HAMPTON,
Va., April 28, 2022 /PRNewswire/ -- Old Point
Financial Corporation (the Company or Old Point) (NASDAQ "OPOF")
reported net income of $2.0 million
and earnings per diluted common share of $0.39 for the first quarter of 2022 compared to
net income of $3.0 million and
earnings per diluted common share of $0.58 for the first quarter of 2021.
Robert Shuford, Jr., Chairman,
President and CEO of the Company and Old Point National Bank (the
Bank) said, "Old Point started 2022 strong, keeping up our momentum
for growth and progress while remaining committed to top line
revenue generation combined with a focus on expense management and
process efficiency. The Bank continues to solidly grow loan
originations, which we believe will expand the net interest margin
as interest rates increase, and we are excited with the potential
being created through strategic repositioning within Old Point
Wealth Management. Asset quality, liquidity, and capital levels
remain strong as we navigate the continuing industry and market
challenges and execute on our forward-looking strategies."
Highlights of the quarter are as follows:
- Net loans held for investment grew $12.1
million from December 31,
2021. PPP loans outstanding at March
31, 2022 were $7.5 million
compared to $19.0 million at
December 31, 2021. Loans held for
investment, (net of deferred fees and costs), excluding PPP
(non-GAAP), grew $23.2 million, or
2.8%, from December 31, 2021 and
$106.9 million, or 14.4%, from
March 31, 2021.
- Total deposits as of March 31,
2022 increased $1.8 million
from December 31, 2021.
- Average earning assets for the quarter ended March 31, 2022 grew $95.8
million, or 8.3%, to $1.2
billion compared to the prior year comparative period.
- Net interest margin (NIM) improved to 3.14% in the first
quarter of 2022 from 3.07% in the fourth quarter of 2021 but
decreased from 3.59% in first quarter of 2021. NIM on a fully
tax-equivalent basis (FTE) (non-GAAP) improved to 3.16% in the
first quarter of 2022 from 3.09% in the linked quarter but
decreased from 3.61% in the first quarter of 2021.
- Net interest income after provision for loan losses was
$9.5 million for the first quarter of
2022, increasing from $9.4 million
for the prior quarter and decreasing from $10.0 million for the first quarter of 2021.
- Net income improved to $2.0
million for the first quarter of 2022 from $1.7 million for the fourth quarter of 2021 but
decreased $981 thousand from
$3.0 million in the 2021 comparative
quarter.
- Noninterest expense decreased $415
thousand, or 3.7%, to $10.7
million for the first quarter of 2022 compared to
$11.1 million for the fourth quarter
of 2021 but increased $155 thousand,
or 1.5%, from the first quarter of 2021.
For more information about financial measures that are not
calculated in accordance with GAAP, please see "Non-GAAP Financial
Measures" and "Reconciliation of Certain Non-GAAP Financial
Measures" below.
Balance Sheet and Asset Quality
Total assets of
$1.3 billion as of March 31, 2022 decreased by $12.8 million from December 31, 2021. Net loans held for investment
increased $12.1 million, or 1.5% from
December 31, 2021 to $845.7 million at March
31, 2022. Loans held for investment, excluding PPP,
(non-GAAP) grew 2.8%, or $23.2
million, driven by loan growth in the following segments:
commercial real estate of $12.6
million, construction, land development, and other land
loans of $6.1 million, and
multi-family residential real estate of $7.7
million. This segmented growth was partially offset by a
decrease in PPP loans of $11.5
million. Securities available for sale, at fair value,
increased $3.7 million from
December 31, 2021 to $238.0 million at March
31, 2022, as additional liquidity was deployed in the
Company's investment portfolio.
Total deposits of $1.8 billion as
of March 31, 2022 increased
$1.2 million, or 0.2%, from
December 31, 2021.
Noninterest-bearing deposits decreased $36.4
million, or 8.6%, savings deposits increased $42.3 million, or 7.2%, and time deposits
decreased $4.1 million, or 2.5%.
The Company's total stockholders' equity at March 31, 2022 decreased $12.7 million or 10.5% from December 31, 2021 to $108.1 million. The decrease was related to
unrealized losses in the market value of securities available for
sale, which are recognized as a component of accumulated other
comprehensive (loss) income, and the repurchase of 122,995 shares,
for an aggregate purchase price of $3.0
million, under the Company's share repurchase program
authorized in November 2021. The
decline in market value for the securities available for sale
during the first quarter of 2022 was a result of rising market
interest rates. The Company does not expect these unrealized
losses to affect the earnings or regulatory capital of the Company
or its subsidiaries. The Bank remains well capitalized with a Tier
1 Capital ratio of 12.19% at March 31,
2022 as compared to 12.57% at December 31, 2021. The Bank's leverage ratio was
9.18% at March 31, 2022 as compared
to 9.09% at December 31,
2021.
NPAs totaled $4.8 million as of
March 31, 2022 compared to
$1.5 million as of December 31, 2021 and $2.2
million at March 31, 2021.
NPAs as a percentage of total assets was 0.36% at March 31, 2022, compared to 0.11% at December 31, 2021 and 0.18% at March 31, 2021. Non-accrual loans were
$4.2 million at March 31, 2022, an increase from $478 thousand at December
31, 2021 and $1.1 million at
March 31, 2021. The increase was
driven by one well-secured large commercial relationship which was
downgraded during the fourth quarter of 2021 and became impaired
and placed on nonaccrual status during the first quarter of 2022.
Loans past due 90 days or more and still accruing interest
decreased $401 thousand to
$624 thousand at March 31, 2022 from $1.0
million at December 31, 2021
and decreased $494 thousand from
$1.1 million at March 31, 2021. Of the loans past due 90 days or
more at March 31, 2022, approximately
$409 thousand were
government-guaranteed student loans.
The Company recognized a provision for loan losses of
$101 thousand during first quarter of
2022 compared to $284 thousand during
the fourth quarter of 2021 and $150
thousand during the first quarter of 2021. The allowance for
loan and lease losses (ALLL) was $9.5
million at March 31, 2022
compared to $9.9 million at
December 31, 2021 and $9.7 million at March 31,
2021. The ALLL as a percentage of loans held for investment
was 1.11% at March 31, 2022 compared
to 1.17% at December 31, 2021 and
1.20% at March 31, 2021. Excluding
PPP loans, the ALLL as a percentage of loans held for investment
(non-GAAP) was 1.12% at March 31,
2022, 1.20% at December 31,
2021, and 1.30% at March 31,
2021. The decrease in the ALLL as a percentage of loans held
for investment at March 31, 2022
compared to the linked quarter was primarily attributable to: (i)
an increase in loans held for investment, excluding PPP loans
(non-GAAP); (ii) continued improvement in historical qualitative
loss rates; and (iii) the shift of one large commercial
relationship from pooled to individually impaired with no specific
reserve, partially offset by qualitative factor adjustments for
volume trends. Quarterly annualized net charge offs as a percentage
of average loans outstanding was 0.21% for the first quarter of
2022, compared to 0.05% for the fourth quarter of 2021 and 0.01%
for the first quarter of 2021. As of March
31, 2022, asset quality remains very strong with no
significant changes in the overall credit quality of the loan
portfolio. Management will continue to monitor economic
recovery challenges at macro and micro levels, including levels of
inflation, the impacts of new COVID-19 variants, expansion and
contraction of pandemic-related government stimulus efforts, which
may be delaying signs of credit deterioration, supply chain
disruption, and employment levels. If there are further challenges
to the economic recovery, elevated levels of risk within the loan
portfolio may require additional increases in the allowance for
loan losses. Low levels of past dues and year-over-year
quantitative historical loss rates continue to demonstrate
improvement.
Net Interest Income
Net interest income for the first
quarter of 2022 was $9.6 million, a
decrease of $19 thousand, or 0.2%,
from the prior quarter and $519
thousand, or 5.1%, from the first quarter of 2021. The
decrease from the prior-year comparative quarter was due to
significant growth in average earning asset balances at lower
average earning yields. Lower average earning yields were in part
driven by accelerated recognition of net deferred fees related to
PPP forgiveness at a lower volume during the first quarter of 2022.
This was partially offset by higher average interest-bearing
liabilities at lower average rates.
The Net Interest Margin (NIM) for the first quarter of 2022 was
3.14%, an increase from 3.07% for the linked quarter and a decrease
from 3.59% for the prior year quarter. On a fully tax-equivalent
basis (FTE) (non-GAAP), NIM was 3.16% for the first quarter of
2022, up from 3.09% for the fourth quarter of 2021 and down from
3.60% for the first quarter of 2021. Average loan yields were
lower for the first quarter of 2022 compared to the same period of
2021 due primarily to higher accelerated recognition of deferred
fees and costs related to PPP forgiveness during the first quarter
of 2021. Loan fees and costs related to PPP loans are deferred at
time of loan origination, are amortized into interest income over
the remaining term of the loans and are accelerated upon
forgiveness or repayment of the PPP loans. Net PPP fees of
$408 thousand were recognized in the
first quarter of 2022 compared to $227
thousand in the linked quarter and $1.6 million in the prior year quarter. As of
March 31, 2022, unrecognized net PPP
fees were $284 thousand. Subordinated
debt interest expense also impacted the NIM for the first quarter
of 2022 and fourth quarter of 2021. During the first quarter of
2022, market interest rates increased, and the Company is asset
sensitive at March 31, 2022 and
believes the balance sheet is well positioned for a rising interest
rate environment; however, the extent to which rising interest
rates will ultimately affect the Company's NIM is uncertain. For
more information about these FTE financial measures, please see
"Non-GAAP Financial Measures" and "Reconciliation of Certain
Non-GAAP Financial Measures," below.
Noninterest Income
Total noninterest income was
$3.5 million for the first quarter of
2022, compared to $3.6 million for
the fourth quarter of 2021 and $4.1
million for the first quarter of 2021. Increases during the
first quarter of 2022 in other service charges, commissions and
fees and other operating income were offset by decreases primarily
in mortgage banking income related to pipeline volume fluctuations
compared to the linked quarter. Although fiduciary and asset
management fees, service charges on deposit accounts, other service
charges, commissions and fees, bank-owned life insurance income,
and other operating income increased compared to the prior year
quarter, these increases were offset by lower mortgage banking
income driven by reductions in volume attributable to changes in
mortgage market conditions, resulting in a decline in noninterest
income for the first quarter of 2022 when compared to the prior
year quarter.
Noninterest Expense
Noninterest expense totaled
$10.7 million for the first quarter
of 2022 compared to $11.1 million and
$10.6 million for the fourth and
first quarters of 2021, respectively. The linked quarter decrease
of $415 thousand was primarily
related to decreases in professional services expenses and ATM and
other losses. The increase over the prior year quarter is primarily
driven by increased salary and benefit expense and employee
professional development related to recruiting partially offset by
decreased ATM and other losses and other operating expenses.
The increase in salary and benefits was related to lower commission
expense offset by lower deferred loan costs.
During the first quarter of 2022, the Company completed
implementation of a new online account opening solution, continues
to navigate the ongoing roadmap for bank-wide technology and
operating efficiency initiatives, is actively assessing major
vendor contracts and relationships, and completed the closure of
two branches, creating a more streamlined branch footprint.
Non-GAAP Financial Measures
In reporting the results
as of and for the quarter ended March 31,
2022, the Company has provided supplemental financial
measures on a tax-equivalent or an adjusted basis. These non-GAAP
financial measures are a supplement to GAAP, which is used to
prepare the Company's financial statements, and should not be
considered in isolation or as a substitute for comparable measures
calculated in accordance with GAAP. In addition, the Company's
non-GAAP financial measures may not be comparable to non-GAAP
financial measures of other companies. The Company uses the
non-GAAP financial measures discussed herein in its analysis of the
Company's performance. The Company's management believes that these
non-GAAP financial measures provide additional understanding of
ongoing operations and enhance comparability of results of
operations with prior periods presented without the impact of items
or events that may obscure trends in the Company's underlying
performance. A reconciliation of the non-GAAP financial
measures used by the Company to evaluate and measure the Company's
performance to the most directly comparable GAAP financial measures
is presented below.
Safe Harbor Statement Regarding Forward-Looking Statements
- Statements in this press release, including without
limitation, statements made in Mr. Shuford's quotation, which use
language such as "believes," "expects," "plans," "may," "will,"
"should," "projects," "contemplates," "anticipates," "forecasts,"
"intends" and similar expressions, may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
the beliefs of Old Point's management, as well as estimates and
assumptions made by, and information currently available to,
management. These statements are inherently uncertain, and there
can be no assurance that the underlying beliefs, estimates, or
assumptions will prove to be accurate. Actual results could differ
materially from historical results or those anticipated by such
statements. Forward-looking statements in this release may include,
without limitation: statements regarding strategic business
initiatives, including digital and technological strategies and
balance sheet repositioning and branch initiatives, and the future
financial impact of those initiatives; future financial
performance; future financial conditions and loan demand;
performance of the investment and loan portfolios; revenue
generation, efficiency initiatives and expense controls; deposit
growth; levels and sources of liquidity; future levels of
charge-offs or net recoveries; and levels of or changes in interest
rates.
Factors that could have a material adverse effect on the
operations and future prospects of Old Point include, but are not
limited to, changes in or the effects of: interest rates and
yields; general economic and business conditions, including the
potential impact of the ongoing conflict between Russia and Ukraine, including higher inflation,
unemployment levels and slowdowns in economic growth, including
impacts of the COVID-19 pandemic; steps the Company takes in
response to the pandemic, the severity and duration of the pandemic
including the impact of the COVID-19 variants, the speed and
efficacy of vaccine and treatment developments, the loosening or
tightening of government restrictions, the pace of recovery when
the pandemic subsides and the heightened impact it has on many of
the risks described herein; the effects of the COVID-19 pandemic
on, among other things, the Company's operations, liquidity, and
credit quality and potential claims, damages and fines related to
litigation or government actions, including litigation or actions
arising from the Company's participation in the administration of
programs related to the COVID-19 pandemic (including, among other
things, the Coronavirus Aid, Relief, and Economic Security, or
CARES, Act, as amended by the Consolidated Appropriations Act,
2021); demand for loan products; future levels of government
defense spending, particularly in the Company's service area;
uncertainty over future federal spending or budget priorities of
the current administration, particularly in connection with the
Department of Defense, on the Company's service area; the impact of
changes in the political landscape and related policy changes,
including monetary, regulatory, and trade policies; monetary and
fiscal policies of the U.S. Government, including policies of the
U.S. Treasury and the Federal Reserve Board and any changes
associated with the current administration; unusual and
infrequently occurring events, such as weather-related disasters,
terrorist acts, geopolitical conflicts (such as the ongoing
conflict between Russia and
Ukraine) or public health events
(such as the COVID-19 pandemic) and governmental and societal
responses to the foregoing; the quality or composition of the loan
or securities portfolios; changes in the volume and mix of
interest-earning assets and interest-bearing liabilities; the
effects of management's investment strategy and strategy to manage
the net interest margin; the U.S. Government's guarantee of
repayment of student or small business loans purchased by Old
Point; the level of net charge-offs on loans; deposit flows;
competition; demand for financial services in Old Point's market
area; technology; implementation of new technologies; the Company's
ability to develop and maintain secure and reliable electronic
systems; any interruption or breach of security in the Company's
information systems or those of the Company's third party vendors
or other service providers; cyber threats, attacks and events;
reliance on third parties for key services; the use of inaccurate
assumptions in management's modeling systems; the real estate
market; accounting principles, policies and guidelines; changes in
management; and other factors detailed in Old Point's publicly
filed documents, including its Annual Report on Form 10-K for the
year ended December 31, 2021. These risks and
uncertainties should be considered in evaluating the
forward-looking statements contained herein, and readers are
cautioned not to place undue reliance on such statements, which
speak only as of date of the release.
The Company does not intend or assume any obligation to update,
revise or clarify any forward-looking statements that may be made
from time to time or on behalf of the Company, whether as a result
of new information, future events or otherwise.
Information about Old Point Financial Corporation
Old
Point Financial Corporation (Nasdaq: OPOF) is the parent company of
Old Point National Bank and Old Point Trust & Financial
Services, N.A., which serve the Hampton
Roads and Richmond regions
of Virginia as well as operate a
mortgage loan production office in Charlotte, North Carolina. Old Point National
Bank is a locally owned and managed community bank which offers a
wide range of financial services from checking, insurance, and
mortgage products to comprehensive commercial lending and banking
products and services. Old Point Trust is the largest wealth
management services provider headquartered in Hampton Roads, Virginia, offering local asset
management by experienced professionals. Additional information
about the company is available at oldpoint.com.
For more information, contact Laura
Wright, Vice President/Marketing Director, at
lwright@oldpoint.com or (757) 728-1743.
Old Point Financial
Corporation and Subsidiaries
|
Consolidated Balance
Sheets
|
March 31,
|
December 31,
|
(dollars in thousands,
except share data)
|
2022
|
2021
|
|
(unaudited)
|
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
12,577
|
$
13,154
|
Interest-bearing due
from banks
|
144,321
|
164,073
|
Federal funds
sold
|
1,405
|
10,425
|
Cash and cash
equivalents
|
158,303
|
187,652
|
Securities
available-for-sale, at fair value
|
238,023
|
234,321
|
Restricted securities,
at cost
|
1,389
|
1,034
|
Loans held for
sale
|
2,010
|
3,287
|
Loans, net
|
845,714
|
833,661
|
Premises and equipment,
net
|
31,472
|
32,134
|
Premises and equipment,
held for sale
|
1,216
|
871
|
Bank-owned life
insurance
|
28,370
|
28,168
|
Goodwill
|
1,650
|
1,650
|
Core deposit
intangible, net
|
264
|
275
|
Other assets
|
16,974
|
14,832
|
Total assets
|
$
1,325,385
|
$ 1,337,885
|
|
|
|
Liabilities &
Stockholders' Equity
|
|
|
|
|
|
Deposits:
|
|
|
Noninterest-bearing
deposits
|
$ 385,150
|
$
421,531
|
Savings
deposits
|
628,770
|
586,450
|
Time
deposits
|
164,969
|
169,118
|
Total
deposits
|
1,178,889
|
1,177,099
|
Overnight repurchase
agreements
|
3,528
|
4,536
|
Federal Reserve Bank
borrowings
|
-
|
480
|
Long term
borrowings
|
29,440
|
29,407
|
Accrued expenses and
other liabilities
|
5,429
|
5,545
|
Total
liabilities
|
1,217,286
|
1,217,067
|
|
|
|
Stockholders'
equity:
|
|
|
Common stock, $5 par
value, 10,000,000 shares authorized;
5,118,193 and 5,239,707 shares outstanding (includes 30,283
and 38,435 of nonvested restricted stock, respectively)
|
25,439
|
26,006
|
Additional paid-in
capital
|
19,082
|
21,458
|
Retained
earnings
|
73,036
|
71,679
|
Accumulated other
comprehensive (loss) income, net
|
(9,458)
|
1,675
|
Total stockholders'
equity
|
108,099
|
120,818
|
Total liabilities and
stockholders' equity
|
$
1,325,385
|
$ 1,337,885
|
Old Point Financial
Corporation and Subsidiaries
|
Consolidated
Statements of Income (unaudited)
|
Three Months
Ended
|
(dollars in thousands,
except per share data)
|
Mar. 31,
2022
|
Dec. 31,
2021
|
Mar. 31,
2021
|
|
|
|
|
Interest and
Dividend Income:
|
|
|
|
Loans, including
fees
|
$
9,184
|
$
9,452
|
$
9,954
|
Due from
banks
|
73
|
67
|
43
|
Federal funds
sold
|
1
|
3
|
-
|
Securities:
|
|
|
|
Taxable
|
989
|
870
|
770
|
Tax-exempt
|
209
|
195
|
181
|
Dividends and interest
on all other securities
|
14
|
13
|
30
|
Total interest and
dividend income
|
10,470
|
10,600
|
10,978
|
|
|
|
|
Interest
Expense:
|
|
|
|
Checking and savings
deposits
|
176
|
245
|
215
|
Time
deposits
|
361
|
405
|
584
|
Federal funds
purchased, securities sold under
|
|
|
|
agreements to
repurchase and other borrowings
|
1
|
2
|
23
|
Long term
borrowings
|
295
|
292
|
-
|
Total interest
expense
|
833
|
944
|
822
|
Net interest
income
|
9,637
|
9,656
|
10,156
|
Provision for loan
losses
|
101
|
284
|
150
|
Net interest income
after provision for loan losses
|
9,536
|
9,372
|
10,006
|
|
|
|
|
Noninterest
Income:
|
|
|
|
Fiduciary and asset
management fees
|
1,072
|
1,088
|
1,027
|
Service charges on
deposit accounts
|
722
|
747
|
688
|
Other service charges,
commissions and fees
|
1,053
|
1,016
|
948
|
Bank-owned life
insurance income
|
231
|
389
|
226
|
Mortgage banking
income
|
220
|
251
|
1,188
|
Other operating
income
|
217
|
116
|
57
|
Total noninterest
income
|
3,515
|
3,607
|
4,134
|
|
|
|
|
Noninterest
Expense:
|
|
|
|
Salaries and employee
benefits
|
6,422
|
6,349
|
6,227
|
Occupancy and
equipment
|
1,161
|
1,184
|
1,202
|
Data
processing
|
1,090
|
1,130
|
1,043
|
Customer
development
|
93
|
145
|
78
|
Professional
services
|
630
|
731
|
545
|
Employee professional
development
|
264
|
232
|
141
|
Other taxes
|
213
|
186
|
251
|
ATM and other
losses
|
14
|
280
|
139
|
Other operating
expenses
|
826
|
891
|
932
|
Total noninterest
expense
|
10,713
|
11,128
|
10,558
|
Income before income
taxes
|
2,338
|
1,851
|
3,582
|
Income tax
expense
|
307
|
173
|
570
|
Net income
|
$
2,031
|
$
1,678
|
$
3,012
|
|
|
|
|
Basic Earnings per
Share:
|
|
|
|
Weighted average shares
outstanding
|
5,186,354
|
5,245,939
|
5,224,501
|
Net income per share of
common stock
|
$
0.39
|
$
0.32
|
$
0.58
|
|
|
|
|
Diluted Earnings per
Share:
|
|
|
|
Weighted average shares
outstanding
|
5,186,431
|
5,245,942
|
5,224,501
|
Net income per share of
common stock
|
$
0.39
|
$
0.32
|
$
0.58
|
|
|
|
|
Cash Dividends
Declared per Share:
|
$
0.13
|
$
0.13
|
$
0.12
|
Old Point Financial
Corporation and Subsidiaries
|
Average Balance
Sheets, Net Interest Income And Rates
|
|
|
|
|
|
|
|
|
For the quarters
ended March 31,
|
(unaudited)
|
2021
|
2020
|
|
|
Interest
|
|
|
Interest
|
|
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
(dollars in
thousands)
|
Balance
|
Expense
|
Rate**
|
Balance
|
Expense
|
Rate**
|
ASSETS
|
|
|
|
|
|
|
Loans*
|
$
863,897
|
$
9,196
|
4.32%
|
$
835,349
|
$
9,965
|
4.84%
|
Investment
securities:
|
|
|
|
|
|
|
Taxable
|
201,940
|
989
|
1.99%
|
159,516
|
770
|
1.96%
|
Tax-exempt*
|
37,007
|
265
|
2.90%
|
29,696
|
229
|
3.12%
|
Total investment
securities
|
238,947
|
1,254
|
2.13%
|
189,212
|
999
|
2.14%
|
Interest-bearing due
from banks
|
137,601
|
73
|
0.22%
|
124,347
|
43
|
0.14%
|
Federal funds
sold
|
4,441
|
1
|
0.09%
|
4
|
-
|
0.04%
|
Other
investments
|
1,142
|
14
|
4.90%
|
1,319
|
30
|
9.16%
|
Total earning
assets
|
1,246,028
|
$ 10,538
|
3.43%
|
1,150,231
|
$ 11,037
|
3.89%
|
Allowance for loan
losses
|
(9,989)
|
|
|
(9,648)
|
|
|
Other non-earning
assets
|
93,796
|
|
|
97,123
|
|
|
Total assets
|
$
1,329,835
|
|
|
$
1,237,706
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Time and savings
deposits:
|
|
|
|
|
|
|
Interest-bearing
transaction accounts
|
$ 75,129
|
$
3
|
0.02%
|
$ 67,759
|
$
3
|
0.02%
|
Money market deposit
accounts
|
389,368
|
163
|
0.17%
|
347,530
|
201
|
0.24%
|
Savings
accounts
|
126,258
|
10
|
0.03%
|
108,262
|
11
|
0.04%
|
Time
deposits
|
167,859
|
361
|
0.87%
|
191,298
|
584
|
1.24%
|
Total time and savings
deposits
|
758,614
|
537
|
0.29%
|
714,849
|
799
|
0.45%
|
Federal funds
purchased, repurchase
|
|
|
|
|
|
|
agreements and other
borrowings
|
4,589
|
1
|
0.10%
|
26,253
|
23
|
0.35%
|
Long term
borrowings
|
29,419
|
295
|
4.01%
|
-
|
-
|
0.00%
|
Total interest-bearing
liabilities
|
792,622
|
833
|
0.43%
|
741,102
|
822
|
0.45%
|
Demand
deposits
|
414,080
|
|
|
368,073
|
|
|
Other
liabilities
|
5,368
|
|
|
9,906
|
|
|
Stockholders'
equity
|
117,765
|
|
|
118,625
|
|
|
Total liabilities and
stockholders' equity
|
$
1,329,835
|
|
|
$
1,237,706
|
|
|
Net interest
margin*
|
|
$
9,705
|
3.16%
|
|
$ 10,215
|
3.60%
|
|
*Computed on a fully
tax-equivalent basis (non-GAAP) using a 21% rate, adjusting
interest income by $68 thousand
and $59 thousand for March 31, 2022 and 2021,
respectively.
|
**Annualized
|
Old Point Financial
Corporation and Subsidiaries
|
As of or for the
quarters ended,
|
Selected Ratios
(unaudited)
|
March 31,
|
December 31,
|
March 31,
|
(dollars in thousands,
except per share data)
|
2022
|
2021
|
2021
|
|
|
|
|
Earnings per common
share, diluted
|
$
0.39
|
$
0.32
|
$
0.58
|
Return on average
assets (ROA)
|
0.62%
|
0.50%
|
0.99%
|
Return on average
equity (ROE)
|
6.99%
|
5.49%
|
10.30%
|
Net Interest Margin
(FTE) (non-GAAP)
|
3.16%
|
3.09%
|
3.60%
|
Efficiency
ratio
|
81.46%
|
83.90%
|
73.88%
|
Efficiency ratio (FTE)
(non-GAAP)
|
81.04%
|
83.50%
|
73.58%
|
Book value per
share
|
21.12
|
23.06
|
22.57
|
Tangible Book Value per
share (non-GAAP)
|
20.75
|
22.69
|
22.19
|
Non-performing assets
(NPAs) / total assets
|
0.36%
|
0.11%
|
0.18%
|
Annualized Net Charge
Offs / average total loans
|
0.21%
|
0.05%
|
0.01%
|
Allowance for loan and
lease losses / total loans
|
1.11%
|
1.17%
|
1.20%
|
|
|
|
|
Non-Performing Assets
(NPAs)
|
|
|
|
Nonaccrual
loans
|
$
4,187
|
$
478
|
$
1,129
|
Loans > 90 days past
due, but still accruing interest
|
624
|
1,025
|
1,118
|
Other real estate
owned
|
-
|
-
|
-
|
Total non-performing
assets
|
$
4,811
|
$
1,503
|
$
2,247
|
|
|
|
|
Other Selected
Numbers
|
|
|
|
Loans, net
|
$
845,714
|
$ 833,661
|
$
798,000
|
Deposits
|
1,178,889
|
1,177,099
|
1,111,558
|
Stockholders'
equity
|
108,099
|
120,818
|
117,923
|
Total assets
|
1,325,385
|
1,338,155
|
1,257,638
|
Loans charged off
during the quarter, net of recoveries
|
446
|
103
|
30
|
Quarterly average
loans
|
863,897
|
861,454
|
835,349
|
Quarterly average
assets
|
1,329,835
|
1,329,972
|
1,237,706
|
Quarterly average
earning assets
|
1,246,028
|
1,246,353
|
1,150,231
|
Quarterly average
deposits
|
1,172,694
|
1,165,101
|
1,082,922
|
Quarterly average
equity
|
117,765
|
121,220
|
118,625
|
Old Point Financial
Corporation and Subsidiaries
|
Reconciliation of
Certain Non-GAAP Financial Measures (unaudited)
|
(dollars in thousands,
except per share data)
|
Three Months
Ended
|
|
Mar. 31,
2022
|
Dec. 31,
2021
|
Mar. 31,
2021
|
|
|
|
|
Fully Taxable
Equivalent Net Interest Income
|
|
|
|
Net interest income
(GAAP)
|
$
9,637
|
$
9,656
|
$
10,156
|
FTE
adjustment
|
68
|
64
|
59
|
Net interest income
(FTE) (non-GAAP)
|
$
9,705
|
$
9,720
|
$
10,215
|
Noninterest income
(GAAP)
|
3,515
|
3,607
|
4,134
|
Total revenue (FTE)
(non-GAAP)
|
$
13,220
|
$
13,327
|
$
14,349
|
Noninterest expense
(GAAP)
|
10,713
|
11,128
|
10,558
|
|
|
|
|
Average earning
assets
|
$
1,246,028
|
$
1,246,353
|
$
1,150,231
|
Net interest
margin
|
3.14%
|
3.07%
|
3.58%
|
Net interest margin
(FTE) (non-GAAP)
|
3.16%
|
3.09%
|
3.60%
|
|
|
|
|
Efficiency
ratio
|
81.46%
|
83.90%
|
73.88%
|
Efficiency ratio (FTE)
(non-GAAP)
|
81.04%
|
83.50%
|
73.58%
|
|
|
|
|
Tangible Book Value
Per Share
|
|
|
|
Total Stockholders
Equity (GAAP)
|
$
108,099
|
$ 120,818
|
$
117,923
|
Less
goodwill
|
1,650
|
1,650
|
1,650
|
Less core deposit
intangible
|
264
|
275
|
308
|
Tangible Stockholders
Equity (non-GAAP)
|
$
106,185
|
$ 118,893
|
$
115,965
|
|
|
|
|
Shares issued and
outstanding
|
5,118,193
|
5,239,707
|
5,225,295
|
|
|
|
|
Book value per
share
|
$
21.12
|
$
23.06
|
$
22.57
|
Tangible book value per
share (non-GAAP)
|
$
20.75
|
$
22.69
|
$
22.19
|
|
|
|
|
|
Mar. 31,
2022
|
Dec. 31,
2021
|
Mar. 31,
2021
|
ALLL as a Percentage
of Loans Held for Investment
|
|
|
|
Loans held for
investment (net of deferred fees and costs) (GAAP)
|
$
855,234
|
$ 843,526
|
$
807,661
|
Less PPP loans
outstanding
|
7,509
|
19,008
|
66,805
|
Loans held for
investment, (net of deferred fees and costs), excluding
PPP (non-GAAP)
|
$
847,725
|
$ 824,518
|
$
740,856
|
|
|
|
|
ALLL
|
$
9,520
|
$
9,865
|
$
9,661
|
|
|
|
|
ALLL as a Percentage of
Loans Held for Investment
|
1.11%
|
1.17%
|
1.20%
|
ALLL as a Percentage of
Loans Held for Investment, net of PPP originations
|
1.12%
|
1.20%
|
1.30%
|
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SOURCE Old Point Financial Corporation