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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 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.