Old Point Finl Stock Price, News & Analysis

Old Point National Bank has expanded its Richmond, Virginia team by appointing three new Commercial Relationship Managers: Robert Campbell, Katherine Wagner, and Ian Splisgardt. Campbell brings 17 years of experience, Wagner has over 35 years, and Splisgardt has several years in client relationship management. The new team strengthens Old Point's presence in the Greater Richmond market. CEO Robert F. Shuford, Jr. expressed enthusiasm over their expertise and commitment to superior service. Old Point operates as a full-service community bank in Virginia.

Old Point Financial Corporation has announced a quarterly cash dividend of $0.13 per share, marking an 8.3% increase from the previous quarter. The dividend will be paid on September 24, 2021, to shareholders on record as of September 1, 2021. This is also a $0.01 increase from last year’s dividend. Based on the closing price of $21.90 on August 17, 2021, the dividend yield stands at approximately 2.3%.

Old Point Financial Corporation (NASDAQ: OPOF) reported a net income of $1.8 million for Q2 2021, down from $2.5 million in Q2 2020. Earnings per diluted share were $0.35 compared to $0.48 year-over-year. Total assets rose to $1.3 billion, and deposits increased by $66.8 million to $1.1 billion. Non-performing assets slightly increased to $2.4 million but showed a significant year-over-year improvement. Net interest income decreased to $9.1 million, primarily due to lower loan yields and decreased PPP loan fees. The bank remains well-capitalized with a Tier 1 Capital ratio of 11.49%.

Old Point Financial Corporation has successfully completed a private placement of $30 million in 3.50% Fixed to Floating Rate Subordinated Notes due 2031. The offering was oversubscribed, indicating strong investor confidence. The Notes feature a five-year fixed interest rate, transitioning to SOFR plus 286 basis points afterward, and qualify as Tier 2 capital. Proceeds will be used for general corporate purposes, supporting the company's strategic growth initiatives. The offering was managed by Performance Trust Capital Partners, LLC.

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.