Old Point Financial Corporation Reports Strong Third Quarter 2024 Results

Old Point Financial Corporation, listed on the NASDAQ under the symbol OPOF, has released its financial results for the third quarter of 2024, demonstrating a mix of performance outcomes. In a press release dated October 24, 2024, the company highlighted key financial metrics compared to previous periods.

For the third quarter of 2024, Old Point Financial Corporation reported net income of $2.4 million, resulting in diluted earnings per common share of $0.47. This compares to the second quarter of 2024 when net income stood at $2.5 million with diluted earnings per common share of $0.50, and the third quarter of 2023 with net income at $1.4 million and diluted earnings per common share of $0.27.

Robert Shuford, Jr., Chairman, President, and CEO of Old Point Financial Corporation and Old Point National Bank, emphasized the company’s resolute focus on capital, asset quality, liquidity, and expense discipline, identifying these factors as contributors to robust financial performance. Significant growth was noted in the deposit base and net interest income during the quarter. Shuford also highlighted the completion of cost-saving initiatives in the quarter that aimed to reduce noninterest expenses, indicating ongoing efforts to position the company for long-term growth and value creation for shareholders.

Key financial highlights included total assets of $1.5 billion at September 30, 2024, showing an increase of $31.6 million or 2.2% from December 31, 2023. Net loans held for investment decreased to $1.0 billion, a reduction of $54.0 million or 5.1% from December 31, 2023. Additionally, total deposits grew by $52.4 million or 4.3% from December 31, 2023.

Return on average equity (ROE) for the third quarter of 2024 was reported at 8.39%, compared to 9.43% in the second quarter of 2024 and 5.25% in the third quarter of 2023. Return on average assets (ROA) was noted at 0.64% for the third quarter of 2024, marking a slight decline from the 0.71% recorded in the second quarter of 2024.

Old Point Financial Corporation also shared information on asset quality, liquidity, and capital management metrics. Notable figures included the liquidity position at 33.7% of total assets as of September 30, 2024, as compared to 23.7%

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Old Point Financial’s 8K filing here.

About Old Point Financial

Old Point Financial Corporation operates as the bank holding company for The Old Point National Bank of Phoebus that provides consumer, mortgage, and business banking services for individual and commercial customers in Virginia. It offers deposit products, including interest-bearing transaction accounts, money market deposit accounts, savings accounts, time deposits, and demand deposits.