Virginia
|
000-12896
|
54-1265373
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which
registered
|
Common Stock, $5.00 par value
|
OPOF
|
NASDAQ
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
|
Press release dated October 26, 2023
|
|
|
Exhibit 104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
|
|
Old Point Financial Corporation
|
|
|
|
Registrant
|
|
|
|
|
|
|
Date: October 26, 2023
|
|
|
|
|
/s/ Robert F. Shuford, Jr.
|
|
|
|
|
|
|
|
Robert F. Shuford, Jr.
|
|
|
|
Chairman of the Board
|
|
|
|
President & Chief Executive Officer
|
|
|
• |
Total assets were $1.4 billion at September 30, 2023, growing $91.7 million or 6.8% from December 31, 2022.
|
|
• |
Net loans held for investment grew $54.3 million, or 5.3%, from December 31, 2022 and $125.7 million, or 13.3% from September 30, 2022.
|
|
• |
Total deposits increased $81.6 million, or 7.1%, from December 31, 2022 and $55.3 million, or 4.7% from September 30, 2022.
|
|
• |
Nonperforming assets were $2.7 million at September 30, 2023, down from $4.7 million at September 30, 2022.
|
|
• |
Average earning assets of $1.4 and $1.3 billion for the quarter and nine months ended September 30, 2023 grew $135.7 million, or 11.1%, and $90.5 million, or 7.3%, compared to the
prior year comparative periods, respectively.
|
|
• |
Average interest-bearing liabilities were $984.3 million for the quarter ended September 30, 2023, up $208.4 million or 26.9%, compared to the prior year comparative period. For the
nine months ended September 30, 2023 and 2022, average interest-bearing liabilities were $925.1 million and $786.6 million, respectively.
|
|
• |
Net interest margin (NIM) was 3.33% in the third quarter of 2023, compared to 3.67% in the second quarter of 2023 and 3.75% in the third quarter of 2022. NIM on a fully
tax-equivalent basis (FTE) (non-GAAP) was 3.35% in the third quarter of 2023, 3.69% in the linked quarter and 3.78% in the third quarter of 2022.
|
|
• |
Net interest income for the third quarter of 2023, decreased $145 thousand, or 1.3% compared to the third quarter of 2022, and decreased $673 thousand, or 5.6%, compared to the
second quarter of 2023. For the nine months ended September 30, 2023 and 2022, net interest income was $36.3 million and $31.5 million, respectively.
|
|
• |
Liquidity as of September 30, 2023, defined as cash and due from banks, unpledged securities, and available secured borrowing capacity, totaled $407.6 million, representing 28.2% of
total assets.
|
Old Point Financial Corporation and Subsidiaries
|
||||||||
Consolidated Balance Sheets
|
September 30,
|
December 31,
|
||||||
(dollars in thousands, except share data)
|
2023
|
2022
|
||||||
|
(unaudited)
|
|||||||
Assets
|
||||||||
|
||||||||
Cash and due from banks
|
$
|
14,501
|
$
|
15,670
|
||||
Interest-bearing due from banks
|
62,508
|
3,580
|
||||||
Federal funds sold
|
632
|
-
|
||||||
Cash and cash equivalents
|
77,641
|
19,250
|
||||||
Securities available-for-sale, at fair value
|
200,617
|
225,518
|
||||||
Restricted securities, at cost
|
5,176
|
3,434
|
||||||
Loans held for sale
|
292
|
421
|
||||||
Loans, net
|
1,070,834
|
1,016,559
|
||||||
Premises and equipment, net
|
30,262
|
31,008
|
||||||
Premises and equipment, held for sale
|
344
|
987
|
||||||
Bank-owned life insurance
|
34,826
|
34,049
|
||||||
Goodwill
|
1,650
|
1,650
|
||||||
Core deposit intangible, net
|
198
|
231
|
||||||
Other assets
|
25,223
|
22,228
|
||||||
Total assets
|
$
|
1,447,063
|
$
|
1,355,335
|
||||
|
||||||||
Liabilities & Stockholders' Equity
|
||||||||
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing deposits
|
$
|
348,316
|
$
|
418,582
|
||||
Savings deposits
|
619,799
|
584,527
|
||||||
Time deposits
|
269,493
|
152,910
|
||||||
Total deposits
|
1,237,608
|
1,156,019
|
||||||
Overnight repurchase agreements
|
1,323
|
4,987
|
||||||
Federal funds purchased
|
-
|
11,378
|
||||||
Federal Home Loan Bank advances
|
69,450
|
46,100
|
||||||
Long term borrowings
|
29,636
|
29,538
|
||||||
Accrued expenses and other liabilities
|
9,520
|
8,579
|
||||||
Total liabilities
|
1,347,537
|
1,256,601
|
||||||
|
||||||||
Stockholders' equity:
|
||||||||
Common stock, $5 par value, 10,000,000 shares authorized; 5,038,066 and 4,999,083 shares outstanding (includes 54,593 and
46,989 of nonvested restricted stock, respectively)
|
24,917
|
24,761
|
||||||
Additional paid-in capital
|
16,957
|
16,593
|
||||||
Retained earnings
|
81,292
|
78,147
|
||||||
Accumulated other comprehensive loss, net
|
(23,640
|
)
|
(20,767
|
)
|
||||
Total stockholders' equity
|
99,526
|
98,734
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,447,063
|
$
|
1,355,335
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||
Consolidated Statements of Income (unaudited)
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||
(dollars in thousands, except per share data)
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Sep. 30, 2022
|
Sep. 30, 2023
|
Sep. 30, 2022
|
|||||||||||||||
|
||||||||||||||||||||
Interest and Dividend Income:
|
||||||||||||||||||||
Loans, including fees
|
$
|
14,311
|
$
|
14,185
|
$
|
10,506
|
$
|
41,537
|
$
|
29,173
|
||||||||||
Due from banks
|
838
|
93
|
252
|
995
|
533
|
|||||||||||||||
Federal funds sold
|
9
|
9
|
11
|
24
|
18
|
|||||||||||||||
Securities:
|
||||||||||||||||||||
Taxable
|
1,788
|
1,772
|
1,297
|
5,324
|
3,409
|
|||||||||||||||
Tax-exempt
|
159
|
209
|
272
|
580
|
732
|
|||||||||||||||
Dividends and interest on all other securities
|
84
|
79
|
30
|
229
|
58
|
|||||||||||||||
Total interest and dividend income
|
17,189
|
16,347
|
12,368
|
48,689
|
33,923
|
|||||||||||||||
|
||||||||||||||||||||
Interest Expense:
|
||||||||||||||||||||
Checking and savings deposits
|
2,060
|
1,569
|
147
|
4,483
|
471
|
|||||||||||||||
Time deposits
|
2,456
|
1,419
|
312
|
4,412
|
993
|
|||||||||||||||
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
|
-
|
2
|
43
|
39
|
45
|
|||||||||||||||
Federal Home Loan Bank advances
|
952
|
963
|
-
|
2,532
|
-
|
|||||||||||||||
Long term borrowings
|
295
|
295
|
295
|
885
|
885
|
|||||||||||||||
Total interest expense
|
5,763
|
4,248
|
797
|
12,351
|
2,394
|
|||||||||||||||
Net interest income
|
11,426
|
12,099
|
11,571
|
36,338
|
31,529
|
|||||||||||||||
Provision for credit losses
|
505
|
361
|
402
|
1,242
|
1,073
|
|||||||||||||||
Net interest income after provision for credit losses
|
10,921
|
11,738
|
11,169
|
35,096
|
30,456
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest Income:
|
||||||||||||||||||||
Fiduciary and asset management fees
|
1,012
|
1,154
|
953
|
3,282
|
3,086
|
|||||||||||||||
Service charges on deposit accounts
|
751
|
793
|
795
|
2,297
|
2,278
|
|||||||||||||||
Other service charges, commissions and fees
|
1,119
|
1,027
|
1,143
|
3,255
|
3,339
|
|||||||||||||||
Bank-owned life insurance income
|
263
|
259
|
227
|
776
|
653
|
|||||||||||||||
Mortgage banking income
|
144
|
112
|
86
|
351
|
419
|
|||||||||||||||
Gain (loss) on sale of available-for-sale securities, net
|
30
|
(164
|
)
|
-
|
(134
|
)
|
-
|
|||||||||||||
(Loss) on sale of repossessed assets
|
-
|
(69
|
)
|
-
|
(69
|
)
|
-
|
|||||||||||||
Gain on sale of fixed assets
|
-
|
200
|
-
|
200
|
-
|
|||||||||||||||
Other operating income
|
163
|
165
|
161
|
422
|
605
|
|||||||||||||||
Total noninterest income
|
3,482
|
3,477
|
3,365
|
10,380
|
10,380
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest Expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
7,830
|
8,043
|
6,821
|
23,236
|
19,854
|
|||||||||||||||
Occupancy and equipment
|
1,241
|
1,255
|
1,184
|
3,691
|
3,488
|
|||||||||||||||
Data processing
|
1,300
|
1,264
|
1,206
|
3,743
|
3,447
|
|||||||||||||||
Customer development
|
159
|
101
|
136
|
373
|
298
|
|||||||||||||||
Professional services
|
636
|
756
|
647
|
2,065
|
1,915
|
|||||||||||||||
Employee professional development
|
257
|
289
|
230
|
780
|
769
|
|||||||||||||||
Other taxes
|
251
|
234
|
212
|
698
|
637
|
|||||||||||||||
ATM and other losses
|
154
|
154
|
112
|
563
|
226
|
|||||||||||||||
Other operating expenses
|
1,053
|
1,051
|
1,017
|
3,047
|
2,734
|
|||||||||||||||
Total noninterest expense
|
12,881
|
13,147
|
11,565
|
38,196
|
33,368
|
|||||||||||||||
Income before income taxes
|
1,522
|
2,068
|
2,969
|
7,280
|
7,468
|
|||||||||||||||
Income tax expense
|
160
|
266
|
427
|
1,033
|
1,003
|
|||||||||||||||
Net income
|
$
|
1,362
|
$
|
1,802
|
$
|
2,542
|
$
|
6,247
|
$
|
6,465
|
||||||||||
|
||||||||||||||||||||
Basic Earnings per Common Share:
|
||||||||||||||||||||
Weighted average shares outstanding
|
5,037,558
|
5,023,305
|
5,015,712
|
5,020,269
|
5,095,716
|
|||||||||||||||
Net income per share of common stock
|
$
|
0.27
|
$
|
0.36
|
$
|
0.51
|
$
|
1.24
|
$
|
1.27
|
||||||||||
|
||||||||||||||||||||
Diluted Earnings per Common Share:
|
||||||||||||||||||||
Weighted average shares outstanding
|
5,037,662
|
5,023,603
|
5,015,712
|
5,020,447
|
5,095,768
|
|||||||||||||||
Net income per share of common stock
|
$
|
0.27
|
$
|
0.36
|
$
|
0.51
|
$
|
1.24
|
$
|
1.27
|
||||||||||
|
||||||||||||||||||||
Cash Dividends Declared per Share:
|
$
|
0.14
|
$
|
0.14
|
$
|
0.13
|
$
|
0.42
|
$
|
0.39
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||||||
Average Balance Sheets, Net Interest Income And Rates
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
For the quarters ended September 30,
|
|||||||||||||||||||||||
(unaudited)
|
2023
|
2022
|
||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance |
Interest
Income/ |
Yield/
Rate** |
Average
Balance |
Interest
Income/ |
Yield/
Rate**
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
1,086,180
|
$
|
14,311
|
5.23
|
%
|
$
|
938,110
|
$
|
10,516
|
4.45
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
176,445
|
1,788
|
4.02
|
%
|
190,728
|
1,297
|
2.70
|
%
|
||||||||||||||||
Tax-exempt*
|
30,128
|
201
|
2.64
|
%
|
46,046
|
345
|
2.97
|
%
|
||||||||||||||||
Total investment securities
|
206,573
|
1,989
|
3.82
|
%
|
236,774
|
1,642
|
2.75
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
61,446
|
839
|
5.41
|
%
|
45,250
|
252
|
2.21
|
%
|
||||||||||||||||
Federal funds sold
|
714
|
9
|
5.16
|
%
|
2,201
|
11
|
2.05
|
%
|
||||||||||||||||
Other investments
|
4,808
|
83
|
6.84
|
%
|
1,650
|
30
|
6.92
|
%
|
||||||||||||||||
Total earning assets
|
1,359,721
|
$
|
17,231
|
5.03
|
%
|
1,223,985
|
$
|
12,451
|
4.04
|
%
|
||||||||||||||
Allowance for credit losses
|
(11,912
|
)
|
(10,015
|
)
|
||||||||||||||||||||
Other non-earning assets
|
105,130
|
99,676
|
||||||||||||||||||||||
Total assets
|
$
|
1,452,939
|
$
|
1,313,646
|
||||||||||||||||||||
|
||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
91,139
|
$
|
4
|
0.01
|
%
|
$
|
79,620
|
$
|
3
|
0.01
|
%
|
||||||||||||
Money market deposit accounts
|
430,236
|
2,049
|
1.89
|
%
|
375,555
|
135
|
0.14
|
%
|
||||||||||||||||
Savings accounts
|
98,758
|
8
|
0.03
|
%
|
123,604
|
9
|
0.03
|
%
|
||||||||||||||||
Time deposits
|
263,167
|
2,455
|
3.70
|
%
|
155,989
|
312
|
0.79
|
%
|
||||||||||||||||
Total time and savings deposits
|
883,300
|
4,516
|
2.03
|
%
|
734,768
|
459
|
0.25
|
%
|
||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
1,972
|
0
|
0.05
|
%
|
11,667
|
43
|
1.46
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
69,450
|
952
|
5.36
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Long term borrowings
|
29,619
|
295
|
3.90
|
%
|
29,485
|
295
|
3.92
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
984,341
|
5,763
|
2.32
|
%
|
775,920
|
797
|
0.41
|
%
|
||||||||||||||||
Demand deposits
|
356,752
|
429,928
|
||||||||||||||||||||||
Other liabilities
|
8,996
|
5,500
|
||||||||||||||||||||||
Stockholders' equity
|
102,850
|
102,298
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,452,939
|
$
|
1,313,646
|
||||||||||||||||||||
Net interest margin*
|
$
|
11,468
|
3.35
|
%
|
$
|
11,654
|
3.78
|
%
|
*
|
Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income by $42 thousand and $83 thousand for September 30, 2023 and 2022,
respectively.
|
**
|
Annualized
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||||||
Average Balance Sheets, Net Interest Income And Rates
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
For the nine months ended September 30,
|
|||||||||||||||||||||||
(unaudited)
|
2023
|
2022
|
||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance |
Interest
Income/ |
Yield/
Rate**
|
Average
Balance
|
Interest
Income/ |
Yield/
Rate** |
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
1,077,038
|
$
|
41,539
|
5.16
|
%
|
$
|
893,133
|
$
|
29,206
|
4.37
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
181,969
|
5,324
|
3.91
|
%
|
196,475
|
3,409
|
2.32
|
%
|
||||||||||||||||
Tax-exempt*
|
35,365
|
734
|
2.77
|
%
|
42,208
|
927
|
2.94
|
%
|
||||||||||||||||
Total investment securities
|
217,334
|
6,058
|
3.73
|
%
|
238,683
|
4,336
|
2.43
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
25,385
|
995
|
5.24
|
%
|
97,642
|
533
|
0.73
|
%
|
||||||||||||||||
Federal funds sold
|
670
|
24
|
4.79
|
%
|
3,514
|
18
|
0.70
|
%
|
||||||||||||||||
Other investments
|
4,420
|
229
|
6.91
|
%
|
1,396
|
58
|
5.47
|
%
|
||||||||||||||||
Total earning assets
|
1,324,847
|
$
|
48,845
|
4.93
|
%
|
1,234,368
|
$
|
34,151
|
3.70
|
%
|
||||||||||||||
Allowance for credit losses
|
(11,663
|
)
|
(9,861
|
)
|
||||||||||||||||||||
Other nonearning assets
|
105,462
|
96,897
|
||||||||||||||||||||||
Total assets
|
$
|
1,418,646
|
$
|
1,321,404
|
||||||||||||||||||||
|
||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
80,672
|
$
|
9
|
0.02
|
%
|
$
|
75,641
|
$
|
8
|
0.01
|
%
|
||||||||||||
Money market deposit accounts
|
432,224
|
4,450
|
1.38
|
%
|
385,929
|
433
|
0.15
|
%
|
||||||||||||||||
Savings accounts
|
106,537
|
24
|
0.03
|
%
|
126,965
|
30
|
0.03
|
%
|
||||||||||||||||
Time deposits
|
204,647
|
4,412
|
2.88
|
%
|
161,885
|
993
|
0.82
|
%
|
||||||||||||||||
Total time and savings deposits
|
824,080
|
8,895
|
1.44
|
%
|
750,420
|
1,464
|
0.26
|
%
|
||||||||||||||||
Federal funds purchased, repurchase
|
||||||||||||||||||||||||
agreements and other borrowings
|
4,941
|
39
|
1.07
|
%
|
6,753
|
45
|
0.88
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
66,505
|
2,532
|
5.09
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Long term borrowings
|
29,585
|
885
|
4.00
|
%
|
29,453
|
885
|
4.02
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
925,111
|
12,351
|
1.79
|
%
|
786,626
|
2,394
|
0.41
|
%
|
||||||||||||||||
Demand deposits
|
382,908
|
420,527
|
||||||||||||||||||||||
Other liabilities
|
8,492
|
5,649
|
||||||||||||||||||||||
Stockholders' equity
|
102,135
|
108,602
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,418,646
|
$
|
1,321,404
|
||||||||||||||||||||
Net interest margin*
|
$
|
36,494
|
3.68
|
%
|
$
|
31,757
|
3.44
|
%
|
||||||||||||||||
|
*
|
Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income by $156 thousand and $228 thousand for September 30, 2023 and
2022, respectively.
|
**
|
Annualized
|
Old Point Financial Corporation and Subsidiaries
|
As of or for the quarters ended,
|
For the nine months ended,
|
||||||||||||||||||
Selected Ratios (unaudited)
|
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||||
(dollars in thousands, except per share data)
|
2023
|
2023
|
2022
|
2023
|
2022
|
|||||||||||||||
|
||||||||||||||||||||
Earnings per common share, diluted
|
$
|
0.27
|
$
|
0.36
|
$
|
0.51
|
$
|
1.24
|
$
|
1.27
|
||||||||||
Return on average assets (ROA)
|
0.37
|
%
|
0.51
|
%
|
0.77
|
%
|
0.59
|
%
|
0.65
|
%
|
||||||||||
Return on average equity (ROE)
|
5.25
|
%
|
7.01
|
%
|
9.86
|
%
|
8.18
|
%
|
7.96
|
%
|
||||||||||
Net Interest Margin (FTE) (non-GAAP)
|
3.35
|
%
|
3.69
|
%
|
3.78
|
%
|
3.68
|
%
|
3.44
|
%
|
||||||||||
Efficiency ratio
|
86.40
|
%
|
84.41
|
%
|
77.43
|
%
|
81.76
|
%
|
79.62
|
%
|
||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
86.16
|
%
|
84.10
|
%
|
77.01
|
%
|
81.49
|
%
|
79.19
|
%
|
||||||||||
Book value per share
|
19.75
|
20.36
|
18.71
|
|||||||||||||||||
Tangible Book Value per share (non-GAAP)
|
19.39
|
19.99
|
18.34
|
|||||||||||||||||
Non-performing assets (NPAs) / total assets
|
0.19
|
%
|
0.10
|
%
|
0.36
|
%
|
||||||||||||||
Annualized Net Charge-Offs / average total loans
|
0.09
|
%
|
0.08
|
%
|
0.16
|
%
|
||||||||||||||
Allowance for credit losses on loans / total loans
|
1.09
|
%
|
1.06
|
%
|
1.04
|
%
|
||||||||||||||
Allowance for credit losses / total loans
|
1.12
|
%
|
1.09
|
%
|
1.04
|
%
|
||||||||||||||
|
||||||||||||||||||||
Non-Performing Assets (NPAs)
|
||||||||||||||||||||
Nonaccrual loans
|
$
|
1,918
|
$
|
235
|
$
|
4,375
|
||||||||||||||
Loans > 90 days past due, but still accruing interest
|
797
|
1,208
|
330
|
|||||||||||||||||
Other real estate owned
|
-
|
-
|
-
|
|||||||||||||||||
Total non-performing assets
|
$
|
2,715
|
$
|
1,443
|
$
|
4,705
|
||||||||||||||
|
||||||||||||||||||||
Other Selected Numbers
|
||||||||||||||||||||
Loans, net
|
$
|
1,070,834
|
$
|
1,082,965
|
$
|
945,132
|
||||||||||||||
Deposits
|
1,237,608
|
1,228,715
|
1,182,308
|
|||||||||||||||||
Stockholders' equity
|
99,526
|
102,542
|
93,512
|
|||||||||||||||||
Total assets
|
1,447,063
|
1,443,059
|
1,317,006
|
|||||||||||||||||
Loans charged off during the quarter, net of recoveries
|
237
|
210
|
365
|
|||||||||||||||||
Quarterly average loans
|
1,086,180
|
1,088,723
|
938,110
|
|||||||||||||||||
Quarterly average assets
|
1,452,939
|
1,417,892
|
1,313,646
|
|||||||||||||||||
Quarterly average earning assets
|
1,359,721
|
1,322,886
|
1,223,985
|
|||||||||||||||||
Quarterly average deposits
|
1,240,052
|
1,194,893
|
1,164,696
|
|||||||||||||||||
Quarterly average equity
|
102,850
|
103,075
|
102,298
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||||||||||
Reconciliation of Certain Non-GAAP Financial
Measures (unaudited)
|
||||||||||||||||||||
(dollars in thousands, except per share data)
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Sep. 30, 2022
|
Sep. 30, 2023
|
Sep. 30, 2022
|
|||||||||||||||
|
||||||||||||||||||||
Fully Taxable Equivalent Net Interest Income
|
||||||||||||||||||||
Net interest income (GAAP)
|
$
|
11,426
|
$
|
12,099
|
$
|
11,571
|
$
|
36,338
|
$
|
31,529
|
||||||||||
FTE adjustment
|
42
|
56
|
83
|
156
|
228
|
|||||||||||||||
Net interest income (FTE) (non-GAAP)
|
$
|
11,468
|
$
|
12,155
|
$
|
11,654
|
$
|
36,494
|
$
|
31,757
|
||||||||||
Noninterest income (GAAP)
|
3,482
|
3,477
|
3,365
|
10,380
|
10,380
|
|||||||||||||||
Total revenue (FTE) (non-GAAP)
|
$
|
14,950
|
$
|
15,632
|
$
|
15,019
|
$
|
46,874
|
$
|
42,137
|
||||||||||
Noninterest expense (GAAP)
|
12,881
|
13,147
|
11,565
|
38,196
|
33,368
|
|||||||||||||||
|
||||||||||||||||||||
Average earning assets
|
$
|
1,359,721
|
$
|
1,322,886
|
$
|
1,223,985
|
$
|
1,324,847
|
$
|
1,234,368
|
||||||||||
Net interest margin
|
3.33
|
%
|
3.67
|
%
|
3.75
|
%
|
3.67
|
%
|
3.42
|
%
|
||||||||||
Net interest margin (FTE) (non-GAAP)
|
3.35
|
%
|
3.69
|
%
|
3.78
|
%
|
3.68
|
%
|
3.44
|
%
|
||||||||||
|
||||||||||||||||||||
Efficiency ratio
|
86.40
|
%
|
84.41
|
%
|
77.43
|
%
|
81.76
|
%
|
79.62
|
%
|
||||||||||
Efficiency ratio (FTE) (non-GAAP)
|
86.16
|
%
|
84.10
|
%
|
77.01
|
%
|
81.49
|
%
|
79.19
|
%
|
||||||||||
|
||||||||||||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||
Total Stockholders Equity (GAAP)
|
$
|
99,526
|
$
|
102,542
|
$
|
93,512
|
||||||||||||||
Less goodwill
|
1,650
|
1,650
|
1,650
|
|||||||||||||||||
Less core deposit intangible, net
|
198
|
209
|
242
|
|||||||||||||||||
Tangible Stockholders Equity (non-GAAP)
|
$
|
97,678
|
$
|
100,683
|
$
|
91,620
|
||||||||||||||
|
||||||||||||||||||||
Shares issued and outstanding
|
5,038,066
|
5,037,275
|
4,996,728
|
|||||||||||||||||
|
||||||||||||||||||||
Book value per share
|
$
|
19.75
|
$
|
20.36
|
$
|
18.71
|
||||||||||||||
Tangible book value per share (non-GAAP)
|
$
|
19.39
|
$
|
19.99
|
$
|
18.34
|