Old Point Releases Second Quarter 2024 Results
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 ha registrato un reddito netto di 2,5 milioni di dollari con utile per azione diluito di 0,50 dollari per il secondo trimestre del 2024, in aumento rispetto a 1,7 milioni di dollari e 0,34 dollari di EPS nel primo trimestre del 2024. I punti salienti includono:
- Gli attivi totali erano 1,4 miliardi di dollari al 30 giugno 2024, in diminuzione dell'1,6% rispetto al 31 dicembre 2023
- I prestiti netti detenuti per investimento sono diminuiti del 2,4% a 1,0 miliardo di dollari
- I depositi totali sono aumentati dello 0,5% a 1,2 miliardi di dollari
- Il rendimento medio del capitale (ROE) è stato del 9,43%, in aumento dal 6,44% nel primo trimestre del 2024
- Il margine di interesse netto è migliorato al 3,62% rispetto al 3,45% nel primo trimestre del 2024
- Gli attivi non performanti sono diminuiti allo 0,14% degli attivi totali
L'azienda ha continuato le sue iniziative di risparmio sui costi, prevedendo di ridurre le spese non di interesse annuali di 5,0 milioni di dollari una volta implementate completamente. Old Point prevede di chiudere la sua filiale di Crown Center a Norfolk il 27 settembre 2024.
Old Point Financial reportó un ingreso neto de 2.5 millones de dólares con ganancias por acción diluidas de 0.50 dólares para el segundo trimestre de 2024, un aumento desde 1.7 millones de dólares y 0.34 dólares de EPS en el primer trimestre de 2024. Los aspectos destacados incluyen:
- Los activos totales eran 1.4 mil millones de dólares al 30 de junio de 2024, una disminución del 1.6% desde el 31 de diciembre de 2023
- Los préstamos netos mantenidos para inversión disminuyeron un 2.4% a 1.0 mil millones de dólares
- Los depósitos totales aumentaron un 0.5% a 1.2 mil millones de dólares
- El retorno sobre el capital promedio (ROE) fue del 9.43%, en aumento desde el 6.44% en el primer trimestre de 2024
- El margen de interés neto mejoró al 3.62% desde el 3.45% en el primer trimestre de 2024
- Los activos no rentables disminuyeron al 0.14% de los activos totales
La empresa continuó sus iniciativas de ahorro de costos, esperando reducir los gastos no relacionados con intereses anuales en 5.0 millones de dólares una vez completamente implementadas. Old Point planea cerrar su sucursal de Crown Center en Norfolk el 27 de septiembre de 2024.
Old Point Financial은 2024년 2분기에 250만 달러의 순이익과 희석 주당순이익 0.50달러를 보고했으며, 이는 2024년 1분기의 170만 달러와 0.34달러에서 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 2024년 6월 30일 현재 총 자산은 14억 달러로, 2023년 12월 31일 대비 1.6% 감소했습니다.
- 투자용으로 보유된 순 대출은 2.4% 감소하여 10억 달러에 이르렀습니다.
- 총 예금은 0.5% 증가하여 12억 달러에 도달했습니다.
- 평균 자본 수익률(ROE)은 9.43%로, 2024년 1분기의 6.44%에서 증가했습니다.
- 순이자 마진은 3.62%로, 2024년 1분기의 3.45%에서 개선되었습니다.
- 비수익 자산은 총 자산의 0.14%로 감소했습니다.
회사는 비용 절감 이니셔티브를 지속하여 전액 시행되면 연간 비이자 비용을 500만 달러 줄일 것으로 예상하고 있습니다. Old Point는 2024년 9월 27일에 노퍽의 크라운 센터 지점을 폐쇄할 계획입니다.
Old Point Financial a annoncé un revenu net de 2,5 millions de dollars avec un bénéfice par action dilué de 0,50 dollar pour le deuxième trimestre de 2024, en hausse par rapport à 1,7 million de dollars et 0,34 dollar de BPA au premier trimestre de 2024. Les points forts comprennent :
- Les actifs totaux étaient de 1,4 milliard de dollars au 30 juin 2024, en baisse de 1,6 % par rapport au 31 décembre 2023
- Les prêts nets détenus à des fins d'investissement ont diminué de 2,4 % pour atteindre 1,0 milliard de dollars
- Les dépôts totaux ont augmenté de 0,5 % pour atteindre 1,2 milliard de dollars
- Le retour sur fonds propres moyen (ROE) était de 9,43 %, en hausse par rapport à 6,44 % au premier trimestre de 2024
- La marge d'intérêt nette s'est améliorée à 3,62 %, contre 3,45 % au premier trimestre de 2024
- Les actifs non performants ont diminué à 0,14 % des actifs totaux
L'entreprise a poursuivi ses initiatives d'économies de coûts, s'attendant à réduire les dépenses annuelles non d'intérêt de 5,0 millions de dollars une fois pleinement mises en œuvre. Old Point prévoit de fermer sa succursale de Crown Center à Norfolk le 27 septembre 2024.
Old Point Financial berichtete von einem Nettoeinkommen von 2,5 Millionen Dollar mit verwässertem Gewinn pro Aktie von 0,50 Dollar für das 2. Quartal 2024, ein Anstieg von 1,7 Millionen Dollar und 0,34 Dollar EPS im 1. Quartal 2024. Die wichtigsten Höhepunkte sind:
- Die Gesamtvermögenswerte beliefen sich am 30. Juni 2024 auf 1,4 Milliarden Dollar, ein Rückgang um 1,6% gegenüber dem 31. Dezember 2023
- Die Netto-Darlehen, die für Investitionen gehalten werden, sanken um 2,4% auf 1,0 Milliarden Dollar
- Die Gesamteinlagen stiegen um 0,5% auf 1,2 Milliarden Dollar
- Die Rendite auf das durchschnittliche Eigenkapital (ROE) betrug 9,43%, ein Anstieg von 6,44% im 1. Quartal 2024
- Die Nettozinsmarge verbesserte sich auf 3,62% gegenüber 3,45% im 1. Quartal 2024
- Die notleidenden Vermögenswerte sanken auf 0,14% der Gesamtvermögenswerte
Das Unternehmen setzte Kostensenkungsinitiativen fort und erwartet, die jährlichen nichtzinslichen Aufwendungen um 5,0 Millionen Dollar zu senken, wenn diese vollständig implementiert sind. Old Point plant, seine Filiale im Crown Center in Norfolk am 27. September 2024 zu schließen.
- Net income increased 47.3% quarter-over-quarter to $2.5 million
- Diluted EPS rose to $0.50 from $0.34 in Q1 2024
- Return on average equity (ROE) improved to 9.43% from 6.44% in Q1 2024
- Net interest margin increased to 3.62% from 3.45% in Q1 2024
- Total deposits grew 0.5% to $1.2 billion
- Non-performing assets decreased to 0.14% of total assets
- Cost-saving initiatives expected to reduce annual noninterest expense by $5.0 million
- Total assets decreased 1.6% to $1.4 billion from December 31, 2023
- Net loans held for investment declined 2.4% to $1.0 billion
- Mortgage banking income decreased due to lower mortgage origination volume
- One-time costs of $550,000 incurred for cost-saving initiatives, with additional $350,000 expected
Insights
Old Point Financial's Q2 2024 results show some positive trends, but also raise a few concerns:
- Earnings improvement: Net income increased to $2.5 million ($0.50 EPS), up 47.3% from Q1 2024 and 40.3% from Q2 2023. This is a significant improvement in profitability.
- Net interest margin (NIM) expansion: NIM increased to 3.62% from 3.45% in Q1 2024, indicating better interest rate management.
- Asset quality: Non-performing assets remained low at 0.14% of total assets, suggesting strong credit quality.
- Deposit growth: Total deposits increased slightly by 0.5% from December 2023, with noninterest-bearing deposits up 8.5%. This is positive for funding costs.
- Loan contraction: Net loans decreased by 2.4% from December 2023, which could impact future interest income if the trend continues.
- Cost-saving initiatives: The company expects $5 million in annual pre-tax savings, which should boost profitability once fully implemented.
While the improved earnings and NIM are encouraging, the loan contraction and reliance on cost-cutting for profit growth warrant attention. The bank's ability to grow its loan portfolio in a challenging economic environment will be important for sustained long-term performance.
Robert Shuford, Jr., Chairman, President and CEO of the Company and Old Point National Bank (the "Bank") commented, "We are pleased to report to our shareholders that performance improved in the second quarter of 2024. We grew our earnings, we increased our net interest margin, and our asset quality remained strong. Net income was the highest it has been in five quarters at
We continued our cost saving initiatives to reduce noninterest expense in the second quarter. Year to date, we have incurred
Additionally, we will be closing our Crown Center branch, located at 580 East Main Street in
We approach the second half of 2024 with continued optimism given the strength of our company, driven by an outstanding team of employees. I remain fully confident about the ability of our team to drive value for our customers, our communities, and our shareholders."
Key highlights of the second quarter are as follows:
- Total assets were
at June 30, 2024, decreasing$1.4 billion or$23.0 million 1.6% from December 31, 2023. Net loans held for investment were at June 30, 2024, decreasing$1.0 billion , or$25.3 million 2.4% , from December 31, 2023. - Total deposits increased
, or$6.2 million 0.5% , from December 31, 2023. - Return on average equity (ROE) was
9.43% for the second quarter of 2024, compared to6.44% for the first quarter of 2024, and7.01% for the second quarter of 2023. Return on average assets (ROA) was0.71% for the second quarter of 2024, compared to0.48% for the first quarter of 2024, and0.51% 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% and1.50% , from March 31, 2024 and6.39% and6.60% , respectively from June 30, 2023. - Net income improved
, or$812 thousand 47.3% , to for the second quarter of 2024 from$2.5 million for the first quarter of 2024 and improved$1.7 million , or$727 thousand 40.3% from for the second quarter of 2023.$1.8 million - Net interest margin (NIM) was
3.62% for the second quarter of 2024 compared to3.45% for the first quarter of 2024 and3.67% for the second quarter of 2023. NIM on a fully tax-equivalent basis (FTE) (non-GAAP) was3.63% for the second quarter of 2024 compared to3.46% for the first quarter of 2024 and3.69% for the second quarter of 2023. - Net interest income increased
, or$576 thousand 5.0% , to for the second quarter of 2024 from$12.1 million for the first quarter of 2024 and increased$11.5 million , or$17 thousand 0.1% , compared to the second quarter of 2023. - Provision for credit losses of
was recognized for the second quarter of 2024, compared to$261 thousand for the first quarter of 2024 and$80 thousand for the second quarter of 2023.$361 thousand - Non-performing assets decreased by
to$193 thousand or$2.0 million 0.14% of total assets at June 30, 2024 from or$2.2 million 0.15% of total assets at March 31, 2024 and increased from$516 thousand or$1.4 million 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
, representing$403.8 million 28.4% of total assets compared to , representing$342.5 million 23.7% of total assets as of December 31, 2023.
For more information about financial measures that are not calculated in accordance with GAAP, please see "Non-GAAP Financial Measures" and "Reconciliation of Certain Non-GAAP Financial Measures" below.
Balance Sheet and Asset Quality
Total assets of
Total deposits of
The Company's total stockholders' equity at June 30, 2024 increased
Non-performing assets (NPAs) totaled
The Company recognized a provision for credit losses of
Net Interest Income
Net interest income for the second quarter of 2024 was
Net Interest Margin (NIM) for the second quarter of 2024 was
Average loans decreased
Noninterest Income
Total noninterest income was
Noninterest Expense
Noninterest expense totaled
Capital Management and Dividends
For the second quarter of 2024, the Company declared a dividend of
Total consolidated equity increased
At June 30, 2024, the book value per share of the Company's common stock was
Non-GAAP Financial Measures
In reporting the results as of and for the three and six months ended June 30, 2024, the Company has provided supplemental financial measures on a fully tax-equivalent, tangible, or adjusted basis. These non-GAAP financial measures are a supplement to GAAP, which is used to prepare the Company's financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company's non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. The Company uses the non-GAAP financial measures discussed herein in its analysis of the Company's performance. The Company's management believes that these non-GAAP financial measures provide additional understanding of ongoing operations and enhance comparability of results of operations with prior periods presented without the impact of items or events that may obscure trends in the Company's underlying performance. A reconciliation of the non-GAAP financial measures used by the Company to evaluate and measure the Company's performance to the most directly comparable GAAP financial measures is presented below.
Safe Harbor Statement Regarding Forward-Looking Statements
Statements in this press release, including without limitation, statements made in Mr. Shuford's quotation , which use language such as "believes," "expects," "plans," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" and similar expressions, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs of Old Point's management, as well as estimates and assumptions made by, and information currently available to, management, as of the time such statements are made. These statements are also subject to assumptions with respect to future business strategies and decisions that are subject to change. These statements are inherently uncertain, and there can be no assurance that the underlying beliefs, estimates, or assumptions will prove to be accurate. Actual results, performance, achievements, or trends could differ materially from historical results or those expressed or implied by such statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its businesses or operations. Forward-looking statements in this release may include, without limitation, statements regarding: efficiency and expense reduction initiatives, including the estimated effects and estimated future cost savings thereof, and the estimated timing of recognizing the benefits of such initiatives; future financial performance; future financial and economic conditions, industry conditions, and loan demand; Old Point's strategic focuses; impacts of economic uncertainties; performance of the loan and securities portfolios; deposit growth and future levels of rates paid on deposits; levels and sources of liquidity and capital resources; future levels of the allowance for credit losses, charge-offs or net recoveries; levels of or changes in interest rates and potential impacts on Old Point's NIM; changes in NIM and items affecting NIM; expected impact of unrealized losses on earnings and regulatory capital of Old Point or the Bank; and statements that include other projections, predictions, expectations, or beliefs about future events or results, or otherwise are not statements of historical fact.
These forward-looking statements are subject to significant risks and uncertainties due to factors that could have a material adverse effect on the operations and future prospects of Old Point including, but not limited to, changes in or the effects of: interest rates and yields, such as increases or volatility in short-term interest rates or yields on
The Company does not intend or assume any obligation to update, revise or clarify any forward-looking statements that may be made from time to time or on behalf of the Company, whether as a result of new information, future events or otherwise, except as otherwise required by law. In addition, past results of operations are not necessarily indicative of future results.
Information about Old Point Financial Corporation
Old Point Financial Corporation (Nasdaq: OPOF) is the parent company of Old Point National Bank and Old Point Wealth Management, which serve the
For more information, contact Laura Wright, Vice President/Marketing Director, at lwright@oldpoint.com or (757) 728-1743.
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, | 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 |
Old Point Financial Corporation and Subsidiaries | ||||||
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 | |
Old Point Financial Corporation and Subsidiaries | |||||||||
Average Balance Sheets, Net Interest Income And Rates | |||||||||
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 % | |||
*Computed on a fully tax-equivalent basis (non-GAAP) using a | |||||||||
by | |||||||||
**Annualized |
Old Point Financial Corporation and Subsidiaries | ||||||
Average Balance Sheets, Net Interest Income And Rates | ||||||
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 % | ||
*Computed on a fully tax-equivalent basis (non-GAAP) using a | ||||||
by | ||||||
**Annualized |
Old Point Financial Corporation and Subsidiaries | 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 | ||||||
Reconciliation of Certain Non-GAAP Financial Measures (unaudited) | ||||||
(dollars in thousands, except per share data) | Three months ended | For the 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 | |||
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SOURCE Old Point Financial Corporation
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