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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.
Old Point Financial Corporation (OPOF) reported strong financial results for Q3 2022, with net income increasing to $2.5 million, up from $1.9 million in Q3 2021, leading to earnings per diluted share of $0.51. Net interest income rose by 12.1% to $11.6 million. The company achieved 15.8% loan growth, totaling $954.4 million. However, stockholders' equity declined 22.6% to $93.5 million due to unrealized securities losses. The dividend remained stable at $0.13 per share, indicating ongoing shareholder returns.
Old Point Financial Corporation (Nasdaq: OPOF) has declared a quarterly cash dividend of $0.13 per share on its common stock. This dividend is scheduled for payment on September 30, 2022, to shareholders of record as of September 7, 2022. The declared amount remains consistent with the previous quarter's dividend, reflecting stability in dividend payouts. Based on the stock's closing price of $23.50 on August 16, 2022, the dividend yield is approximately 2.2%.
Old Point Financial Corporation (OPOF) reported a net income of $1.9 million for Q2 2022, up from $1.8 million in Q2 2021, with earnings per diluted share at $0.37. For the first half of 2022, net income was $3.9 million, down from $4.9 million in 2021. Loan growth remained strong, with net loans increasing 10.5% year-over-year. The net interest margin improved to 3.36%. However, total stockholders' equity decreased by 16.3% due to unrealized losses in securities. The company declared a dividend of $0.13 per share, an increase of 8.3% from the prior year.
Old Point Financial Corporation (Nasdaq: OPOF) has declared a quarterly cash dividend of $0.13 per share, consistent with the previous quarter. The dividends will be paid on June 24, 2022, to shareholders on record as of June 1, 2022. Based on the stock's closing price of $25.17 on May 17, 2022, the dividend yield is approximately 2.1%. This reflects the company’s commitment to returning value to shareholders.
Old Point Financial Corporation (NASDAQ: OPOF) reported a net income of $2.0 million for Q1 2022, down from $3.0 million in Q1 2021. Earnings per diluted share decreased from $0.58 to $0.39 year-on-year. Chairman Robert Shuford highlighted ongoing momentum in growth and revenue generation, particularly in loan originations, which are expected to benefit from rising interest rates. The company also emphasized strong asset quality and solid capital levels despite industry challenges.
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.