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Overview of Old Point Financial Corporation (NASDAQ: OPOF)
Old Point Financial Corporation (OPOF) is a diversified financial services holding company headquartered in Hampton, Virginia. Through its subsidiaries, Old Point National Bank and Old Point Wealth Management, the company provides a comprehensive suite of financial products and services tailored for individuals, businesses, and organizations. With a strong regional presence in the Hampton Roads and Richmond areas, Old Point Financial emphasizes a community-oriented approach, combining modern banking solutions with personalized customer service.
Core Business Segments
Old Point Financial operates through three primary business segments:
- Banking Services: Old Point National Bank offers a full range of retail and commercial banking services, including checking and savings accounts, loans, and cash management solutions. The bank's extensive branch network, coupled with access to over 55,000 surcharge-free ATMs worldwide through the Allpoint network, ensures convenience for its customers.
- Wealth Management: Old Point Wealth Management is the largest trust and wealth management provider headquartered in Hampton Roads. Since 1926, it has delivered sophisticated asset management, estate planning, and financial advisory services, catering to individuals, families, and institutions.
- Insurance and Mortgage Services: The company also offers comprehensive insurance solutions and mortgage lending services, addressing the diverse financial needs of its clients.
Community-Centric Commitment
Old Point Financial distinguishes itself through its deep-rooted commitment to the communities it serves. Its employees live and work within its service area, fostering a strong connection with local businesses and residents. The company actively supports over 300 charitable organizations, reinforcing its role as a trusted community partner.
Market Position and Competitive Landscape
Operating in the competitive financial services industry, Old Point Financial stands out by combining traditional banking values with modern financial solutions. Its regional focus allows it to compete effectively against larger national banks and fintech companies by offering personalized service and local expertise. The company’s diversified revenue streams, including interest income, wealth management fees, and service charges, provide resilience in a dynamic economic environment.
Operational Strength and Strategic Initiatives
Old Point Financial’s operational strength is underscored by a robust balance sheet, strong credit culture, and disciplined expense management. The company has implemented cost-saving initiatives to enhance efficiency while maintaining high asset quality. Its focus on prime borrowers and a well-performing loan portfolio further solidifies its financial stability.
Key Differentiators
- Comprehensive financial solutions, including banking, wealth management, insurance, and mortgage services.
- Strong regional presence in Hampton Roads and Richmond, Virginia.
- Commitment to community development and charitable support.
- Expertise in trust and wealth management services, with nearly a century of experience.
- Access to a vast ATM network and convenient digital banking platforms.
By leveraging its local expertise, diverse service offerings, and community-focused approach, Old Point Financial continues to position itself as a reliable and trusted partner for its customers’ financial needs.
On March 21, 2022, Old Point Financial Corporation (Nasdaq: OPOF) announced the appointment of Sarah Boyce Golden to its Board of Directors. Golden, who co-founded The GBS Group in 2005, brings over 28 years of engineering and business experience. She has held leadership roles in finance, human resources, and IT. Additionally, she has served on the Bank's Southside regional board for the past five years. Her expertise and community involvement are expected to enhance Old Point's commitment to excellence, according to CEO Robert Shuford, Jr.
Old Point Financial Corporation has declared a quarterly cash dividend of $0.13 per share, set for payment on March 25, 2022, to shareholders of record by March 2, 2022. This dividend maintains the same amount as the previous quarter, resulting in an approximate dividend yield of 2.1% based on the stock's closing price of $24.45 on February 15, 2022. Old Point operates in the Hampton Roads and Richmond regions of Virginia, offering a variety of financial services through its banking and trust divisions.
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%.
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