Old Point Releases Third Quarter 2024 Results
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) ha riportato un reddito netto di $2,4 milioni per il terzo trimestre del 2024, con un utile per azione diluito (EPS) di $0,47, rispetto ai $2,5 milioni e a $0,50 del secondo trimestre del 2024. Le attività totali hanno raggiunto $1,5 miliardi, in aumento del 2,2% rispetto a dicembre 2023. I prestiti netti sono diminuiti del 5,1%, attestandosi a $1,0 miliardi, mentre i depositi totali sono aumentati del 4,3%. Il margine di interesse netto dell'azienda era del 3,56%, in calo rispetto al 3,62% del secondo trimestre. Tra gli sviluppi significativi ci sono stati $997 mila in costi una tantum legati a iniziative di risparmio che si prevede ridurranno le spese annuali di $5,0 milioni. La qualità degli attivi rimane solida, con attività non performanti allo 0,18% delle attività totali.
Old Point Financial (OPOF) reportó un ingreso neto de $2.4 millones en el tercer trimestre de 2024, con un EPS diluido de $0.47, en comparación con $2.5 millones y $0.50 en el segundo trimestre de 2024. Los activos totales alcanzaron los $1.5 mil millones, un aumento del 2.2% desde diciembre de 2023. Los préstamos netos disminuyeron un 5.1% a $1.0 mil millones, mientras que los depósitos totales aumentaron un 4.3%. El margen de interés neto de la compañía fue del 3.56%, una disminución respecto al 3.62% en el segundo trimestre. Los desarrollos destacados incluyen $997 mil en costos únicos relacionados con iniciativas de ahorro que se espera reduzcan los gastos anuales en $5.0 millones. La calidad de los activos sigue siendo fuerte, con activos no rentables en el 0.18% de los activos totales.
Old Point Financial (OPOF)는 2024년 3분기에 순이익 240만 달러와 희석 주당순이익(EPS) 0.47달러를 보고했으며, 이는 2024년 2분기의 250만 달러 및 0.50달러와 비교됩니다. 총 자산은 15억 달러에 달하며, 2023년 12월보다 2.2% 증가했습니다. 순대출은 5.1% 감소하여 10억 달러에 이르렀고, 총 예금은 4.3% 증가했습니다. 회사의 순이자 마진은 3.56%로, 2분기의 3.62%에서 감소했습니다. 주목할 만한 발전 사항으로는 연간 비용을 500만 달러 줄일 것으로 예상되는 비용 절감 이니셔티브와 관련된 997,000달러의 일회성 비용이 포함됩니다. 자산 품질은 여전히 우수하며, 부실 자산은 총 자산의 0.18%에 해당합니다.
Old Point Financial (OPOF) a déclaré un revenu net de 2,4 millions de dollars pour le troisième trimestre de 2024, avec un bénéfice par action dilué de 0,47 dollar, comparé à 2,5 millions de dollars et 0,50 dollar au deuxième trimestre de 2024. Les actifs totaux ont atteint 1,5 milliard de dollars, en hausse de 2,2 % par rapport à décembre 2023. Les prêts nets ont diminué de 5,1 % pour s'établir à 1,0 milliard de dollars, tandis que les dépôts totaux ont augmenté de 4,3 %. La marge d'intérêt nette de l'entreprise était de 3,56 %, en baisse par rapport à 3,62 % au deuxième trimestre. Parmi les développements notables figurent 997 000 dollars de coûts exceptionnels liés à des initiatives d'économie destinées à réduire les dépenses annuelles de 5,0 millions de dollars. La qualité des actifs demeure solide, avec des actifs non performants représentant 0,18 % des actifs totaux.
Old Point Financial (OPOF) berichtete im 3. Quartal 2024 einen Nettogewinn von 2,4 Millionen Dollar bei einem verwässerten Gewinn pro Aktie (EPS) von 0,47 Dollar, verglichen mit 2,5 Millionen Dollar und 0,50 Dollar im 2. Quartal 2024. Die Gesamtvermögen erreichten 1,5 Milliarden Dollar, was einem Anstieg von 2,2% seit Dezember 2023 entspricht. Die Netto-Darlehen sanken um 5,1% auf 1,0 Milliarden Dollar, während die Gesamt-Einlagen um 4,3% stiegen. Die Nettomarge der Zinsen lag bei 3,56%, ein Rückgang von 3,62% im 2. Quartal. Nennenswerte Entwicklungen umfassen 997 Tausend Dollar an einmaligen Kosten im Zusammenhang mit Kostensenkungsinitiativen, die voraussichtlich die jährlichen Ausgaben um 5,0 Millionen Dollar senken werden. Die Vermögensqualität bleibt stark, mit notleidenden Krediten in Höhe von 0,18% der Gesamtvermögen.
- Net income increased 74.9% year-over-year from $1.4M to $2.4M
- Total deposits increased by $52.4M (4.3%) from December 2023
- Book value per share increased 15.10% year-over-year
- Net interest income increased 7.7% year-over-year to $12.3M
- Cost-saving initiatives expected to reduce expenses by $5.0M annually
- Net income decreased 5.8% quarter-over-quarter from $2.5M to $2.4M
- Net loans decreased by $54.0M (5.1%) from December 2023
- Net interest margin declined to 3.56% from 3.62% in Q2 2024
- Non-performing assets increased by $736K quarter-over-quarter
Insights
Third quarter results show mixed performance for Old Point Financial.
Positives:
- Strong deposit growth of
4.3% YTD - Improved net interest income up
7.7% YoY - Book value per share increased
15.10% YoY - Robust liquidity position at
33.7% of total assets
Concerns:
- Net loans declined
5.1% YTD - NIM compressed to
3.56% from3.62% in Q2 - Non-performing assets increased QoQ though still at manageable levels
The cost-saving initiatives, while creating
Robert Shuford, Jr., Chairman, President and CEO of the Company and Old Point National Bank (the "Bank") commented, "Old Point delivered strong financial performance in the third quarter of 2024. We believe our commitment to prioritizing capital, asset quality, liquidity, and expense discipline continues to provide strong results for our shareholders. We saw meaningful growth in our deposit base and net interest income during the quarter. We view our balance sheet as well positioned to manage through these uncertain economic times while still allowing us to capitalize on growth opportunities across our footprint.
Expenses incurred related to our cost saving initiatives were finalized in the third quarter. Through the third quarter, we incurred
Key highlights of the third quarter are as follows:
- Total assets were
at September 30, 2024, increasing$1.5 billion or$31.6 million 2.2% from December 31, 2023. Net loans held for investment were at September 30, 2024, decreasing$1.0 billion , or$54.0 million 5.1% , from December 31, 2023. - Total deposits increased
, or$52.4 million 4.3% , from December 31, 2023. - Return on average equity (ROE) was
8.39% for the third quarter of 2024, compared to9.43% for the second quarter of 2024, and5.25% for the third quarter of 2023. Return on average assets (ROA) was0.64% for the third quarter of 2024, compared to0.71% for the second quarter of 2024, and0.37% for the third quarter of 2023. - Book value per share and tangible book value per share (non-GAAP) at September 30, 2024 increased
4.96% and5.05% , from June 30, 2024 and15.10% and15.45% , respectively from September 30, 2023. - Net income decreased
, or$147 thousand 5.8% , to for the third quarter of 2024 from$2.4 million for the second quarter of 2024 and improved$2.5 million , or$1.0 million 74.9% from for the third quarter of 2023.$1.4 million - Net interest margin (NIM) was
3.56% for the third quarter of 2024 compared to3.62% for the second quarter of 2024 and3.33% for the third quarter of 2023. NIM on a fully tax-equivalent basis (FTE) (non-GAAP) was3.57% for the third quarter of 2024 compared to3.63% for the second quarter of 2024 and3.35% for the third quarter of 2023. - Net interest income increased
, or$194 thousand 1.6% , to for the third quarter of 2024 from$12.3 million for the second quarter of 2024 and increased$12.1 million , or$884 thousand 7.7% , compared to the third quarter of 2023. - Provision for credit losses of
was recognized for the third quarter of 2024, compared to$282 thousand for the second quarter of 2024 and$261 thousand for the third quarter of 2023.$505 thousand - Non-performing assets increased by
to$736 thousand or$2.7 million 0.18% of total assets at September 30, 2024 from or$2.0 million 0.14% of total assets at June 30, 2024 and decreased from$20 thousand or$2.7 million 0.19% of total assets at September 30, 2023. - Liquidity as of September 30, 2024, defined as cash and cash equivalents, unpledged securities, and available secured borrowing capacity, totaled
, representing$497.7 million 33.7% 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 September 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 third quarter of 2024 was
Net Interest Margin (NIM) for the third quarter of 2024 was
Average loans decreased
Noninterest Income
Total noninterest income was
Noninterest Expense
Noninterest expense totaled
Capital Management and Dividends
For the third quarter of 2024, the Company declared a dividend of
Total consolidated equity increased
At September 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 nine months ended September 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: strategic business initiatives and the future financial impact of those initiatives; expected future operations and financial performance; 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 and economic conditions, industry conditions, and loan demand; Old Point's strategic focuses; impacts of economic uncertainties; performance of the loan and securities portfolios; asset quality, revenue generation; 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 future recovery of investments in debt securities; expected impact of unrealized losses on earnings and regulatory capital of Old Point or the Bank; liquidity and capital levels; cybersecurity risks; inflation; the effect of future market and industry trends; and other statements that include 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 changes 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 | September 30, | December 31, |
(dollars in thousands, except per share amounts) | 2024 | 2023 |
(unaudited) | ||
Assets | ||
Cash and due from banks | $ 20,582 | $ 16,778 |
Interest-bearing due from banks | 155,708 | 63,539 |
Federal funds sold | 565 | 489 |
Cash and cash equivalents | 176,855 | 80,806 |
Securities available-for-sale, at fair value | 193,840 | 202,231 |
Restricted securities, at cost | 3,845 | 5,176 |
Loans held for sale | - | 470 |
Loans, net | 1,014,012 | 1,068,046 |
Premises and equipment, net | 30,411 | 29,913 |
Premises and equipment, held for sale | 344 | 344 |
Bank-owned life insurance | 35,909 | 35,088 |
Goodwill | 1,650 | 1,650 |
Core deposit intangible, net | 154 | 187 |
Repossessed assets | 1,701 | 215 |
Other assets | 19,288 | 22,256 |
Total assets | $ 1,478,009 | $ 1,446,382 |
Liabilities & Stockholders' Equity | ||
Deposits: | ||
Noninterest-bearing deposits | $ 353,118 | $ 331,992 |
Savings deposits | 665,848 | 655,694 |
Time deposits | 263,820 | 242,711 |
Total deposits | 1,282,786 | 1,230,397 |
Overnight repurchase agreements | 1,777 | 2,383 |
Federal Home Loan Bank advances | 40,000 | 69,450 |
Subordinated notes, net | 29,766 | 29,668 |
Accrued expenses and other liabilities | 8,223 | 7,706 |
Total liabilities | 1,362,552 | 1,339,604 |
Stockholders' equity: | ||
Common stock, 5,077,695 and 5,040,095 shares outstanding (includes 66,464 and 53,660 of nonvested restricted stock, respectively) | 25,056 | 24,932 |
Additional paid-in capital | 17,402 | 17,099 |
Retained earnings | 86,323 | 82,277 |
Accumulated other comprehensive loss, net | (13,324) | (17,530) |
Total stockholders' equity | 115,457 | 106,778 |
Total liabilities and stockholders' equity | $ 1,478,009 | $ 1,446,382 |
Old Point Financial Corporation and Subsidiaries | ||||||
Consolidated Statements of Income (unaudited) | Three Months Ended | Nine Months Ended | ||||
(dollars in thousands, except per share amounts) | Sep. 30, 2024 | Jun. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Interest and Dividend Income: | ||||||
Loans, including fees | $ 14,733 | $ 15,042 | $ 14,311 | $ 44,319 | $ 41,537 | |
Due from banks | 1,842 | 1,087 | 838 | 3,728 | 995 | |
Federal funds sold | 11 | 12 | 9 | 32 | 24 | |
Securities: | ||||||
Taxable | 1,732 | 1,761 | 1,788 | 5,291 | 5,324 | |
Tax-exempt | 138 | 139 | 159 | 416 | 580 | |
Dividends and interest on all other securities | 64 | 77 | 84 | 235 | 229 | |
Total interest and dividend income | 18,520 | 18,118 | 17,189 | 54,021 | 48,689 | |
Interest Expense: | ||||||
Checking and savings deposits | 2,940 | 2,699 | 2,060 | 8,236 | 4,483 | |
Time deposits | 2,554 | 2,337 | 2,456 | 7,063 | 4,412 | |
Federal funds purchased, securities sold under | ||||||
agreements to repurchase and other borrowings | - | 1 | - | 2 | 39 | |
Federal Home Loan Bank advances | 420 | 670 | 952 | 1,868 | 2,532 | |
Long term borrowings | 296 | 295 | 295 | 886 | 885 | |
Total interest expense | 6,210 | 6,002 | 5,763 | 18,055 | 12,351 | |
Net interest income | 12,310 | 12,116 | 11,426 | 35,966 | 36,338 | |
Provision for credit losses | 282 | 261 | 505 | 623 | 1,242 | |
Net interest income after provision for credit losses | 12,028 | 11,855 | 10,921 | 35,343 | 35,096 | |
Noninterest Income: | ||||||
Fiduciary and asset management fees | 1,126 | 1,129 | 1,012 | 3,447 | 3,282 | |
Service charges on deposit accounts | 858 | 837 | 751 | 2,453 | 2,297 | |
Other service charges, commissions and fees | 1,070 | 1,150 | 1,119 | 3,103 | 3,255 | |
Bank-owned life insurance income | 285 | 270 | 263 | 820 | 776 | |
Mortgage banking income (loss) | (2) | 2 | 144 | 16 | 351 | |
Loss on sale of available-for-sale securities, net | - | - | 30 | - | (134) | |
Gain (loss) on sale of repossessed assets | (25) | (58) | - | (61) | (69) | |
Gain on sale of fixed assets | - | - | - | - | 200 | |
Other operating income | 160 | 141 | 163 | 387 | 422 | |
Total noninterest income | 3,472 | 3,471 | 3,482 | 10,165 | 10,380 | |
Noninterest Expense: | ||||||
Salaries and employee benefits | 7,382 | 7,195 | 7,830 | 22,408 | 23,236 | |
Occupancy and equipment | 1,242 | 1,373 | 1,241 | 3,788 | 3,691 | |
Data processing | 1,304 | 1,393 | 1,300 | 4,012 | 3,743 | |
Customer development | 113 | 176 | 159 | 344 | 373 | |
Professional services | 966 | 680 | 636 | 2,231 | 2,065 | |
Employee professional development | 191 | 167 | 257 | 569 | 780 | |
Other taxes | 268 | 276 | 251 | 805 | 698 | |
Other operating expenses | 928 | 1,064 | 1,207 | 3,264 | 3,610 | |
Total noninterest expense | 12,394 | 12,324 | 12,881 | 37,421 | 38,196 | |
Income before income taxes | 3,106 | 3,002 | 1,522 | 8,087 | 7,280 | |
Income tax expense | 724 | 473 | 160 | 1,459 | 1,033 | |
Net income | $ 2,382 | $ 2,529 | $ 1,362 | $ 6,628 | $ 6,247 | |
Basic Earnings per Common Share: | ||||||
Weighted average shares outstanding | 5,076,957 | 5,064,363 | 5,037,558 | 5,060,440 | 5,020,269 | |
Net income per share of common stock | $ 0.47 | $ 0.50 | $ 0.27 | $ 1.31 | $ 1.24 | |
Diluted Earnings per Common Share: | ||||||
Weighted average shares outstanding | 5,076,957 | 5,064,503 | 5,037,662 | 5,060,505 | 5,020,447 | |
Net income per share of common stock | $ 0.47 | $ 0.50 | $ 0.27 | $ 1.31 | $ 1.24 | |
Cash Dividends Declared per Share: | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 |
Old Point Financial Corporation and Subsidiaries | |||||||||
Average Balance Sheets, Net Interest Income And Rates | |||||||||
For the quarters ended | |||||||||
(unaudited) | September 30, 2024 | June 30, 2024 | September 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* | 5.64 % | 5.68 % | 5.23 % | ||||||
Investment securities: | |||||||||
Taxable | 168,494 | 1,732 | 4.08 % | 169,675 | 1,761 | 4.16 % | 176,445 | 1,788 | 4.02 % |
Tax-exempt* | 25,958 | 175 | 2.67 % | 26,036 | 176 | 2.71 % | 30,128 | 201 | 2.64 % |
Total investment securities | 194,452 | 1,907 | 3.89 % | 195,711 | 1,937 | 3.97 % | 206,573 | 1,989 | 3.82 % |
Interest-bearing due from banks | 135,443 | 1,842 | 5.40 % | 79,752 | 1,087 | 5.47 % | 61,446 | 839 | 5.41 % |
Federal funds sold | 876 | 11 | 4.98 % | 894 | 12 | 5.38 % | 714 | 9 | 5.16 % |
Other investments | 3,843 | 64 | 6.61 % | 4,506 | 77 | 6.85 % | 4,808 | 83 | 6.84 % |
Total earning assets | 1,371,844 | 5.37 % | 1,342,747 | 5.42 % | 1,359,721 | 17,231 | 5.03 % | ||
Allowance for credit losses | (11,809) | (11,905) | (11,912) | ||||||
Other non-earning assets | 105,195 | 107,487 | 105,130 | ||||||
Total assets | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Time and savings deposits: | |||||||||
Interest-bearing transaction accounts | $ 109,789 | $ 3 | 0.01 % | $ 94,868 | $ 3 | 0.01 % | $ 91,139 | $ 4 | 0.01 % |
Money market deposit accounts | 451,343 | 2,931 | 2.58 % | 446,359 | 2,689 | 2.42 % | 430,236 | 2,048 | 1.89 % |
Savings accounts | 81,550 | 6 | 0.03 % | 85,098 | 7 | 0.03 % | 98,758 | 8 | 0.03 % |
Time deposits | 261,056 | 2,554 | 3.88 % | 247,472 | 2,337 | 3.79 % | 263,167 | 2,456 | 3.70 % |
Total time and savings deposits | 903,738 | 5,494 | 2.41 % | 873,797 | 5,036 | 2.31 % | 883,300 | 4,516 | 2.03 % |
Federal funds purchased, repurchase | |||||||||
agreements and other borrowings | 2,074 | 0 | 0.00 % | 2,006 | 1 | 0.20 % | 1,972 | 0 | 0.05 % |
Federal Home Loan Bank advances | 39,960 | 420 | 4.17 % | 54,006 | 670 | 4.98 % | 69,450 | 952 | 5.36 % |
Long term borrowings | 29,745 | 296 | 3.95 % | 29,712 | 295 | 3.98 % | 29,619 | 295 | 3.90 % |
Total interest-bearing liabilities | 975,517 | 6,210 | 2.53 % | 959,521 | 6,002 | 2.51 % | 984,341 | 5,763 | 2.32 % |
Demand deposits | 369,266 | 362,884 | 356,752 | ||||||
Other liabilities | 7,791 | 8,380 | 8,996 | ||||||
Stockholders' equity | 112,656 | 107,544 | 102,850 | ||||||
Total liabilities and stockholders' equity | |||||||||
Net interest margin* | 3.57 % | 3.63 % | 3.35 % |
*Computed on a fully tax-equivalent basis (non-GAAP) using a |
**Annualized |
Old Point Financial Corporation and Subsidiaries | ||||||
Average Balance Sheets, Net Interest Income And Rates | ||||||
For the nine months ended September 30, | ||||||
(unaudited) | 2024 | 2023 | ||||
Interest | Interest | |||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |
(dollars in thousands) | Balance | Expense | Rate** | Balance | Expense | Rate** |
ASSETS | ||||||
Loans* | 5.58 % | 5.16 % | ||||
Investment securities: | ||||||
Taxable | 171,127 | 5,291 | 4.12 % | 181,969 | 5,324 | 3.91 % |
Tax-exempt* | 26,036 | 526 | 2.69 % | 35,365 | 734 | 2.77 % |
Total investment securities | 197,163 | 5,817 | 3.93 % | 217,334 | 6,058 | 3.73 % |
Interest-bearing due from banks | 91,201 | 3,728 | 5.45 % | 25,385 | 995 | 5.24 % |
Federal funds sold | 826 | 32 | 5.16 % | 670 | 24 | 4.79 % |
Other investments | 4,514 | 235 | 6.94 % | 4,420 | 229 | 6.91 % |
Total earning assets | 1,352,295 | 5.33 % | 1,324,847 | 4.93 % | ||
Allowance for credit losses | (12,034) | (11,663) | ||||
Other nonearning assets | 105,955 | 105,462 | ||||
Total assets | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Time and savings deposits: | ||||||
Interest-bearing transaction accounts | $ 99,734 | $ 10 | 0.01 % | $ 80,672 | $ 9 | 0.02 % |
Money market deposit accounts | 449,972 | 8,207 | 2.43 % | 432,224 | 4,450 | 1.38 % |
Savings accounts | 85,214 | 19 | 0.03 % | 106,537 | 24 | 0.03 % |
Time deposits | 248,912 | 7,063 | 3.78 % | 204,647 | 4,412 | 2.88 % |
Total time and savings deposits | 883,832 | 15,299 | 2.31 % | 824,080 | 8,895 | 1.44 % |
Federal funds purchased, repurchase | ||||||
agreements and other borrowings | 2,188 | 2 | 0.12 % | 4,941 | 39 | 1.07 % |
Federal Home Loan Bank advances | 54,507 | 1,868 | 4.57 % | 66,505 | 2,532 | 5.09 % |
Long term borrowings | 29,713 | 886 | 3.97 % | 29,585 | 885 | 4.00 % |
Total interest-bearing liabilities | 970,240 | 18,055 | 2.48 % | 925,111 | 12,351 | 1.79 % |
Demand deposits | 358,788 | 382,908 | ||||
Other liabilities | 8,125 | 8,492 | ||||
Stockholders' equity | 109,063 | 102,135 | ||||
Total liabilities and stockholders' equity | ||||||
Net interest margin* | 3.55 % | 3.68 % |
*Computed on a fully tax-equivalent basis (non-GAAP) using a |
**Annualized |
Old Point Financial Corporation and Subsidiaries | As of or for the quarters ended, | For the nine months ended, | ||||
Selected Ratios (unaudited) | September 30, | June 30, | September 30, | September 30, | September 30, | |
(dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |
Earnings per common share, diluted | $ 0.47 | $ 0.50 | $ 0.27 | $ 1.31 | $ 1.24 | |
Return on average assets (ROA) | 0.64 % | 0.71 % | 0.37 % | 0.61 % | 0.59 % | |
Return on average equity (ROE) | 8.39 % | 9.43 % | 5.25 % | 8.10 % | 8.18 % | |
Net Interest Margin (FTE) (non-GAAP) | 3.57 % | 3.63 % | 3.35 % | 3.55 % | 3.68 % | |
Efficiency ratio | 78.53 % | 79.07 % | 86.40 % | 81.12 % | 81.76 % | |
Efficiency ratio (FTE) (non-GAAP) | 78.35 % | 78.88 % | 86.16 % | 80.93 % | 81.49 % | |
Book value per share | $ 22.74 | $ 21.66 | $ 19.75 | |||
Tangible Book Value per share (non-GAAP) | 22.38 | 21.31 | 19.39 | |||
Non-performing assets (NPAs) / total assets | 0.18 % | 0.14 % | 0.19 % | |||
Annualized Net Charge-Offs / average total loans | 0.18 % | 0.12 % | 0.09 % | |||
Allowance for credit losses on loans / total loans | 1.14 % | 1.12 % | 1.09 % | |||
Non-Performing Assets (NPAs) | ||||||
Nonaccrual loans | $ 85 | $ 44 | $ 1,918 | |||
Loans > 90 days past due, but still accruing interest | 909 | 444 | 797 | |||
Repossessed assets | 1,701 | 1,471 | - | |||
Total non-performing assets | $ 2,695 | $ 1,959 | $ 2,715 | |||
Other Selected Numbers | ||||||
Loans, net | $ 1,014,012 | $ 1,042,774 | $ 1,070,834 | |||
Deposits | 1,282,786 | 1,236,575 | 1,237,608 | |||
Stockholders' equity | 115,457 | 109,996 | 99,526 | |||
Total assets | 1,478,009 | 1,423,354 | 1,447,063 | |||
Loans charged off during the quarter, net of recoveries | 470 | 311 | 237 | |||
Quarterly average loans | 1,037,230 | 1,061,884 | 1,086,180 | |||
Quarterly average assets | 1,465,230 | 1,438,329 | 1,452,939 | |||
Quarterly average earning assets | 1,371,844 | 1,342,747 | 1,359,721 | |||
Quarterly average deposits | 1,273,004 | 1,236,681 | 1,240,052 | |||
Quarterly average equity | 112,656 | 107,544 | 102,850 |
Old Point Financial Corporation and Subsidiaries | ||||||
Reconciliation of Certain Non-GAAP Financial Measures (unaudited) | ||||||
(dollars in thousands, except per share data) | Three Months Ended | Nine Months Ended | ||||
Sep. 30, 2024 | Jun. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | ||
Fully Taxable Equivalent Net Interest Income | ||||||
Net interest income (GAAP) | $ 12,310 | $ 12,116 | $ 11,426 | $ 35,966 | $ 36,338 | |
FTE adjustment | 37 | 37 | 42 | 110 | 156 | |
Net interest income (FTE) (non-GAAP) | $ 12,347 | $ 12,153 | $ 11,468 | $ 36,076 | $ 36,494 | |
Noninterest income (GAAP) | 3,472 | 3,471 | 3,482 | 10,165 | 10,380 | |
Total revenue (FTE) (non-GAAP) | $ 15,819 | $ 15,624 | $ 14,950 | $ 46,241 | $ 46,874 | |
Noninterest expense (GAAP) | 12,394 | 12,324 | 12,881 | 37,421 | 38,196 | |
Average earning assets | $ 1,371,844 | $ 1,342,747 | $ 1,359,721 | $ 1,352,295 | $ 1,324,847 | |
Net interest margin | 3.56 % | 3.62 % | 3.33 % | 3.54 % | 3.67 % | |
Net interest margin (FTE) (non-GAAP) | 3.57 % | 3.63 % | 3.35 % | 3.55 % | 3.68 % | |
Efficiency ratio | 78.53 % | 79.07 % | 86.40 % | 81.12 % | 81.76 % | |
Efficiency ratio (FTE) (non-GAAP) | 78.35 % | 78.88 % | 86.16 % | 80.93 % | 81.49 % | |
Tangible Book Value Per Share | ||||||
Total Stockholders Equity (GAAP) | $ 115,457 | $ 109,996 | $ 99,526 | |||
Less goodwill | 1,650 | 1,650 | 1,650 | |||
Less core deposit intangible, net | 154 | 165 | 198 | |||
Tangible Stockholders Equity (non-GAAP) | $ 113,653 | $ 108,181 | $ 97,678 | |||
Shares issued and outstanding | 5,077,695 | 5,077,525 | 5,038,066 | |||
Book value per share | $ 22.74 | $ 21.66 | $ 19.75 | |||
Tangible book value per share (non-GAAP) | $ 22.38 | $ 21.31 | $ 19.39 |
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SOURCE Old Point Financial Corporation
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