annual noninterest expense by $5.0 million when fully implemented. Old Point plans to close its Crown Center branch in Norfolk on September 27, 2024.
Old Point Financial , headquartered in Hampton, Virginia, announced a quarterly cash dividend of $0.14 per share on its common stock.
The dividend will be paid on June 28, 2024, to shareholders of record as of June 5, 2024.
This dividend amount is consistent with the previous quarter's dividend.
Based on the stock's closing price of $14.81 on May 21, 2024, the annual dividend yield is approximately 3.8%.
Old Point Financial (NASDAQ: OPOF) reported net income of $1.7 million and diluted earnings per share of $0.34 for Q1 2024. Despite inflationary pressures, the company is focused on expense reduction to boost earnings. Total assets decreased slightly, while ROE improved to 6.4%. Noninterest income decreased, and noninterest expenses increased. The Company declared dividends of $0.14 per share, reflecting a payout ratio of 41.1%.
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