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 $3.0 million for Q1 2021, a 141% increase from $1.3 million in Q1 2020. Earnings per diluted share rose to $0.58 from $0.24. Total assets increased by $31.4 million to $1.3 billion, while deposits grew by $44.3 million to $1.1 billion. Non-performing assets slightly rose to $2.2 million but decreased significantly from $7.0 million year-over-year. The company maintained strong capital levels with a Tier 1 Capital ratio of 12.03%. Old Point continues to focus on revenue growth and expense management amidst ongoing economic uncertainties.
Old Point Financial Corporation (Nasdaq: OPOF) announced the transition of Eugene M. Jordan, II, to the new role of General Counsel and Corporate Secretary. After 19 years as President and CEO of Old Point Trust, Jordan's extensive legal experience positions him well for this role. The company recognizes the need for an internal general counsel due to its recent growth and complexity. An executive search for a new President and CEO for Old Point Trust will commence, with Jordan assisting in the transition. Old Point emphasizes strong local wealth management.
Old Point Financial Corporation (Nasdaq: OPOF) appointed Elizabeth S. Wash to its Board of Directors. Wash has extensive leadership experience, having led the Eastern Virginia Shred-it franchise for 17 years. She will continue her role on the Old Point Trust Board. Additionally, James Reade Chisman will not seek re-election after nearly 20 years, having contributed significantly to the company's strategic initiatives. This leadership transition could impact Old Point's strategic direction, with Wash expected to bring valuable insights to the board.
Old Point Financial Corporation has declared a quarterly cash dividend of $0.12 per share on its common stock, payable on March 26, 2021 to shareholders of record as of March 3, 2021. This dividend maintains the same amount as the previous quarter, resulting in a dividend yield of approximately 2.6% based on the stock's closing price of $18.60 on February 16, 2021. Old Point Financial serves the Hampton Roads region through Old Point National Bank and Old Point Trust & Financial Services.
Old Point Financial Corporation (OPOF) reported a net income of $545 thousand or $0.10 per diluted share for Q4 2020, down from $2.0 million or $0.38 in Q4 2019. For 2020, net income decreased to $5.4 million or $1.03 per share, compared to $7.9 million or $1.51 in 2019. The company improved asset quality with non-performing assets (NPAs) of $2.0 million, a decrease from $5.7 million in Q3 2020. Total assets grew by 16.3% year-over-year to $1.2 billion, driven by an $88.6 million increase in net loans, including $86.0 million from PPP loans.
Old Point Financial Corporation (OPOF) is optimizing its branch network by closing two locations, resulting in an 11% reduction in brick-and-mortar facilities. This move aims to enhance operating efficiencies in response to changing customer behaviors. The company plans to incur one-time pre-tax expenses of approximately $1.0 million in Q4 2020 related to the prepayment of $38.5 million in Federal Home Loan Bank advances and an Early Retirement Incentive Plan. The reduction in FHLB advances is expected to decrease future interest expenses by $560,000, while the ERIP is projected to save over $800,000 annually.
Old Point Financial Corporation (OPOF) announced a quarterly cash dividend of $0.12 per share, consistent with the previous quarter's payout. The dividend is set for disbursement on December 28, 2020, to shareholders recorded by December 2, 2020. This dividend yields approximately 2.9% based on the stock's closing price of $16.51 on November 18, 2020. Old Point Financial is the parent company of Old Point National Bank and Old Point Trust & Financial Services, serving the Hampton Roads, Virginia region.
Old Point Financial Corporation (NASDAQ: OPOF) reported a net income of $1.1 million for Q3 2020, down from $2.2 million for Q3 2019. Earnings per diluted share were $0.21, versus $0.43 the previous year. Total assets increased by 19.1% to $1.3 billion, with net loans growing to $862 million, driven by $104.2 million in PPP loans. Non-performing assets improved to $5.7 million, representing 0.45% of total assets. However, net interest income slightly decreased and net interest margin compressed to 2.91%. The company is focused on digital strategies and maintaining asset quality amid ongoing COVID-19 challenges.
Old Point National Bank has opened its first commercial lending office in the Richmond area, led by Philip Hager. This expansion aims to enhance their services in the region, which has seen increasing demand for commercial transactions. Hager, with over 25 years of experience, takes on the role of Senior Vice President and Market Executive. His colleague, Linnett Fortner, will serve as Portfolio Manager, bringing over 30 years of banking expertise. The move reflects Old Point's strategy to strengthen its presence and offerings in the Greater Richmond market.
Old Point Financial Corporation has declared a quarterly cash dividend of $0.12 per share on its common stock, payable on September 25, 2020. Shareholders of record as of September 2, 2020 will receive this dividend. This amount mirrors the previous quarter's dividend, resulting in an estimated dividend yield of approximately 3.0% based on the stock's closing price of $16.09 on August 19, 2020.
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