Old Point Finl - OPOF STOCK NEWS

On May 20, 2021, Old Point Financial Corporation announced a quarterly cash dividend of $0.12 per share on its common stock. The dividend will be paid on June 25, 2021, to shareholders of record as of June 2, 2021. This payout aligns with the previous quarter's dividend, resulting in a dividend yield of approximately 2.1% based on a closing stock price of $22.60 on May 19, 2021.

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.