Welcome to our dedicated page for Old Point Financial news (Ticker: OPOF), a resource for investors and traders seeking the latest updates and insights on Old Point Financial stock.
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 Corporation (NASDAQ: OPOF) reported a net income of $1.7 million for Q4 2021, up from $545 thousand a year earlier, with earnings per diluted share increasing to $0.32 from $0.10. For the full year, net income reached $8.4 million or $1.61 per diluted share, compared to $5.4 million and $1.03 per diluted share in 2020. The company emphasized a strong focus on credit quality and capital levels, showcasing resilience in financial performance during a challenging year.
Old Point Financial Corporation has declared a quarterly cash dividend of $0.13 per share, to be paid on December 30, 2021, for shareholders recorded by December 1, 2021. This dividend remains unchanged from the previous quarter and offers a yield of approximately 2.1%, based on the stock's closing price of $24.00 as of November 16, 2021.
Old Point Financial Corporation (NASDAQ: OPOF) reported a net income of $1.9 million and earnings per diluted share of $0.36 for Q3 2021, up from $1.1 million and $0.21 in Q3 2020. For the nine months ended September 30, 2021, net income was $6.8 million, or $1.29 per share. Total assets grew to $1.3 billion, a 7.0% increase from December 2020. A share repurchase program for up to 10% of stock has been authorized through November 2022. The company maintains strong asset quality with non-performing assets at 0.10%. Overall, the results reflect solid financial health and strategic growth.
Old Point Financial Corporation (Nasdaq: OPOF) has appointed A. Eric Kauders, Jr. as the new President and CEO of Old Point Trust. Kauders brings over 20 years of wealth management experience, having previously led a fiduciary business with $16 billion in assets at Bank of America Private Bank. He replaces Eugene M. Jordan, II, who transitions to General Counsel. With roots in Virginia, Old Point offers a range of financial services and is the largest wealth management provider in Hampton Roads.
Old Point National Bank has expanded its Richmond, Virginia team by appointing three new Commercial Relationship Managers: Robert Campbell, Katherine Wagner, and Ian Splisgardt. Campbell brings 17 years of experience, Wagner has over 35 years, and Splisgardt has several years in client relationship management. The new team strengthens Old Point's presence in the Greater Richmond market. CEO Robert F. Shuford, Jr. expressed enthusiasm over their expertise and commitment to superior service. Old Point operates as a full-service community bank in Virginia.
Old Point Financial Corporation has announced a quarterly cash dividend of $0.13 per share, marking an 8.3% increase from the previous quarter. The dividend will be paid on September 24, 2021, to shareholders on record as of September 1, 2021. This is also a $0.01 increase from last year’s dividend. Based on the closing price of $21.90 on August 17, 2021, the dividend yield stands at approximately 2.3%.
Old Point Financial Corporation (NASDAQ: OPOF) reported a net income of $1.8 million for Q2 2021, down from $2.5 million in Q2 2020. Earnings per diluted share were $0.35 compared to $0.48 year-over-year. Total assets rose to $1.3 billion, and deposits increased by $66.8 million to $1.1 billion. Non-performing assets slightly increased to $2.4 million but showed a significant year-over-year improvement. Net interest income decreased to $9.1 million, primarily due to lower loan yields and decreased PPP loan fees. The bank remains well-capitalized with a Tier 1 Capital ratio of 11.49%.
Old Point Financial Corporation has successfully completed a private placement of $30 million in 3.50% Fixed to Floating Rate Subordinated Notes due 2031. The offering was oversubscribed, indicating strong investor confidence. The Notes feature a five-year fixed interest rate, transitioning to SOFR plus 286 basis points afterward, and qualify as Tier 2 capital. Proceeds will be used for general corporate purposes, supporting the company's strategic growth initiatives. The offering was managed by Performance Trust Capital Partners, LLC.
On May 20, 2021, Old Point Financial Corporation announced a quarterly cash dividend of $0.12 per share on its common stock. The dividend will be paid on June 25, 2021, to shareholders of record as of June 2, 2021. This payout aligns with the previous quarter's dividend, resulting in a dividend yield of approximately 2.1% based on a closing stock price of $22.60 on May 19, 2021.
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