Welcome to our dedicated page for Old Point Finl news (Ticker: OPOF), a resource for investors and traders seeking the latest updates and insights on Old Point Finl stock.
Old Point Financial Corporation (OPOF) historically generated news as a regional community banking and wealth management organization headquartered in Hampton, Virginia. As the parent company of The Old Point National Bank of Phoebus and Old Point Trust & Financial Services, N.A., Old Point reported on topics such as quarterly and annual financial results, capital and asset quality metrics, dividend declarations, and developments in its executive leadership.
Company press releases and related Form 8-K filings show that Old Point regularly issued detailed earnings updates. These communications discussed net income, net interest income, net interest margin, loan and deposit trends, non-performing assets, allowance for credit losses, and liquidity measures. Management commentary often addressed balance sheet positioning, cost-saving initiatives, and noninterest expense trends, providing context around the bank’s operating performance.
Old Point’s news flow also included recurring announcements of quarterly cash dividends on its common stock, with disclosures noting record dates, payment dates, and the relationship between the dividend and the prevailing share price. In addition, Old Point announced changes in key leadership roles, such as the appointment of a new Chief Financial Officer, and described the professional background and experience of those executives.
Beginning in 2025, a significant portion of Old Point’s news centered on its merger with TowneBank. Press releases and Form 8-K filings covered the signing of the merger agreement, shareholder approval at a special meeting, regulatory approvals, supplemental proxy disclosures, and the expected and actual closing of the transaction. Subsequent filings detailed the merger consideration mix, election procedures for shareholders, and the resulting delisting of OPOF from Nasdaq.
This news page serves as an archive of those historical announcements, allowing readers to review Old Point’s earnings history, dividend practices, corporate actions, and the sequence of events that culminated in its merger with TowneBank and the end of OPOF as an independently traded stock.
Old Point Financial (OPOF) has announced a quarterly cash dividend of $0.14 per share on its common stock. The dividend will be paid on September 27, 2024 to shareholders of record as of September 4, 2024. This dividend amount remains unchanged from the previous quarter. Based on the stock's closing price of $18.39 on August 20, 2024, the annual dividend yield is approximately 3.05%. This announcement demonstrates Old Point Financial 's commitment to providing consistent returns to its shareholders, maintaining its dividend policy despite potential economic uncertainties.
Old Point Financial reported net income of $2.5 million with diluted earnings per share of $0.50 for Q2 2024, up from $1.7 million and $0.34 EPS in Q1 2024. Key highlights include:
- Total assets were $1.4 billion as of June 30, 2024, down 1.6% from December 31, 2023
- Net loans held for investment decreased 2.4% to $1.0 billion
- Total deposits increased 0.5% to $1.2 billion
- Return on average equity (ROE) was 9.43%, up from 6.44% in Q1 2024
- Net interest margin improved to 3.62% from 3.45% in Q1 2024
- Non-performing assets decreased to 0.14% of total assets
The company continued cost-saving initiatives, expecting to reduce annual noninterest expense by $5.0 million when fully implemented. Old Point plans to close its Crown Center branch in Norfolk on September 27, 2024.
Old Point Financial , headquartered in Hampton, Virginia, announced a quarterly cash dividend of $0.14 per share on its common stock.
The dividend will be paid on June 28, 2024, to shareholders of record as of June 5, 2024.
This dividend amount is consistent with the previous quarter's dividend.
Based on the stock's closing price of $14.81 on May 21, 2024, the annual dividend yield is approximately 3.8%.
Old Point Financial (NASDAQ: OPOF) reported net income of $1.7 million and diluted earnings per share of $0.34 for Q1 2024. Despite inflationary pressures, the company is focused on expense reduction to boost earnings. Total assets decreased slightly, while ROE improved to 6.4%. Noninterest income decreased, and noninterest expenses increased. The Company declared dividends of $0.14 per share, reflecting a payout ratio of 41.1%.
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