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 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.
Old Point National Bank has opened its first commercial lending office in the Richmond area, led by Philip Hager. This expansion aims to enhance their services in the region, which has seen increasing demand for commercial transactions. Hager, with over 25 years of experience, takes on the role of Senior Vice President and Market Executive. His colleague, Linnett Fortner, will serve as Portfolio Manager, bringing over 30 years of banking expertise. The move reflects Old Point's strategy to strengthen its presence and offerings in the Greater Richmond market.
Old Point Financial Corporation has declared a quarterly cash dividend of $0.12 per share on its common stock, payable on September 25, 2020. Shareholders of record as of September 2, 2020 will receive this dividend. This amount mirrors the previous quarter's dividend, resulting in an estimated dividend yield of approximately 3.0% based on the stock's closing price of $16.09 on August 19, 2020.
Old Point Financial reported a net income of $2.5 million and earnings per diluted share of $0.48 for Q2 2020, an increase from $1.6 million and $0.31 in Q2 2019. Total assets grew by 15.8% to $1.2 billion, while net loans increased by $108.8 million. The company originated 1,085 PPP loans totaling $102.5 million. Non-performing assets decreased to $7.0 million, representing 0.57% of total assets. While the company sees improved asset quality, future impacts from COVID-19 remain uncertain.