Old Point Releases Second Quarter 2025 Results
Old Point Financial Corporation (NASDAQ: OPOF) reported Q2 2025 net income of $1.2 million ($0.24 per diluted share), down from $2.2 million in Q1 2025 and $2.5 million in Q2 2024. The company announced its planned merger with TowneBank, which has received shareholder approval and awaits regulatory clearance.
Key Q2 2025 metrics include: Total assets of $1.4 billion (down 3.3% from December 2024), net loans of $994.3 million (down 0.4%), and deposits decreased by $46.2 million (3.7%). Net interest margin improved to 3.70% from 3.63% in Q1. Non-performing assets decreased by 19.7% to $3.3 million compared to Q1 2025.
The Bank maintains strong capital positions with a Tier 1 Capital ratio of 13.29% and leverage ratio of 10.57%. The company declared a quarterly dividend of $0.14 per share.
Old Point Financial Corporation (NASDAQ: OPOF) ha riportato un utile netto nel secondo trimestre 2025 di 1,2 milioni di dollari (0,24 dollari per azione diluita), in calo rispetto ai 2,2 milioni del primo trimestre 2025 e ai 2,5 milioni del secondo trimestre 2024. La società ha annunciato la fusione prevista con TowneBank, che ha ottenuto l'approvazione degli azionisti e attende l'autorizzazione regolamentare.
I principali indicatori del secondo trimestre 2025 includono: attività totali per 1,4 miliardi di dollari (in calo del 3,3% rispetto a dicembre 2024), prestiti netti per 994,3 milioni di dollari (in diminuzione dello 0,4%) e depositi ridotti di 46,2 milioni di dollari (3,7%). Il margine di interesse netto è migliorato al 3,70% rispetto al 3,63% del primo trimestre. Le attività non performanti sono diminuite del 19,7%, attestandosi a 3,3 milioni di dollari rispetto al primo trimestre 2025.
Banca mantiene solide posizioni patrimoniali con un rapporto Tier 1 Capital del 13,29% e un rapporto di leva finanziaria del 10,57%. La società ha dichiarato un dividendo trimestrale di 0,14 dollari per azione.
Old Point Financial Corporation (NASDAQ: OPOF) reportó una utilidad neta en el segundo trimestre de 2025 de 1,2 millones de dólares (0,24 dólares por acción diluida), disminuyendo desde 2,2 millones en el primer trimestre de 2025 y 2,5 millones en el segundo trimestre de 2024. La empresa anunció su fusión planificada con TowneBank, que ha recibido la aprobación de los accionistas y está a la espera de la autorización regulatoria.
Las métricas clave del segundo trimestre de 2025 incluyen: activos totales de 1,4 mil millones de dólares (una caída del 3,3% desde diciembre de 2024), préstamos netos de 994,3 millones de dólares (una disminución del 0,4%) y depósitos que disminuyeron en 46,2 millones de dólares (3,7%). El margen neto de interés mejoró a 3,70% desde 3,63% en el primer trimestre. Los activos improductivos disminuyeron un 19,7% a 3,3 millones de dólares en comparación con el primer trimestre de 2025.
El banco mantiene posiciones de capital sólidas con una relación de capital Tier 1 del 13,29% y una relación de apalancamiento del 10,57%. La empresa declaró un dividendo trimestral de 0,14 dólares por acción.
Old Point Financial Corporation (NASDAQ: OPOF)는 2025년 2분기 순이익이 120만 달러(희석 주당 0.24달러)로, 2025년 1분기의 220만 달러와 2024년 2분기의 250만 달러에서 감소했다고 보고했습니다. 회사는 주주 승인을 받은 TowneBank와의 합병 계획을 발표했으며, 현재 규제 승인 대기 중입니다.
2025년 2분기 주요 지표는 다음과 같습니다: 총 자산 14억 달러(2024년 12월 대비 3.3% 감소), 순대출금 9억 9,430만 달러(0.4% 감소), 예금은 4,620만 달러(3.7% 감소) 감소했습니다. 순이자마진은 1분기 3.63%에서 3.70%로 개선되었습니다. 부실자산은 1분기 대비 19.7% 감소한 330만 달러입니다.
은행은 Tier 1 자본비율 13.29%와 레버리지 비율 10.57%로 견고한 자본 상태를 유지하고 있습니다. 회사는 주당 0.14달러의 분기 배당금을 선언했습니다.
Old Point Financial Corporation (NASDAQ : OPOF) a annoncé un bénéfice net pour le deuxième trimestre 2025 de 1,2 million de dollars (0,24 dollar par action diluée), en baisse par rapport à 2,2 millions au premier trimestre 2025 et 2,5 millions au deuxième trimestre 2024. La société a annoncé sa fusion prévue avec TowneBank, qui a reçu l'approbation des actionnaires et attend l'autorisation réglementaire.
Les indicateurs clés du deuxième trimestre 2025 comprennent : un total d'actifs de 1,4 milliard de dollars (en baisse de 3,3 % par rapport à décembre 2024), des prêts nets de 994,3 millions de dollars (en baisse de 0,4 %) et des dépôts en diminution de 46,2 millions de dollars (3,7 %). La marge nette d'intérêt s'est améliorée à 3,70 % contre 3,63 % au premier trimestre. Les actifs non performants ont diminué de 19,7 % pour atteindre 3,3 millions de dollars par rapport au premier trimestre 2025.
La banque maintient des positions de capital solides avec un ratio de capital Tier 1 de 13,29 % et un ratio de levier de 10,57 %. La société a déclaré un dividende trimestriel de 0,14 dollar par action.
Old Point Financial Corporation (NASDAQ: OPOF) meldete für das zweite Quartal 2025 einen Nettogewinn von 1,2 Millionen US-Dollar (0,24 US-Dollar je verwässerter Aktie), was einem Rückgang gegenüber 2,2 Millionen US-Dollar im ersten Quartal 2025 und 2,5 Millionen US-Dollar im zweiten Quartal 2024 entspricht. Das Unternehmen kündigte seine geplante Fusion mit TowneBank an, die von den Aktionären genehmigt wurde und auf die behördliche Freigabe wartet.
Wichtige Kennzahlen für das zweite Quartal 2025 umfassen: Gesamtvermögen von 1,4 Milliarden US-Dollar (Rückgang um 3,3 % gegenüber Dezember 2024), Nettokredite von 994,3 Millionen US-Dollar (Rückgang um 0,4 %) und Einlagen, die um 46,2 Millionen US-Dollar (3,7 %) gesunken sind. Die Nettozinsmarge verbesserte sich von 3,63 % im ersten Quartal auf 3,70 %. Die notleidenden Vermögenswerte sanken im Vergleich zum ersten Quartal 2025 um 19,7 % auf 3,3 Millionen US-Dollar.
Die Bank hält starke Kapitalquoten mit einer Tier 1 Kapitalquote von 13,29 % und einer Verschuldungsquote von 10,57 %. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,14 US-Dollar je Aktie.
- Net interest margin improved to 3.70% from 3.63% in Q1 2025
- Non-performing assets decreased 19.7% quarter-over-quarter
- Strong liquidity position at $455.7 million (32.5% of total assets)
- Tier 1 Capital ratio improved to 13.29% from 12.97%
- Merger with TowneBank received shareholder approval
- Net income declined 50.9% year-over-year to $1.2 million
- Total deposits decreased $46.2 million (3.7%) from December 2024
- Total assets decreased $48.0 million (3.3%) from December 2024
- Net loans decreased $4.4 million (0.4%) from December 2024
- ROA declined to 0.35% from 0.71% year-over-year
Insights
Old Point's Q2 earnings dropped 51% YoY with significant merger plans pending regulatory approval, though improved net interest margin and decreased non-performing assets show operational resilience.
Old Point Financial Corporation reported
Looking at operational performance, there are several notable developments:
- Net interest margin improved to
3.70% from3.63% in the previous quarter, demonstrating effective deposit mix management - Non-performing assets decreased
19.7% quarter-over-quarter to$3.3 million , though still up year-over-year - Total assets decreased
3.3% to$1.4 billion from year-end 2024 - Deposits decreased
3.7% to$1.2 billion
The company maintains solid capital positions with a Tier 1 Capital ratio of
On the credit quality front, while non-performing assets decreased quarter-over-quarter, they remain elevated compared to Q2 2024 levels. The allowance for credit losses stands at
The pending merger with TowneBank has already received shareholder approval and awaits regulatory clearance. Management believes this partnership will create a stronger platform for growth and enhance value for stakeholders. The
As previously disclosed, on April 2, 2025, the Company, The Old Point National Bank of
As previously reported, the Company's shareholders have approved the Agreement and the transactions contemplated thereby, which remain subject to receipt of all required regulatory approvals, as well as other customary closing conditions.
Chairman, President and Chief Executive Officer of the Company and Bank, Robert F. Shuford, Jr., commented, "During the second quarter, we continued to manage our deposit mix, leading to meaningful improvements in our net interest margin. This, coupled with a nearly
"We began the second quarter announcing our agreement to merge with TowneBank and have spent considerable time working with the TowneBank team to prepare for our future partnership. We continue to believe this partnership will provide the combined company with a stronger platform for growth and create enhanced value for our shareholders, customers and employees."
Key highlights of the second quarter are as follows:
- Total assets were
$1.4 billion $48.0 million 3.3% from December 31, 2024. Net loans held for investment were$994.3 million $4.4 million 0.4% , from December 31, 2024. - Total deposits decreased
$46.2 million 3.7% , from December 31, 2024. - Return on average equity (ROE) was
4.25% and adjusted ROE (non-GAAP) was7.46% for the second quarter of 2025, compared to ROE of7.50% for the first quarter of 2025, and9.43% for the second quarter of 2024. Return on average assets (ROA) was0.35% and adjusted ROA (non-GAAP) was0.61% for the second quarter of 2025, compared to ROA of0.61% for the first quarter of 2025, and0.71% for the second quarter of 2024. - Book value per share and tangible book value per share (non-GAAP) at June 30, 2025 increased
0.83% and0.84% , respectively, from March 31, 2025 and increased6.88% and6.99% , respectively, from June 30, 2024. - Net income decreased
$916 thousand 42.5% , to$1.2 million $2.2 million $1.3 million 50.9% from$2.5 million - Net interest margin (NIM) was
3.70% for the second quarter of 2025 compared to3.63% for the first quarter of 2025 and3.62% for the second quarter of 2024. NIM on a fully tax-equivalent basis (FTE) (non-GAAP) was3.71% for the second quarter of 2025 compared to3.64% for the first quarter of 2025 and3.63% for the second quarter of 2024. - Net interest income increased
$171 thousand 1.4% , to$12.2 million $12.0 million $63 thousand 0.5% , compared to the second quarter of 2024. - Provision for credit losses of
$468 thousand $717 thousand $261 thousand - Non-performing assets were
$3.3 million $818 thousand 19.7% from$4.2 million 0.24% at June 30, 2025, compared to0.29% at March 31, 2025. Non-performing assets at June 30, 2025 increased by$1.4 million $2.0 million 0.14% of total assets at June 30, 2024. - Liquidity as of June 30, 2025, defined as cash and cash equivalents, unpledged securities, and available secured borrowing capacity, totaled
$455.7 million 32.5% of total assets compared to$460.0 million 31.7% of total assets as of December 31, 2024.
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, 2025 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 2025 was
Net Interest Margin (NIM) for the second quarter of 2025 was
Average loans were
Noninterest Income
Total noninterest income was
Noninterest Expense
Noninterest expense totaled
Capital Management and Dividends
For the second quarter of 2025, the Company declared a dividend of
Total consolidated equity increased
At June 30, 2025, 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, 2025, 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 provide meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects 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: the proposed Merger with TowneBank; expected future operations and 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; 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, the Merger may not close in a timely manner or at all because required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Merger), which may adversely affect the Company's business and the price of the Company's common stock; the outcome of any legal proceeding that may be instituted against the Company related to the Agreement or the Merger; the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the Agreement; the announcement or pendency of the Merger could adversely affect the Company's business relationships, results of operations, employees and business generally; the proposed Merger may disrupt current plans and operations of the Company and cause difficulties in the Company's employee retention; the proposed Merger may divert management's attention from the Company's ongoing business operations; the amount of unexpected costs, fees, expenses and other charges related to the Merger; 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.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy securities of Old Point or TowneBank. In connection with the proposed Merger, Old Point filed with the SEC on May 27, 2025 a definitive proxy statement, which included an offering circular of TowneBank with respect to shares of TowneBank common stock to be issued in connection with the Merger (the "proxy statement/offering circular"). Old Point delivered the proxy statement/offering circular to its shareholders seeking approval of the Merger and related matters on or about May 29, 2025. In addition, each of TowneBank and Old Point may file other relevant documents concerning the proposed transaction with the FDIC and the SEC, respectively.
Investors, TowneBank shareholders and Old Point shareholders are strongly urged to read the proxy statement/offering circular regarding the proposed Merger and other relevant documents filed with the FDIC and SEC, as well as any amendments or supplements to those documents, because they will contain important information about TowneBank, Old Point and the proposed Merger. Free copies of the proxy statement/offering circular, as well as other filings containing information about Old Point, may be obtained after their filing at the SEC's website (http://www.sec.gov). Free copies of filings containing information about TowneBank may be obtained after their filing at the FDIC's website (https://www.fdic.gov/).
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) | 2025 | 2024 |
(unaudited) | * | |
Assets | ||
Cash and due from banks | $ 17,611 | $ 17,098 |
Interest-bearing due from banks | 81,846 | 122,238 |
Federal funds sold | 1,221 | 708 |
Cash and cash equivalents | 100,678 | 140,044 |
Securities available-for-sale, at fair value | 214,377 | 218,083 |
Restricted securities, at cost | 3,924 | 3,918 |
Loans held for sale | - | - |
Loans, net | 994,334 | 998,713 |
Premises and equipment, net | 28,556 | 29,198 |
Premises and equipment, held for sale | 344 | 344 |
Bank-owned life insurance | 36,755 | 36,182 |
Goodwill | 1,650 | 1,650 |
Core deposit intangible, net | 121 | 143 |
Repossessed assets | 2,354 | 1,972 |
Other assets | 19,434 | 20,323 |
Total assets | $ 1,402,527 | $ 1,450,570 |
Liabilities & Stockholders' Equity | ||
Deposits: | ||
Noninterest-bearing deposits | $ 342,562 | $ 355,041 |
Savings deposits | 676,946 | 659,445 |
Time deposits | 189,193 | 240,428 |
Total deposits | 1,208,701 | 1,254,914 |
Federal funds purchased, repurchase agreements and other | 3,321 | 3,967 |
Federal Home Loan Bank advances | 40,050 | 40,000 |
Subordinated notes, net | 26,114 | 29,799 |
Accrued expenses and other liabilities | 6,205 | 7,920 |
Total liabilities | 1,284,391 | 1,336,600 |
Stockholders' equity: | ||
Common stock, | 25,160 | 25,062 |
Additional paid-in capital | 17,672 | 17,548 |
Retained earnings | 90,463 | 88,492 |
Accumulated other comprehensive loss, net | (15,159) | (17,132) |
Total stockholders' equity | 118,136 | 113,970 |
Total liabilities and stockholders' equity | $ 1,402,527 | $ 1,450,570 |
* Derived from audited consolidated financial statements. | ||
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, 2025 | Mar. 31, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024 | |
Interest and Dividend Income: | ||||||
Loans, including fees | $ 14,339 | $ 13,987 | $ 15,042 | $ 28,326 | $ 29,586 | |
Due from banks | 1,044 | 1,136 | 1,087 | 2,180 | 1,886 | |
Federal funds sold | 12 | 8 | 12 | 20 | 21 | |
Securities: | ||||||
Taxable | 1,984 | 1,975 | 1,761 | 3,959 | 3,559 | |
Tax-exempt | 138 | 137 | 139 | 275 | 278 | |
Dividends and interest on all other securities | 57 | 60 | 77 | 117 | 171 | |
Total interest and dividend income | 17,574 | 17,303 | 18,118 | 34,877 | 35,501 | |
Interest Expense: | ||||||
Checking and savings deposits | 3,123 | 2,791 | 2,699 | 5,914 | 5,296 | |
Time deposits | 1,565 | 1,801 | 2,337 | 3,366 | 4,509 | |
Federal funds purchased, securities sold under | ||||||
agreements to repurchase and other short-term | 39 | 38 | 1 | 77 | 2 | |
Federal Home Loan Bank advances | 405 | 401 | 670 | 806 | 1,448 | |
Long term borrowings | 263 | 264 | 295 | 527 | 590 | |
Total interest expense | 5,395 | 5,295 | 6,002 | 10,690 | 11,845 | |
Net interest income | 12,179 | 12,008 | 12,116 | 24,187 | 23,656 | |
Provision for credit losses | 468 | 717 | 261 | 1,185 | 341 | |
Net interest income after provision for credit losses | 11,711 | 11,291 | 11,855 | 23,002 | 23,315 | |
Noninterest Income: | ||||||
Fiduciary and asset management fees | 1,273 | 1,332 | 1,129 | 2,605 | 2,321 | |
Service charges on deposit accounts | 767 | 770 | 837 | 1,537 | 1,595 | |
Other service charges, commissions and fees | 1,017 | 943 | 1,150 | 1,960 | 2,033 | |
Bank-owned life insurance income | 291 | 282 | 270 | 573 | 535 | |
Loss on sale of available-for-sale securities, net | - | (176) | - | (176) | - | |
Loss on sale of repossessed assets, net | (252) | (84) | (58) | (336) | (36) | |
Gain on redemption and retirement of subordinated notes | - | 656 | - | 656 | - | |
Other operating income | 153 | 124 | 143 | 277 | 245 | |
Total noninterest income | 3,249 | 3,847 | 3,471 | 7,096 | 6,693 | |
Noninterest Expense: | ||||||
Salaries and employee benefits | 7,499 | 7,343 | 7,195 | 14,842 | 15,026 | |
Occupancy and equipment | 1,094 | 1,181 | 1,373 | 2,275 | 2,546 | |
Data processing | 1,416 | 1,333 | 1,393 | 2,749 | 2,708 | |
Customer development | 134 | 134 | 176 | 268 | 231 | |
Professional services | 644 | 674 | 680 | 1,318 | 1,265 | |
Employee professional development | 230 | 183 | 167 | 413 | 378 | |
Merger-related costs | 976 | 261 | - | 1,237 | - | |
Other taxes | 290 | 284 | 276 | 574 | 537 | |
Other operating expenses | 1,081 | 1,054 | 1,064 | 2,135 | 2,336 | |
Total noninterest expense | 13,364 | 12,447 | 12,324 | 25,811 | 25,027 | |
Income before income taxes | 1,596 | 2,691 | 3,002 | 4,287 | 4,981 | |
Income tax expense | 354 | 533 | 473 | 887 | 735 | |
Net income | $ 1,242 | $ 2,158 | $ 2,529 | $ 3,400 | $ 4,246 | |
Basic Earnings per Common Share: | ||||||
Weighted average shares outstanding | 5,103,320 | 5,086,759 | 5,064,363 | 5,095,086 | 5,052,091 | |
Net income per share of common stock | $ 0.24 | $ 0.42 | $ 0.50 | $ 0.67 | $ 0.84 | |
Diluted Earnings per Common Share: | ||||||
Weighted average shares outstanding | 5,103,320 | 5,086,759 | 5,064,503 | 5,095,086 | 5,052,190 | |
Net income per share of common stock | $ 0.24 | $ 0.42 | $ 0.50 | $ 0.67 | $ 0.84 | |
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, 2025 | March 31, 2025 | June 30, 2024 | ||||||
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* | $ 1,002,979 | $ 14,339 | 5.73 % | $ 1,012,941 | $ 13,987 | 5.60 % | $ 1,061,884 | $ 15,042 | 5.68 % |
Investment securities: | |||||||||
Taxable | 193,471 | 1,984 | 4.11 % | 193,795 | 1,975 | 4.13 % | 169,675 | 1,761 | 4.16 % |
Tax-exempt* | 25,719 | 175 | 2.73 % | 25,799 | 173 | 2.72 % | 26,036 | 176 | 2.71 % |
Total investment securities | 219,190 | 2,159 | 3.95 % | 219,594 | 2,148 | 3.97 % | 195,711 | 1,937 | 3.97 % |
Interest-bearing due from banks | 94,725 | 1,044 | 4.42 % | 103,402 | 1,136 | 4.46 % | 79,752 | 1,087 | 5.47 % |
Federal funds sold | 1,133 | 12 | 4.25 % | 797 | 8 | 4.07 % | 894 | 12 | 5.38 % |
Other investments | 3,922 | 57 | 5.83 % | 3,918 | 60 | 6.21 % | 4,506 | 77 | 6.85 % |
Total earning assets | 1,321,949 | $ 17,611 | 5.34 % | 1,340,652 | $ 17,339 | 5.25 % | 1,342,747 | 18,155 | 5.42 % |
Allowance for credit losses | (11,893) | (11,463) | (11,905) | ||||||
Other non-earning assets | 115,390 | 100,833 | 107,487 | ||||||
Total assets | $ 1,425,446 | $ 1,430,022 | $ 1,438,329 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Time and savings deposits: | |||||||||
Interest-bearing transaction accounts | $ 155,582 | $ 1 | 0.00 % | $ 83,896 | $ 2 | 0.01 % | $ 94,868 | $ 3 | 0.01 % |
Money market deposit accounts | 464,048 | 3,116 | 2.69 % | 504,756 | 2,783 | 2.24 % | 446,359 | 2,689 | 2.42 % |
Savings accounts | 75,486 | 6 | 0.03 % | 77,273 | 6 | 0.03 % | 85,098 | 7 | 0.03 % |
Time deposits | 193,092 | 1,565 | 3.25 % | 216,856 | 1,801 | 3.37 % | 247,472 | 2,337 | 3.79 % |
Total time and savings deposits | 888,208 | 4,688 | 2.12 % | 882,781 | 4,592 | 2.11 % | 873,797 | 5,036 | 2.31 % |
Federal funds purchased, repurchase | |||||||||
agreements and other short-term borrowings | 3,741 | 39 | 4.18 % | 3,890 | 38 | 3.96 % | 2,006 | 1 | 0.20 % |
Federal Home Loan Bank advances | 40,001 | 405 | 4.06 % | 40,000 | 401 | 4.07 % | 54,006 | 670 | 4.98 % |
Subordinated notes | 26,093 | 263 | 4.04 % | 26,644 | 264 | 4.02 % | 29,712 | 295 | 3.98 % |
Total interest-bearing liabilities | 958,043 | 5,395 | 2.26 % | 953,315 | 5,295 | 2.25 % | 959,521 | 6,002 | 2.51 % |
Demand deposits | 343,366 | 352,312 | 362,884 | ||||||
Other liabilities | 6,860 | 7,717 | 8,380 | ||||||
Stockholders' equity | 117,177 | 116,678 | 107,544 | ||||||
Total liabilities and stockholders' equity | $ 1,425,446 | $ 1,430,022 | $ 1,438,329 | ||||||
Net interest margin* | $ 12,216 | 3.71 % | $ 12,044 | 3.64 % | $ 12,153 | 3.63 % | |||
*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) | 2025 | 2024 | ||||
Interest | Interest | |||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |
(dollars in thousands) | Balance | Expense | Rate** | Balance | Expense | Rate** |
ASSETS | ||||||
Loans* | $ 1,001,069 | $ 28,326 | 5.71 % | $ 1,069,389 | $ 29,586 | 5.55 % |
Investment securities: | ||||||
Taxable | 193,632 | 3,959 | 4.12 % | 172,458 | 3,559 | 4.14 % |
Tax-exempt* | 25,759 | 348 | 2.72 % | 26,075 | 352 | 2.71 % |
Total investment securities | 219,391 | 4,307 | 3.96 % | 198,533 | 3,911 | 3.95 % |
Interest-bearing due from banks | 99,039 | 2,180 | 4.44 % | 68,837 | 1,886 | 5.49 % |
Federal funds sold | 966 | 20 | 4.18 % | 801 | 21 | 5.26 % |
Other investments | 3,920 | 117 | 6.02 % | 4,853 | 171 | 7.07 % |
Total earning assets | 1,324,385 | $ 34,950 | 5.32 % | 1,342,413 | $ 35,575 | 5.31 % |
Allowance for credit losses | (11,679) | (12,149) | ||||
Other nonearning assets | 115,016 | 106,340 | ||||
Total assets | $ 1,427,722 | $ 1,436,604 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Time and savings deposits: | ||||||
Interest-bearing transaction accounts | $ 119,937 | $ 3 | 0.01 % | $ 94,651 | $ 6 | 0.01 % |
Money market deposit accounts | 484,289 | 5,900 | 2.46 % | 449,279 | 5,277 | 2.36 % |
Savings accounts | 76,375 | 11 | 0.03 % | 87,066 | 13 | 0.03 % |
Time deposits | 204,908 | 3,366 | 3.31 % | 242,774 | 4,509 | 3.72 % |
Total time and savings deposits | 885,509 | 9,280 | 2.11 % | 873,770 | 9,805 | 2.25 % |
Federal funds purchased, repurchase | ||||||
agreements and other short-term borrowings | 3,815 | 77 | 4.07 % | 2,245 | 2 | 0.18 % |
Federal Home Loan Bank advances | 40,000 | 806 | 4.06 % | 61,861 | 1,448 | 4.69 % |
Subordinated notes | 26,367 | 527 | 4.03 % | 29,696 | 590 | 3.98 % |
Total interest-bearing liabilities | 955,691 | 10,690 | 2.26 % | 967,572 | 11,845 | 2.46 % |
Demand deposits | 347,815 | 353,491 | ||||
Other liabilities | 7,287 | 8,294 | ||||
Stockholders' equity | 116,929 | 107,247 | ||||
Total liabilities and stockholders' equity | $ 1,427,722 | $ 1,436,604 | ||||
Net interest margin* | $ 24,260 | 3.69 % | $ 23,730 | 3.55 % | ||
*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) | 2025 | 2025 | 2024 | 2025 | 2024 | |
Earnings per common share, diluted | $ 0.24 | $ 0.42 | $ 0.50 | $ 0.67 | $ 0.84 | |
Return on average assets (ROA) | 0.35 % | 0.61 % | 0.71 % | 0.48 % | 0.59 % | |
Return on average equity (ROE) | 4.25 % | 7.50 % | 9.43 % | 5.86 % | 7.94 % | |
Net Interest Margin (FTE) (non-GAAP) | 3.71 % | 3.64 % | 3.63 % | 3.69 % | 3.55 % | |
Efficiency ratio | 86.62 % | 78.51 % | 79.07 % | 82.51 % | 82.46 % | |
Efficiency ratio (FTE) (non-GAAP) | 86.41 % | 78.32 % | 78.88 % | 82.32 % | 82.26 % | |
Book value per share | $ 23.15 | $ 22.96 | $ 21.66 | |||
Tangible Book Value per share (non-GAAP) | $ 22.80 | $ 22.61 | $ 21.31 | |||
Non-performing assets (NPAs) / total assets | 0.24 % | 0.29 % | 0.14 % | |||
Annualized Net Charge-Offs / average total loans | 0.13 % | 0.14 % | 0.12 % | |||
Allowance for credit losses on loans / total loans | 1.19 % | 1.17 % | 1.12 % | |||
Non-Performing Assets (NPAs) | ||||||
Nonaccrual loans | $ 43 | $ 80 | $ 44 | |||
Loans > 90 days past due, but still accruing interest | 932 | 1,884 | 444 | |||
Repossessed assets | 2,354 | 2,183 | 1,471 | |||
Total non-performing assets | $ 3,329 | $ 4,147 | $ 1,959 | |||
Other Selected Numbers | ||||||
Loans, net | $ 994,334 | $ 1,001,009 | $ 1,042,774 | |||
Deposits | 1,208,701 | 1,257,478 | 1,236,575 | |||
Stockholders' equity | 118,136 | 117,217 | 109,996 | |||
Total assets | 1,402,527 | 1,450,988 | 1,423,354 | |||
Loans charged off during the quarter, net of recoveries | 331 | 351 | 311 | |||
Quarterly average loans | 1,002,979 | 1,012,941 | 1,061,884 | |||
Quarterly average assets | 1,425,446 | 1,430,022 | 1,438,329 | |||
Quarterly average earning assets | 1,321,949 | 1,340,652 | 1,342,747 | |||
Quarterly average deposits | 1,231,574 | 1,235,093 | 1,236,681 | |||
Quarterly average equity | 117,177 | 116,678 | 107,544 | |||
Old Point Financial Corporation and Subsidiaries | ||||||
Reconciliation of Certain Non-GAAP Financial Measures (unaudited) | ||||||
(dollars in thousands, except per share data) | As of or for the quarters ended, | As of or for the six months ended, | ||||
Jun. 30, 2025 | Mar. 31, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024 | ||
Fully Taxable Equivalent Net Interest Income | ||||||
Net interest income (GAAP) | $ 12,179 | $ 12,008 | $ 12,116 | $ 24,187 | $ 23,656 | |
FTE adjustment | 37 | 36 | 37 | 73 | 74 | |
Net interest income (FTE) (non-GAAP) | $ 12,216 | $ 12,044 | $ 12,153 | $ 24,260 | $ 23,730 | |
Noninterest income (GAAP) | 3,249 | 3,847 | 3,471 | 7,096 | 6,693 | |
Total revenue (FTE) (non-GAAP) | $ 15,465 | $ 15,891 | $ 15,624 | $ 31,356 | $ 30,423 | |
Noninterest expense (GAAP) | 13,364 | 12,447 | 12,324 | 25,811 | 25,027 | |
Average earning assets | $ 1,321,949 | $ 1,340,652 | $ 1,342,747 | $ 1,324,385 | $ 1,342,413 | |
Net interest margin | 3.70 % | 3.63 % | 3.62 % | 3.68 % | 3.53 % | |
Net interest margin (FTE) (non-GAAP) | 3.71 % | 3.64 % | 3.63 % | 3.69 % | 3.55 % | |
Efficiency ratio | 86.62 % | 78.51 % | 79.07 % | 82.51 % | 82.46 % | |
Efficiency ratio (FTE) (non-GAAP) | 86.41 % | 78.32 % | 78.88 % | 82.32 % | 82.26 % | |
Tangible Book Value Per Share | ||||||
Total Stockholders' Equity (GAAP) | $ 118,136 | $ 117,217 | $ 109,996 | |||
Less goodwill | 1,650 | 1,650 | 1,650 | |||
Less core deposit intangible, net | 121 | 132 | 165 | |||
Tangible Stockholders' Equity (non-GAAP) | $ 116,365 | $ 115,435 | $ 108,181 | |||
Shares issued and outstanding | 5,102,797 | 5,105,030 | 5,077,525 | |||
Book value per share | $ 23.15 | $ 22.96 | $ 21.66 | |||
Tangible book value per share (non-GAAP) | $ 22.80 | $ 22.61 | $ 21.31 | |||
Adjusted Operating Earnings (non-GAAP) | ||||||
Net income (GAAP) | $ 1,242 | $ 2,158 | $ 2,529 | $ 3,400 | $ 4,246 | |
Plus loss on sale of available-for-sale securities, net of tax(1) | - | 139 | - | 139 | - | |
Less gain on redemption and retirement of subordinated notes, net of tax(1) | - | (518) | - | (518) | - | |
Plus merger-related costs, net of tax (1) | 936 | 206 | - | 1,186 | - | |
Adjusted Operating Earnings (non-GAAP) | $ 2,178 | $ 1,985 | $ 2,529 | $ 4,207 | $ 4,246 | |
(1) The tax rate utilized in calculating the tax effect is | ||||||
Weighted average diluted shares | 5,103,320 | 5,086,759 | 5,064,503 | 5,095,086 | 5,052,190 | |
Diluted EPS (GAAP) | $ 0.24 | $ 0.42 | $ 0.50 | $ 0.67 | $ 0.84 | |
Diluted EPS (non-GAAP) | $ 0.43 | $ 0.39 | $ 0.50 | $ 0.83 | $ 0.84 | |
Average assets | $ 1,425,446 | $ 1,430,022 | $ 1,438,329 | $ 1,427,722 | $ 1,436,604 | |
Average equity | $ 117,177 | $ 116,678 | $ 107,544 | $ 116,929 | $ 107,247 | |
Return on average assets (GAAP) | 0.35 % | 0.61 % | 0.71 % | 0.48 % | 0.59 % | |
Adjusted return on average assets (non-GAAP) | 0.61 % | 0.56 % | 0.71 % | 0.59 % | 0.59 % | |
Return on average equity (GAAP) | 4.25 % | 7.50 % | 9.43 % | 5.86 % | 7.94 % | |
Adjusted return on average equity (non-GAAP) | 7.46 % | 6.90 % | 9.43 % | 7.26 % | 7.94 % | |
Efficiency ratio (GAAP) | 86.62 % | 78.51 % | 79.07 % | 82.51 % | 82.46 % | |
Adjusted efficiency ratio (non-GAAP) | 92.47 % | 79.62 % | 78.88 % | 86.10 % | 82.26 % | |
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SOURCE Old Point Financial Corporation
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