Old Point Releases Fourth Quarter and Full Year 2019 Results

Published

HAMPTON, Va., Jan. 30, 2020 /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 $0.38 for the quarter ended December 31, 2019, as compared to net income of $1.4 million or $0.27 earnings per diluted common share for the fourth quarter of 2018. 

Net income for the year ended December 31, 2019 was $7.9 million or $1.51 earnings per diluted common share. For the comparative 2018 period, net income was $4.9 million or $0.96 earnings per diluted common share. Excluding the effect of $743 thousand in after tax merger costs, net operating earnings (non-GAAP) were $5.7 million, or $1.10 earnings per diluted common share, for the year ended December 31, 2018, which reflects adjustments for certain after tax merger-related costs incurred in the acquisition of Citizens National Bank which closed on April 1, 2018.

Robert Shuford, Jr., Chairman, President, and CEO of the Company and Old Point National Bank (the Bank) said, "We are pleased to report net income of $7.9 million, or $1.51 earnings per diluted common share, for the year ended December 31, 2019. Our Company continued to post solid revenue growth in both interest income and non-interest income over the comparative 2018 period, resulting in record top line revenue generation. Overall asset quality continued to improve during the year with continued focus and progress in non-performing asset resolutions. Additionally during 2019, we successfully attracted a number of highly skilled bankers to our team, effectively doubling the Bank's number of commercial production officers. As we finish 2019 strong, we are energized as we enter into 2020."

Highlights of the quarter and year to date are as follows:

  • Non-performing assets (NPAs) totaled $7.6 million as of December 31, 2019, down from $9.1 million at September 30, 2019 and $14.7 million at December 31, 2018. NPAs as a percentage of total assets improved to 0.72% at December 31, 2019 which compared to 0.87% at September 30, 2019 and 1.42% at December 31, 2018.
  • Net interest income fell slightly to $8.4 million for the fourth quarter of 2019, compared to $8.6 million for the third quarter of 2019 as well as the fourth quarter of 2018. Net interest income year to date 2019 was $33.8 million, increasing $569 thousand or 1.7%, over the comparative 2018 period of $33.3 million.
  • Net interest margin (on a fully tax-equivalent basis) compressed to 3.51% for the fourth quarter of 2019 from 3.58% for the third quarter of 2019 and 3.65% for the fourth quarter of 2018. For the year ended December 31, 2019 the fully tax-equivalent net interest margin compressed slightly to 3.61% from 3.62% for the comparative 2018 period.
  • Annualized return on average assets (ROA) was 0.75% for the fourth quarter of 2019 compared to 0.85% in the prior quarter and 0.53% in the fourth quarter of 2018. For the year ended December 31, 2019, ROA was 0.76% compared to 0.48% for the comparative 2018 period.
  • Annualized return on average equity (ROE) was 7.11% for the fourth quarter of 2019 compared to 8.13% in the prior quarter and 5.45% in the fourth quarter of 2018. ROE for the year ended December 31, 2019 and 2018 was 7.33% and 4.93%, respectively.
  • The efficiency ratio showed positive movement, decreasing to 80.25% for the year ended December 31, 2019 from 82.02% for the comparative 2018 period.

Net Interest Income

Net interest income for the fourth quarter of 2019 was $8.4 million, a decrease of $175 thousand, or 2.0%, from the prior quarter and $206 thousand, or 2.4%, from the fourth quarter of 2018. For the year ended December 31, 2019 and 2018, net interest income increased $569 thousand or 1.7% to $33.8 million from $33.3 million. The quarter-over-quarter decrease was primarily due to lower yields on slightly lower average earning assets. The year-over-year growth was positively impacted by higher average earning asset balances and higher yields which was partially offset by higher funding costs. The tax-equivalent net interest margin for the quarter was 3.51%, down from 3.58% in the prior quarter and 3.65% in the same period a year ago; however the tax-equivalent net interest margin for the year ended December 31, 2019 was 3.61% compared to 3.62% for the comparative 2018 period.

Asset Quality

Non-performing assets (NPAs) totaled $7.6 million as of December 31, 2019, down from $9.1 million at September 30, 2019 and $14.7 million at December 31, 2018. NPAs as a percentage of total assets improved to 0.72%, compared to 0.87% at September 30, 2019 and 1.42% at December 31, 2018. Non-accrual loans were $6.0 million at December 31, 2019, down from $8.0 million at September 30, 2019 and $12.1 million at December 31, 2018. Loans past due 90 days or more and still accruing interest increased $421 thousand to $1.5 million at December 31, 2019 from $1.1 million at September 30, 2019 but decreased by $1 million from $2.5 million at December 31, 2018. Of the loans past due 90 days or more at December 31, 2019, approximately $855 thousand were government-guaranteed student loans.

The Company recaptured a provision for loan losses of $695 thousand during the fourth quarter of 2019 and did not recognize any provision for loan losses during the third quarter of 2019 compared to $1.0 million for the fourth quarter of 2018. The allowance for loan and lease losses (ALLL) was $9.7 million at December 31, 2019 compared to $10.6 million at September 30, 2019 and $10.1 million at December 31, 2018. The ALLL as a percentage of loans held for investment was 1.29% at December 31, 2019, down from 1.43% at September 30, 2019 and 1.31% at December 31, 2018. Historical annualized net charge offs as a percentage of average loans outstanding was 0.14% for the fourth quarter of 2019 compared to 0.08% for third quarter of 2019 and 0.58% in the fourth quarter of 2018. The Company recognized a recapture of provision for loan losses during the fourth quarter of 2019, because year over year (i) positive quantitative factors considered in determining the provision outweighed increased qualitative factors; (ii) net loans declined $25.7 and (iii) non-performing assets improved $7.2 million.

Noninterest Income

Total noninterest income for the fourth quarter was $3.4 million, a decrease of $386 thousand from the previous quarter but unchanged from the fourth quarter of 2018. Increases in fiduciary and management fees over the preceding quarter and the prior year quarter were partially offset by fluctuations in other service charges, commissions and fees, mortgage banking income and service charges on deposit accounts as well as a gain on sale of available-for-sale securities in the third quarter of 2019. Total noninterest income for the year ended December 31, 2019 increased $768 thousand, or 5.8%, to $14.1 million over the comparative 2018 period and is primarily related to increases in fiduciary and management fees, other service charges, commissions and fees, and gain on sale of available-for-sale securities.

Noninterest Expense

Noninterest expense totaled $10.1 million for the fourth quarter of 2019, an increase of $447 thousand from the third quarter of 2019 and $703 thousand from the fourth quarter of 2018. Noninterest expense for the year ended December 31, 2019 and 2018 were $38.6 million and $38.5 million, respectively. Adjusting for the impact of certain after tax merger expenses of $743 thousand in 2018, adjusted noninterest expense (non-GAAP) increased $881 thousand comparing year to date 2019 (for which adjusted noninterest expense was equal to noninterest expense) to the same period in 2018. Quarter over quarter and year over year increases are related to increased salaries and employee benefits, and data processing, and, with respect to the year over year increase, professional services, which were partially offset by decreases in FDIC insurance for the quarterly comparative periods and occupancy and equipment expense in the yearly comparative periods.  

Balance Sheet Review

Total assets as of December 31, 2019 were $1.1 billion, a slight increase from December 31, 2018 at $1.0 billion. Net loans held for investment decreased $25.7 million, or 3.4%, from December 31, 2018 to $738.2 million. Net loan growth in the commercial and real estate secured portfolio segments was offset by pay-downs in the indirect automobile segment as well as successful resolution of $6.1 million of non-accrual loans. Securities available for sale, at fair value, decreased $2.5 million from December 31, 2018 to $145.7 million at December 31, 2019.

Total deposits as of December 31, 2019 increased $46.4 million, or 5.5%, to $889.5 million from December 31, 2018. Noninterest-bearing deposits increased $16.3 million, or 6.6%, savings deposits increased $31.1 million, or 8.5%, and time deposits decreased $1.0 million, or 0.5%.

The Company's total stockholders' equity at December 31, 2019 increased $7.7 million or 7.6% from December 31, 2018 to $109.7 million. The Bank remains well capitalized with a Tier 1 Capital ratio of 11.72% at December 31, 2019 as compared to 10.90% at December 31, 2018. The Bank's leverage ratio was 9.72% at December 31, 2019 as compared to 9.34% at December 31, 2018

Non-GAAP Financial Measures – In addition to the Company's results presented in accordance with GAAP, this release includes certain non-GAAP financial measures including net operating earnings, net operating earnings per share, net operating ROA, net operating ROE, operating efficiency ratio, and adjusted noninterest expense. A schedule reconciling these non-GAAP financial measures is provided at the end of this press release. The Company uses non-GAAP financial measures in its internal analysis of financial and operating performance and the Company's management believes that they provide greater transparency regarding management's view of the Company's performance. These non-GAAP financial measures should be read in conjunction with, and not as a substitute for, the Company's GAAP results. In addition, because not all companies use identical calculations, the Company's presentation of its non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

Safe Harbor Statement Regarding Forward-Looking Statements - Statements in this press release which use language such as "believes," "expects," "plans," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" and similar expressions, identify forward-looking statements. 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 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 future financial performance; performance of the investment and loan portfolios, including performance of the consumer auto loan portfolio and the purchased student loan portfolio; the effects of diversifying the loan portfolio; strategic business initiatives; management's efforts to reposition the balance sheet; deposit growth; levels and sources of liquidity; use of proceeds from the sale of securities; future levels of charge-offs or net recoveries; the impact of changes in NPAs on future earnings; write-downs and expected sales of other real estate owned; and 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: interest rates and yields; general economic and business conditions, including unemployment levels; 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 performance of the Company's dealer lending program; the legislative/regulatory climate; 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; 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; cyber threats, attacks and events; 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; 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, 2018. 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.

Old Point Financial Corporation (Nasdaq: OPOF) is the parent company of Old Point National Bank, a locally owned and managed community bank, and Old Point Trust & Financial Services, N.A., a wealth management services provider, serving the Hampton Roads, Virginia region. Web: www.oldpoint.com. For more information, contact Elizabeth Beale, Chief Financial Officer and Senior Vice President of Old Point Financial Corporation at 757-325-8123, or Laura Wright, Vice President/Marketing Director, Old Point National Bank at 757-728-1743.

 

Old Point Financial Corporation and Subsidiaries

Consolidated Balance Sheets

December 31,

December 31,

(dollars in thousands, except share data)

2019

2018

(unaudited)

Assets

Cash and due from banks

$               37,280

$               19,915

Interest-bearing due from banks

48,610

20,000

Federal funds sold

3,975

2,302

Cash and cash equivalents

89,865

42,217

Securities available-for-sale, at fair value

145,715

148,247

Restricted securities, at cost

2,926

3,853

Loans held for sale

590

479

Loans, net

738,205

763,898

Premises and equipment, net

35,312

36,738

Bank-owned life insurance

27,547

26,763

Goodwill

1,650

1,650

Other real estate owned, net

-

83

Core deposit intangible, net

363

407

Other assets

12,315

13,848

Total assets

$         1,054,488

$   1,038,183

Liabilities & Stockholders' Equity

Deposits:

Noninterest-bearing deposits

$             262,558

$             246,265

Savings deposits

399,020

367,915

Time deposits

227,918

228,964

Total deposits

889,496

843,144

Overnight repurchase agreements

11,452

25,775

Federal Home Loan Bank advances

37,000

60,000

Other borrowings

1,950

2,550

Accrued expenses and other liabilities

4,834

4,708

Total liabilities

944,732

936,177

Commitments and contingencies

Stockholders' equity:

Common stock, $5 par value, 10,000,000 shares authorized; 5,200,038 and 5,184,289 shares outstanding (includes 19,933 and 13,689 of nonvested restricted stock, respectively)

25,901

25,853

Additional paid-in capital

20,959

20,698

Retained earnings

62,975

57,611

Accumulated other comprehensive income(loss), net

(79)

(2,156)

Total stockholders' equity

109,756

102,006

Total liabilities and stockholders' equity

$         1,054,488

$         1,038,183

 

 

 

Old Point Financial Corporation and Subsidiaries

Consolidated Statements of Income (unaudited)

Three Months Ended

Years Ended

(dollars in thousands, except per share data)

Dec. 31, 2019

Sep. 30, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Interest and Dividend Income:

Loans, including fees

$             8,809

$             8,972

$             8,998

$           35,718

$           34,446

Due from banks

264

257

104

689

198

Federal funds sold

8

10

6

31

21

Securities:

Taxable

789

770

576

2,827

2,080

Tax-exempt

109

146

285

755

1,221

Dividends and interest on all other securities

45

53

62

221

253

Total interest and dividend income

10,024

10,208

10,031

40,241

38,219

Interest Expense:

Checking and savings deposits

319

291

219

1,136

628

Time deposits

1,016

1,012

828

3,845

2,916

Federal funds purchased, securities sold under

agreements to repurchase and other borrowings

27

32

37

132

131

Federal Home Loan Bank advances

285

321

364

1,309

1,294

Total interest expense

1,647

1,656

1,448

6,422

4,969

Net interest income

8,377

8,552

8,583

33,819

33,250

Provision for loan losses

(695)

-

1,012

318

2,861

Net interest income after provision for loan losses

9,072

8,552

7,571

33,501

30,389

Noninterest Income:

Fiduciary and asset management fees

1,013

949

922

3,850

3,726

Service charges on deposit accounts

1,003

1,001

1,115

4,085

4,157

Other service charges, commissions and fees

927

1,047

880

3,925

3,547

Bank-owned life insurance income

192

201

197

783

782

Mortgage banking income

163

204

171

885

788

Gain on sale of available-for-sale securities, net

2

286

-

314

120

Gain on acquisition of Old Point Mortgage

-

-

-

-

-

Other operating income

51

49

66

235

189

Total noninterest income

3,351

3,737

3,351

14,077

13,309

Noninterest Expense:

Salaries and employee benefits

6,407

5,991

5,561

24,024

22,580

Occupancy and equipment

1,346

1,484

1,499

5,628

6,021

Data processing

555

460

334

1,798

1,327

Customer development

102

137

151

552

611

Professional services

585

652

788

2,311

2,296

Employee professional development

194

181

154

791

749

Other taxes

147

146

134

592

580

ATM and other losses

119

57

50

291

407

Loss (gain) on other real estate owned

-

-

-

(2)

86

Merger expenses

-

-

12

-

655

Other operating expenses

688

588

757

2,653

3,188

Total noninterest expense

10,143

9,696

9,440

38,638

38,500

Income before income taxes

2,280

2,593

1,482

8,940

5,198

Income tax expense

305

361

94

1,080

279

Net income

$             1,975

$             2,232

$             1,388

$             7,860

$             4,919

Basic Earnings per Share:

Weighted average shares outstanding 

5,199,481

5,198,634

5,183,720

5,196,812

5,141,364

Net income per share of common stock

$                0.38

$                0.43

$                0.27

$                1.51

$                0.96

Diluted Earnings per Share:

Weighted average shares outstanding 

5,199,494

5,198,656

5,183,909

5,196,853

5,141,429

Net income per share of common stock

$                0.38

$                0.43

$                0.27

$                1.51

$                0.96

Cash Dividends Declared per Share:

$                0.12

$                0.12

$                0.11

$                0.48

$                0.44

 

 

 

Old Point Financial Corporation and Subsidiaries

Average Balance Sheets, Net Interest Income And Rates

For the quarter ended December 31,

(unaudited)

2019

2018

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in thousands)

Balance

Expense

Rate**

Balance

Expense

Rate**

ASSETS

Loans*

$    741,663

$   8,821

4.72%

$    774,476

$   9,013

4.62%

Investment securities:

Taxable

129,949

789

2.41%

98,258

576

2.33%

Tax-exempt*

14,844

137

3.66%

46,595

360

3.07%

Total investment securities

144,793

926

2.54%

144,853

936

2.57%

Interest-bearing due from banks

60,071

264

1.74%

17,898

104

2.30%

Federal funds sold

2,215

10

1.54%

1,109

6

2.21%

Other investments

3,134

45

5.80%

3,855

61

6.31%

Total earning assets

951,876

$ 10,066

4.20%

942,191

$ 10,120

4.26%

Allowance for loan losses

(10,499)

(10,495)

Other non-earning assets

109,932

104,300

Total assets

$ 1,051,309

$ 1,035,996

LIABILITIES AND STOCKHOLDERS' EQUITY

Time and savings deposits:

Interest-bearing transaction accounts

$      37,783

$          3

0.03%

$      28,505

$          3

0.04%

Money market deposit accounts

267,733

296

0.44%

252,427

194

0.31%

Savings accounts

85,289

22

0.10%

87,350

22

0.10%

Time deposits

229,572

1,016

1.76%

231,430

828

1.42%

Total time and savings deposits

620,377

1,337

0.85%

599,712

1,047

0.69%

Federal funds purchased, repurchase

agreements and other borrowings

18,873

27

0.57%

22,448

37

0.66%

Federal Home Loan Bank advances

41,891

284

2.69%

60,000

364

2.40%

Total interest-bearing liabilities

681,141

1,648

0.96%

682,160

1,448

0.84%

Demand deposits

256,186

249,105

Other liabilities

3,779

3,775

Stockholders' equity

110,203

100,956

Total liabilities and stockholders' equity

$ 1,051,309

$ 1,035,996

Net interest margin

$   8,418

3.51%

$   8,672

*Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $42 thousand and

 $90 thousand, respectively.

**Annualized

 

 

Old Point Financial Corporation and Subsidiaries

Average Balance Sheets, Net Interest Income And Rates

For the year ended December 31,

(unaudited)

2019

2018

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in thousands)

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Loans*

$    757,677

$ 35,771

4.72%

$    768,960

$ 34,504

4.49%

Investment securities:

Taxable

116,930

2,827

2.42%

95,752

2,080

2.17%

Tax-exempt*

29,425

955

3.25%

50,426

1,547

3.07%

Total investment securities

146,355

3,782

2.58%

146,178

3,627

2.48%

Interest-bearing due from banks

34,592

689

1.99%

9,358

198

2.12%

Federal funds sold

1,546

31

2.01%

1,150

21

1.83%

Other investments

3,484

221

6.36%

4,083

253

6.20%

Total earning assets

943,654

$ 40,494

4.29%

929,729

$ 38,603

4.15%

Allowance for loan losses

(10,562)

(10,254)

Other nonearning assets

105,422

101,100

Total assets

$ 1,038,514

$ 1,020,575

LIABILITIES AND STOCKHOLDERS' EQUITY

Time and savings deposits:

Interest-bearing transaction accounts

$      32,603

$        11

0.03%

$      28,246

$        10

0.04%

Money market deposit accounts

257,884

1,038

0.40%

242,025

542

0.22%

Savings accounts

86,787

88

0.10%

87,534

76

0.09%

Time deposits

231,774

3,845

1.66%

228,800

2,916

1.27%

Total time and savings deposits

609,048

4,982

0.82%

586,605

3,544

0.60%

Federal funds purchased, repurchase

agreements and other borrowings

22,302

132

0.59%

28,427

131

0.46%

Federal Home Loan Bank advances

50,397

1,309

2.60%

66,151

1,294

1.96%

Total interest-bearing liabilities

681,747

6,423

0.94%

681,183

4,969

0.73%

Demand deposits

245,518

236,249

Other liabilities

3,947

3,378

Stockholders' equity

107,302

99,765

Total liabilities and stockholders' equity

$ 1,038,514

$ 1,020,575

Net interest margin

$ 34,071

3.61%

$ 33,634

3.62%

*Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $252 thousand and

 $384 thousand, respectively.

**Annualized

 

Old Point Financial Corporation and Subsidiaries

As of or for the quarter ended,

Selected Ratios (unaudited)

December 31,

September 30,

December 31,

(dollars in thousands, except per share data)

2019

2019

2018

Earnings per common share, diluted

$                 0.38

$                 0.43

$                 0.27

Return on average assets (ROA)

0.75%

0.85%

0.53%

Return on average equity (ROE)

7.11%

8.13%

5.45%

Net Interest Margin (FTE)

3.51%

3.58%

3.65%

Non-performing assets (NPAs) / total assets

0.72%

0.87%

1.42%

Annualized Net Charge Offs / average total loans

0.14%

0.08%

0.58%

Allowance for loan losses / total loans

1.29%

1.43%

1.31%

Efficiency ratio (FTE)

86.18%

78.57%

78.51%

Non-Performing Assets (NPAs)

Nonaccrual loans

$               6,037

$               7,998

$             12,141

Loans > 90 days past due, but still accruing interest

1,517

1,096

2,497

Other real estate owned

-

-

83

Total non-performing assets

$               7,554

$               9,094

$             14,721

Other Selected Numbers

Loans, net

$          738,205

$          730,198

$          763,898

Deposits

889,496

864,570

843,144

Stockholders equity

109,756

109,063

102,006

Total assets

1,054,488

1,050,595

1,038,183

Loans charged off during the quarter, net of recoveries

257

145

1,132

Quarterly average loans

741,663

750,908

774,476

Quarterly average assets

1,051,309

1,046,186

1,035,996

Quarterly average earning assets

951,876

952,198

942,191

Quarterly average deposits

876,563

862,555

848,817

Quarterly average equity

110,203

108,946

100,956

 

 

Reconciliations of GAAP Measures to Non-GAAP Measures(unaudited)

Three Months Ended

Years Ended

Dec. 31, 2019

Sep. 30, 2019

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Net income (GAAP)

$             1,975

$             2,232

$             1,388

$             7,860

$             4,919

Plus: Merger-related costs, excluding severance (after tax)

-

-

12

-

655

         Merger-related severance costs (after tax)

-

-

-

-

88

Net operating earnings (non-GAAP)

$            1,975

$            2,232

$            1,400

$            7,860

$            5,662

Weighted average shares outstanding (assuming dilution)

5,199,494

5,198,656

5,183,909

5,196,853

5,141,429

Earnings per share (GAAP)

$              0.38

$               0.43

$               0.27

$               1.51

$               0.96

Net operating earnings per share (non-GAAP)

0.38

0.43

0.27

1.51

1.10

Average assets

$     1,051,309

$     1,046,186

$     1,035,996

$     1,038,514

$     1,020,575

ROA (GAAP)

0.75%

0.85%

0.53%

0.76%

0.48%

Net operating ROA (non-GAAP)

0.75%

0.85%

0.54%

0.76%

0.55%

Average stockholders equity

$        110,203

$        108,946

$        100,956

$        107,302

$           99,765

ROE (GAAP)

7.11%

8.13%

5.45%

7.33%

4.93%

Net operating ROE (non-GAAP)

7.11%

8.13%

5.50%

7.33%

5.68%

Efficiency ratio (FTE)

86.18%

78.57%

78.51%

80.25%

82.02%

Operating efficiency ratio (FTE)

86.18%

78.57%

78.41%

80.25%

80.43%

 

Old Point Financial Corporation (

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SOURCE Old Point Financial Corporation

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