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Old Point Financial Corporation reported developments tied to its community banking and wealth management businesses in Virginia before its completed merger with TowneBank. The company operated through Old Point National Bank and Old Point Wealth Management, serving the Hampton Roads and Richmond regions with checking, insurance, mortgage, commercial lending, banking, and asset management services.
Recurring updates covered quarterly operating results, deposit trends, asset quality, liquidity, capital management, expense discipline, and cash dividends on common stock. Later company developments also included material agreements, shareholder voting matters, capital-structure disclosures, and the merger that ended Old Point's independent public-company status.
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Old Point Financial Corporation (OPOF) has declared a quarterly cash dividend of $0.14 per share, marking a 7.7% increase from the previous quarter and $0.01 more than the prior year's dividend. The dividend will be paid on March 31, 2023, to shareholders on record as of March 8, 2023. Based on the closing stock price of $25.95 on February 21, 2023, this results in a dividend yield of approximately 2.2%.
Old Point Financial Corporation (OPOF) announced the retirement of Russell Smith Evans, Jr. from its Board of Directors at the conclusion of the 2023 Annual Meeting of Shareholders, having served since 1993. Mr. Evans expressed gratitude for his tenure, highlighting the recent board refreshment as an opportunity for new perspectives with the additions of Sarah and Elizabeth, which he believes strengthen the board. Chairman Robert Shuford commended Evans for his contributions over the years. This change follows a trend of board evolution aimed at enhancing governance and strategic direction.
Old Point Financial Corporation (NASDAQ: OPOF) reported a net income of $2.6 million and earnings per diluted common share of $0.53 for Q4 2022, up from $1.7 million and $0.32 per share in Q4 2021. For the full year, net income was $9.1 million, a rise from $8.4 million in 2021.
Significant highlights include a 24.5% growth in loans held for investment, reaching $1.0 billion, and an improved net interest margin (NIM) of 4.14%, up from 3.07% YoY. Total assets climbed to $1.4 billion, while total deposits decreased by 1.8%. Despite a drop in stockholders' equity by 18.3%, the company remains well-capitalized with a Tier 1 Capital ratio of 11.71%.
Old Point Financial Corporation has declared a quarterly cash dividend of $0.13 per share on its common stock. This dividend is set to be paid on December 30, 2022, to shareholders recorded as of December 7, 2022. The announced dividend maintains the same amount as the previous quarter, yielding approximately 2.2% based on the stock's closing price of $23.78 on November 16, 2022.