Old Point Reports Second Quarter 2019 Results

Published

HAMPTON, Va., July 25, 2019 /PRNewswire/ -- Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $1.6 million and earnings per diluted common share of $0.31 for the quarter ended June 30, 2019, as compared to net income of $992 thousand or $0.19 earnings per diluted common share for the second quarter of 2018. Net operating earnings (non-GAAP) for the second quarter of 2019 were also $1.6 million or $0.31 per diluted common share, which compares to $1.5 million, or $0.28 per diluted common share for the second quarter of 2018.  Net operating earnings (non-GAAP) for the second quarter of 2018 adjust for certain merger-related costs incurred in the acquisition of Citizens National Bank which closed on April 1, 2018.

Net income for the six months ended June 30, 2019 was $3.7 million or $0.70 earnings per diluted common share. For the comparative 2018 period, net income was $1.9 million or $0.38 earnings per diluted common share. Excluding the effect of $684 thousand in after tax merger costs, net operating earnings (non-GAAP) were $2.6 million, or $0.51 earnings per diluted common share, for the six month period ended June 30, 2018.

Robert Shuford, Jr., Chairman, President, and CEO of Old Point National Bank (the Bank) said, "We are pleased to report earnings of $3.7 million, or $0.70 earnings per diluted common share, for the first six months of 2019. Our Company experienced solid revenue growth and expense control during the first six months of 2019 compared to the same period in 2018 and continued improvement in overall asset quality."

Highlights of the quarter are as follows:

  • Net interest income increased slightly to $8.5 million for the second quarter of 2019 compared to $8.4 million in the first quarter of 2019 and the second quarter of 2018, respectively.
  • Net interest margin (on a fully tax-equivalent basis) improved to 3.68% from 3.67% in the prior quarter and 3.65% in the second quarter of 2018.
  • Non-performing assets (NPAs) totaled $12.4 million as of June 30, 2019, down from $12.9 million at March 31, 2019 and $16.4 million at June 30, 2018. NPAs as a percentage of total assets improved to 1.21% at June 30, 2019 which compared to 1.26% at March 31, 2019 and 1.59% at June 30, 2018.
  • Return on average assets (ROA) was 0.63% for the second quarter of 2019 compared to 0.80% in the prior quarter and 0.39% in the second quarter of 2018. Net operating ROA (non-GAAP) was 0.63% for the second quarter of 2019 compared to 0.80% and 0.58% in the first quarter of 2019 and the second quarter of 2018, respectively.
  • Return on average equity (ROE) was 6.12% for the second quarter of 2019 compared to 7.94% in the prior quarter and 4.06% in the second quarter of 2018. Net operating ROE (non-GAAP) was 6.12% for the second quarter of 2019 compared to 7.94% and 6.02% in the first quarter of 2019 and the second quarter of 2018, respectively.
  • The efficiency ratio improved to 78.06% for the second quarter of 2019 compared to 78.34% in the first quarter of 2019 and 85.54% in the second quarter of 2018.

Net Interest Income

Net interest income for the second quarter of 2019 was $8.5 million, an increase of $172 thousand, or 2.1%, from the prior quarter and $105 thousand, or 1.2%, from the second quarter of 2018. The year-over-year and quarter-over-quarter 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 3.68%, up from 3.67% in the prior quarter and 3.65% in the same period a year ago.

Asset Quality

Non-performing assets (NPAs) totaled $12.4 million as of June 30, 2019, down from $12.9 million at March 31, 2019 and $16.4 million at June 30, 2018. NPAs as a percentage of total assets were 1.21%, which compares to 1.26% at March 31, 2019 and 1.59% at June 30, 2018. Non-accrual loans were $11.2 million at June 30, 2019 and March 31, 2019, down from $13.9 million at June 30, 2018. Loans past due 90 days or more and still accruing interest decreased $456 thousand to $1.2 million at June 30, 2019 from $1.7 million at March 31, 2019 and decreased by $1.1 million compared to $2.3 million at June 30, 2018. Of the loans past due 90 days or more at June 30, 2019, approximately $900 thousand were government-guaranteed student loans.

The provision for loan losses was $787 thousand for the second quarter of 2019, as compared to $226 thousand for the prior quarter and $575 thousand for the second quarter of 2018.  The allowance for loan and lease losses (ALLL) was $10.8 million at June 30, 2019 compared to $10.1 million at March 31, 2019 and $9.9 million at June 30, 2018. The ALLL as a percentage of loans held for investment was 1.41% at June 30, 2019, up from 1.32% at March 31, 2019 and 1.27% at June 30, 2018. Annualized net charge offs as a percentage of average loans outstanding was 0.06% for the second quarter of 2019, which compares to 0.13% in the preceding quarter and 0.22% in the second quarter of 2018.  Despite overall improving asset quality which positively impacted the level of provision for loan losses in the first quarter of 2019, the level of provision in the second quarter of 2019 was impacted by specific impairments of $707 thousand, or a 9 basis point increase in the ratio of the ALLL as a percentage of loans held for investment, associated with problem credit resolutions.   

Noninterest Income

Total noninterest income for the quarter was $3.6 million, an increase of $157 thousand from the previous quarter and an increase of $149 thousand, or 4.4% from the second quarter of 2018. Increases in other service charges, commissions and fees and mortgage banking income over the preceding quarter and the prior year quarter were partially offset by fluctuations in fiduciary and management fees and service charges on deposit accounts. 

Noninterest Expense

Noninterest expense totaled $9.5 million for the second quarter of 2019, an increase of $217 thousand from the first quarter of 2019 and a decrease of $710 thousand from the second quarter of 2018. Adjusting for the impact of merger expenses of $479 thousand in the second quarter of 2018, adjusted noninterest expense (non-GAAP) decreased $231 thousand comparing second quarter of 2019 to the same period in 2018. For the linked quarter, increases in salaries and employee benefits and data processing were partially offset by decreases in other operating expenses.

Balance Sheet Review

Total assets as of June 30, 2019 were $1.0 billion, essentially unchanged from December 31, 2018. Net loans held for investment decreased $13.5 million, or 1.8%, from December 31, 2018 to $750.4 million.  Securities available for sale, at fair value, decreased $2.8 million to $145.5 million at June 30, 2019.

Total deposits as of June 30, 2019 increased $4.6 million, or 0.6%, to $847.8 million from December 31, 2018. Noninterest-bearing deposits decreased $3.4 million, or 1.4%, savings deposits increased $1.6 million, or 0.4%, and time deposits increased $6.5 million, or 2.8%.

The Company's total stockholders' equity at June 30, 2019 increased $5.4 million or 5.3% from December 31, 2018 to $107.4 million.  The Bank remains well capitalized with a Tier 1 Capital ratio of 11.43% at June 30, 2019 as compared to 10.90% at December 31, 2018. The Bank's leverage ratio was 9.66% at June 30, 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; 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 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; 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; 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 ("OPOF" - Nasdaq) is the parent company of The Old Point National Bank of Phoebus, a locally owned and managed community bank serving all of Hampton Roads and Old Point Trust & Financial Services, N.A., a Hampton Roads wealth management services provider. Web: www.oldpoint.com. For more information, contact Elizabeth Beale, Interim Chief Financial Officer of Old Point Financial Corporation at 757-325-8123, or Laura Wright, Vice President/Marketing Director, Old Point National Bank at 757-728-1743.

 

Consolidated Balance Sheets June 30, December 31,
(dollars in thousands, except share data) 2019 2018
(unaudited)
Assets
Cash and due from banks $            15,903 $            19,915
Interest-bearing due from banks 33,868 20,000
Federal funds sold 831 2,302
Cash and cash equivalents 50,602 42,217
Securities available-for-sale, at fair value 145,453 148,247
Restricted securities, at cost 3,479 3,853
Loans held for sale 754 479
Loans, net 750,421 763,898
Premises and equipment, net 36,293 36,738
Bank-owned life insurance 27,153 26,763
Goodwill 1,650 1,650
Other real estate owned, net - 83
Core deposit intangible, net 385 407
Other assets 13,214 13,848
Total assets $      1,029,404 $      1,038,183
Liabilities & Stockholders' Equity
Deposits:
Noninterest-bearing deposits $         242,882 $         246,265
Savings deposits 369,477 367,915
Time deposits 235,425 228,964
Total deposits 847,784 843,144
Federal funds purchased and other short-term borrowings - -
Overnight repurchase agreements 18,011 25,775
Federal Home Loan Bank advances 50,000 60,000
Other borrowings 2,250 2,550
Accrued expenses and other liabilities 3,934 4,708
Total liabilities 921,979 936,177
Commitments and contingencies
Stockholders' equity:
Common stock, $5 par value, 10,000,000 shares authorized; 5,202,850 and 5,184,289 shares outstanding (includes 24,511 and 13,689 of nonvested restricted stock, respectively) 25,892 25,853
Additional paid-in capital 20,838 20,698
Retained earnings 60,016 57,611
Accumulated other comprehensive income(loss), net 679 (2,156)
Total stockholders' equity 107,425 102,006
Total liabilities and stockholders' equity $      1,029,404 $      1,038,183

 

Consolidated Balance Sheets June 30, December 31, Consolidated Statements of Income (unaudited)                   Three Months Ended Six Months Ended
(dollars in thousands, except share data) 2019 2018 (dollars in thousands, except per share data) Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Jun. 30, 2019 Jun. 30, 2018
(unaudited)
Assets Interest and Dividend Income:
Loans, including fees $             9,075 $             8,862 $             8,688 $           17,937 $           16,583
Cash and due from banks $            15,903 $            19,915 Due from banks 111 57 22 168 26
Interest-bearing due from banks 33,868 20,000 Federal funds sold 6 7 8 13 10
Federal funds sold 831 2,302 Securities:
Cash and cash equivalents 50,602 42,217 Taxable 648 620 499 1,268 993
Securities available-for-sale, at fair value 145,453 148,247 Tax-exempt 234 266 302 500 646
Restricted securities, at cost 3,479 3,853 Dividends and interest on all other securities 59 64 75 123 135
Loans held for sale 754 479 Total interest and dividend income 10,133 9,876 9,594 20,009 18,393
Loans, net 750,421 763,898
Premises and equipment, net 36,293 36,738 Interest Expense:
Bank-owned life insurance 27,153 26,763 Checking deposits 0 0 0
Goodwill 1,650 1,650 Checking and savings deposits 275 251 141 526 245
Other real estate owned, net - 83 Time deposits 947 870 698 1,817 1,314
Core deposit intangible, net 385 407 Federal funds purchased, securities sold under
Other assets 13,214 13,848 agreements to repurchase and other borrowings 36 37 42 73 52
Total assets $      1,029,404 $      1,038,183 Federal Home Loan Bank advances 344 359 287 703 611
Total interest expense 1,602 1,517 1,168 3,119 2,222
Liabilities & Stockholders' Equity Net interest income 8,531 8,359 8,426 16,890 16,171
Provision for loan losses 787 226 575 1,013 1,100
Deposits: Net interest income after provision for loan losses 7,744 8,133 7,851 15,877 15,071
Noninterest-bearing deposits $         242,882 $         246,265
Savings deposits 369,477 367,915 Noninterest Income:
Time deposits 235,425 228,964 Fiduciary and asset management fees 929 959 916 1,888 1,899
Total deposits 847,784 843,144 Service charges on deposit accounts 1,028 1,053 1,078 2,081 1,948
Federal funds purchased and other short-term borrowings - - Other service charges, commissions and fees 1,026 925 941 1,951 1,795
Overnight repurchase agreements 18,011 25,775 Bank-owned life insurance income 198 192 173 390 382
Federal Home Loan Bank advances 50,000 60,000 Mortgage banking income 302 216 236 518 377
Other borrowings 2,250 2,550 Gain on sale of available-for-sale securities, net - 26 40 26 120
Accrued expenses and other liabilities 3,934 4,708 Gain on acquisition of Old Point Mortgage - - - - -
Total liabilities 921,979 936,177 Other operating income 90 45 40 135 45
Total noninterest income 3,573 3,416 3,424 6,989 6,566
Commitments and contingencies
Noninterest Expense:
Stockholders' equity: Salaries and employee benefits 5,927 5,699 5,935 11,626 11,412
Common stock, $5 par value, 10,000,000 shares authorized; 5,202,850 and 5,184,289 shares outstanding (includes 24,511 and 13,689 of nonvested restricted stock, respectively) 25,892 25,853 Pension termination settlement - - - - -
Additional paid-in capital 20,838 20,698 Occupancy and equipment 1,405 1,393 1,487 2,798 2,964
Retained earnings 60,016 57,611 Data processing 420 363 373 783 676
Accumulated other comprehensive income(loss), net 679 (2,156) FDIC insurance 131 127 186 258 377
Total stockholders' equity 107,425 102,006 Customer development 151 162 135 313 317
Total liabilities and stockholders' equity $      1,029,404 $      1,038,183 Professional services 560 514 537 1,074 1,025
Employee professional development 230 186 208 416 400
Other taxes 149 150 142 299 312
ATM and other losses 53 62 157 115 254
Loss (gain) on other real estate owned - (2) 86 (2) 86
Merger expenses - - 391 - 596
Other operating expenses 482 637 581 1,119 1,215
Total noninterest expense 9,508 9,291 10,218 18,799 19,634
Income before income taxes 1,809 2,258 1,057 4,067 2,003
Income tax expense 183 231 65 414 69
Net income $             1,626 $             2,027 $                 992 $             3,653 $             1,934
Basic Earnings per Share:
Weighted average shares outstanding  5,202,166 5,186,807 5,177,233 5,194,529 5,099,008
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Diluted Earnings per Share:
Weighted average shares outstanding  5,202,196 5,186,907 5,177,233 5,194,594 5,099,124
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Cash Dividends Declared per Share: $                0.12 $                0.12 $                0.11 $                0.24 $                0.22

 

 

Consolidated Balance Sheets June 30, December 31, Consolidated Statements of Income (unaudited)                   Three Months Ended Six Months Ended Average Balance Sheets, Net Interest Income And Rates
(dollars in thousands, except share data) 2019 2018 (dollars in thousands, except per share data) Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Jun. 30, 2019 Jun. 30, 2018
(unaudited) For the quarter ended June 30,
Assets Interest and Dividend Income: (unaudited) 2019 2018
Loans, including fees $             9,075 $             8,862 $             8,688 $           17,937 $           16,583 Interest Interest
Cash and due from banks $            15,903 $            19,915 Due from banks 111 57 22 168 26 Average Income/ Yield/ Average Income/ Yield/
Interest-bearing due from banks 33,868 20,000 Federal funds sold 6 7 8 13 10 (dollars in thousands) Balance Expense Rate** Balance Expense Rate**
Federal funds sold 831 2,302 Securities: ASSETS
Cash and cash equivalents 50,602 42,217 Taxable 648 620 499 1,268 993 Loans* $    767,393 $   9,088 4.75% $    778,033 $   8,702 4.47%
Securities available-for-sale, at fair value 145,453 148,247 Tax-exempt 234 266 302 500 646 Investment securities:
Restricted securities, at cost 3,479 3,853 Dividends and interest on all other securities 59 64 75 123 135 Taxable 108,060 648 2.40% 95,657 499 2.09%
Loans held for sale 754 479 Total interest and dividend income 10,133 9,876 9,594 20,009 18,393 Tax-exempt* 38,500 296 3.08% 49,879 382 3.06%
Loans, net 750,421 763,898 Total investment securities 146,560 944 2.58% 145,536 881 2.42%
Premises and equipment, net 36,293 36,738 Interest Expense: Interest-bearing due from banks 18,656 111 2.40% 4,656 22 1.89%
Bank-owned life insurance 27,153 26,763 Checking deposits 0 0 0 Federal funds sold 1,143 6 2.38% 2,079 8 1.54%
Goodwill 1,650 1,650 Checking and savings deposits 275 251 141 526 245 Other investments 3,595 59 6.54% 4,314 75 6.95%
Other real estate owned, net - 83 Time deposits 947 870 698 1,817 1,314 Total earning assets 937,347 $ 10,208 4.37% 934,618 $   9,688 4.15%
Core deposit intangible, net 385 407 Federal funds purchased, securities sold under Allowance for loan losses (10,331) (10,125)
Other assets 13,214 13,848 agreements to repurchase and other borrowings 36 37 42 73 52 Other non-earning assets 104,691 100,098
Total assets $      1,029,404 $      1,038,183 Federal Home Loan Bank advances 344 359 287 703 611 Total assets $ 1,031,707 $ 1,024,591
Total interest expense 1,602 1,517 1,168 3,119 2,222
Liabilities & Stockholders' Equity Net interest income 8,531 8,359 8,426 16,890 16,171 LIABILITIES AND STOCKHOLDERS' EQUITY
Provision for loan losses 787 226 575 1,013 1,100 Time and savings deposits:
Deposits: Net interest income after provision for loan losses 7,744 8,133 7,851 15,877 15,071 Interest-bearing transaction accounts $      31,050 $          3 0.03% $      28,875 $          3 0.04%
Noninterest-bearing deposits $         242,882 $         246,265 Money market deposit accounts 254,908 250 0.39% 240,832 117 0.19%
Savings deposits 369,477 367,915 Noninterest Income: Savings accounts 87,816 22 0.10% 88,904 21 0.09%
Time deposits 235,425 228,964 Fiduciary and asset management fees 929 959 916 1,888 1,899 Time deposits 232,566 947 1.63% 236,396 698 1.18%
Total deposits 847,784 843,144 Service charges on deposit accounts 1,028 1,053 1,078 2,081 1,948 Total time and savings deposits 606,340 1,222 0.81% 595,007 839 0.56%
Federal funds purchased and other short-term borrowings - - Other service charges, commissions and fees 1,026 925 941 1,951 1,795 Federal funds purchased, repurchase
Overnight repurchase agreements 18,011 25,775 Bank-owned life insurance income 198 192 173 390 382 agreements and other borrowings 23,070 36 0.62% 30,125 42 0.56%
Federal Home Loan Bank advances 50,000 60,000 Mortgage banking income 302 216 236 518 377 Federal Home Loan Bank advances 52,747 344 2.62% 64,560 287 1.78%
Other borrowings 2,250 2,550 Gain on sale of available-for-sale securities, net - 26 40 26 120 Total interest-bearing liabilities 682,157 1,602 0.94% 689,692 1,168 0.68%
Accrued expenses and other liabilities 3,934 4,708 Gain on acquisition of Old Point Mortgage - - - - - Demand deposits 239,589 233,931
Total liabilities 921,979 936,177 Other operating income 90 45 40 135 45 Other liabilities 3,481 2,897
Total noninterest income 3,573 3,416 3,424 6,989 6,566 Stockholders' equity 106,480 98,071
Commitments and contingencies Total liabilities and stockholders' equity $ 1,031,707 $ 1,024,591
Noninterest Expense: Net interest margin $   8,606 3.68% $   8,520 3.65%
Stockholders' equity: Salaries and employee benefits 5,927 5,699 5,935 11,626 11,412
Common stock, $5 par value, 10,000,000 shares authorized; 5,202,850 and 5,184,289 shares outstanding (includes 24,511 and 13,689 of nonvested restricted stock, respectively) 25,892 25,853 Pension termination settlement - - - - - *Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $75 thousand and
Additional paid-in capital 20,838 20,698 Occupancy and equipment 1,405 1,393 1,487 2,798 2,964  $94 thousand, respectively.
Retained earnings 60,016 57,611 Data processing 420 363 373 783 676 **Annualized
Accumulated other comprehensive income(loss), net 679 (2,156) FDIC insurance 131 127 186 258 377
Total stockholders' equity 107,425 102,006 Customer development 151 162 135 313 317
Total liabilities and stockholders' equity $      1,029,404 $      1,038,183 Professional services 560 514 537 1,074 1,025
Employee professional development 230 186 208 416 400
Other taxes 149 150 142 299 312
ATM and other losses 53 62 157 115 254
Loss (gain) on other real estate owned - (2) 86 (2) 86
Merger expenses - - 391 - 596
Other operating expenses 482 637 581 1,119 1,215
Total noninterest expense 9,508 9,291 10,218 18,799 19,634
Income before income taxes 1,809 2,258 1,057 4,067 2,003
Income tax expense 183 231 65 414 69
Net income $             1,626 $             2,027 $                 992 $             3,653 $             1,934
Basic Earnings per Share:
Weighted average shares outstanding  5,202,166 5,186,807 5,177,233 5,194,529 5,099,008
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Diluted Earnings per Share:
Weighted average shares outstanding  5,202,196 5,186,907 5,177,233 5,194,594 5,099,124
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Cash Dividends Declared per Share: $                0.12 $                0.12 $                0.11 $                0.24 $                0.22

Consolidated Balance Sheets June 30, December 31, Consolidated Statements of Income (unaudited)                   Three Months Ended Six Months Ended Average Balance Sheets, Net Interest Income And Rates Average Balance Sheets, Net Interest Income And Rates
(dollars in thousands, except share data) 2019 2018 (dollars in thousands, except per share data) Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Jun. 30, 2019 Jun. 30, 2018
(unaudited) For the quarter ended June 30, For the six months ended June 30,
Assets Interest and Dividend Income: (unaudited) 2019 2018 (unaudited) 2019 2018
Loans, including fees $             9,075 $             8,862 $             8,688 $           17,937 $           16,583 Interest Interest Interest Interest
Cash and due from banks $            15,903 $            19,915 Due from banks 111 57 22 168 26 Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
Interest-bearing due from banks 33,868 20,000 Federal funds sold 6 7 8 13 10 (dollars in thousands) Balance Expense Rate** Balance Expense Rate** (dollars in thousands) Balance Expense Rate Balance Expense Rate
Federal funds sold 831 2,302 Securities: ASSETS ASSETS
Cash and cash equivalents 50,602 42,217 Taxable 648 620 499 1,268 993 Loans* $    767,393 $   9,088 4.75% $    778,033 $   8,702 4.47% Loans* $    769,258 $ 17,964 4.71% $    761,795 $ 16,612 4.36%
Securities available-for-sale, at fair value 145,453 148,247 Tax-exempt 234 266 302 500 646 Investment securities: Investment securities:
Restricted securities, at cost 3,479 3,853 Dividends and interest on all other securities 59 64 75 123 135 Taxable 108,060 648 2.40% 95,657 499 2.09% Taxable 105,676 1,268 2.42% 95,025 993 2.09%
Loans held for sale 754 479 Total interest and dividend income 10,133 9,876 9,594 20,009 18,393 Tax-exempt* 38,500 296 3.08% 49,879 382 3.06% Tax-exempt* 41,059 633 3.11% 53,881 818 3.04%
Loans, net 750,421 763,898 Total investment securities 146,560 944 2.58% 145,536 881 2.42% Total investment securities 146,735 1,901 2.61% 148,906 1,811 2.43%
Premises and equipment, net 36,293 36,738 Interest Expense: Interest-bearing due from banks 18,656 111 2.40% 4,656 22 1.89% Interest-bearing due from banks 14,319 168 2.37% 2,913 26 1.79%
Bank-owned life insurance 27,153 26,763 Checking deposits 0 0 0 Federal funds sold 1,143 6 2.38% 2,079 8 1.54% Federal funds sold 1,133 13 2.38% 1,271 10 1.57%
Goodwill 1,650 1,650 Checking and savings deposits 275 251 141 526 245 Other investments 3,595 59 6.54% 4,314 75 6.95% Other investments 3,689 123 6.73% 4,365 135 6.19%
Other real estate owned, net - 83 Time deposits 947 870 698 1,817 1,314 Total earning assets 937,347 $ 10,208 4.37% 934,618 $   9,688 4.15% Total earning assets 935,134 $ 20,169 4.35% 919,250 $ 18,594 4.05%
Core deposit intangible, net 385 407 Federal funds purchased, securities sold under Allowance for loan losses (10,331) (10,125) Allowance for loan losses (10,396) (9,985)
Other assets 13,214 13,848 agreements to repurchase and other borrowings 36 37 42 73 52 Other non-earning assets 104,691 100,098 Other nonearning assets 103,374 96,763
Total assets $      1,029,404 $      1,038,183 Federal Home Loan Bank advances 344 359 287 703 611 Total assets $ 1,031,707 $ 1,024,591 Total assets $ 1,028,112 $ 1,006,028
Total interest expense 1,602 1,517 1,168 3,119 2,222
Liabilities & Stockholders' Equity Net interest income 8,531 8,359 8,426 16,890 16,171 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES AND STOCKHOLDERS' EQUITY
Provision for loan losses 787 226 575 1,013 1,100 Time and savings deposits: Time and savings deposits:
Deposits: Net interest income after provision for loan losses 7,744 8,133 7,851 15,877 15,071 Interest-bearing transaction accounts $      31,050 $          3 0.03% $      28,875 $          3 0.04% Interest-bearing transaction accounts $      29,606 $          5 0.04% $      28,239 $          5 0.04%
Noninterest-bearing deposits $         242,882 $         246,265 Money market deposit accounts 254,908 250 0.39% 240,832 117 0.19% Money market deposit accounts 253,007 477 0.38% 235,961 208 0.18%
Savings deposits 369,477 367,915 Noninterest Income: Savings accounts 87,816 22 0.10% 88,904 21 0.09% Savings accounts 87,882 44 0.10% 87,214 32 0.07%
Time deposits 235,425 228,964 Fiduciary and asset management fees 929 959 916 1,888 1,899 Time deposits 232,566 947 1.63% 236,396 698 1.18% Time deposits 231,335 1,817 1.58% 224,088 1,314 1.17%
Total deposits 847,784 843,144 Service charges on deposit accounts 1,028 1,053 1,078 2,081 1,948 Total time and savings deposits 606,340 1,222 0.81% 595,007 839 0.56% Total time and savings deposits 601,830 2,343 0.79% 575,502 1,559 0.54%
Federal funds purchased and other short-term borrowings - - Other service charges, commissions and fees 1,026 925 941 1,951 1,795 Federal funds purchased, repurchase Federal funds purchased, repurchase
Overnight repurchase agreements 18,011 25,775 Bank-owned life insurance income 198 192 173 390 382 agreements and other borrowings 23,070 36 0.62% 30,125 42 0.56% agreements and other borrowings 24,139 73 0.61% 29,243 52 0.36%
Federal Home Loan Bank advances 50,000 60,000 Mortgage banking income 302 216 236 518 377 Federal Home Loan Bank advances 52,747 344 2.62% 64,560 287 1.78% Federal Home Loan Bank advances 55,470 703 2.55% 72,403 611 1.69%
Other borrowings 2,250 2,550 Gain on sale of available-for-sale securities, net - 26 40 26 120 Total interest-bearing liabilities 682,157 1,602 0.94% 689,692 1,168 0.68% Total interest-bearing liabilities 681,439 3,119 0.92% 677,148 2,222 0.66%
Accrued expenses and other liabilities 3,934 4,708 Gain on acquisition of Old Point Mortgage - - - - - Demand deposits 239,589 233,931 Demand deposits 237,496 228,524
Total liabilities 921,979 936,177 Other operating income 90 45 40 135 45 Other liabilities 3,481 2,897 Other liabilities 4,186 3,172
Total noninterest income 3,573 3,416 3,424 6,989 6,566 Stockholders' equity 106,480 98,071 Stockholders' equity 104,991 97,184
Commitments and contingencies Total liabilities and stockholders' equity $ 1,031,707 $ 1,024,591 Total liabilities and stockholders' equity $ 1,028,112 $ 1,006,028
Noninterest Expense: Net interest margin $   8,606 3.68% $   8,520 3.65% Net interest margin $ 17,050 3.68% $ 16,372 3.56%
Stockholders' equity: Salaries and employee benefits 5,927 5,699 5,935 11,626 11,412
Common stock, $5 par value, 10,000,000 shares authorized; 5,202,850 and 5,184,289 shares outstanding (includes 24,511 and 13,689 of nonvested restricted stock, respectively) 25,892 25,853 Pension termination settlement - - - - - *Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $75 thousand and *Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $160 thousand and
Additional paid-in capital 20,838 20,698 Occupancy and equipment 1,405 1,393 1,487 2,798 2,964  $94 thousand, respectively.  $201 thousand, respectively.
Retained earnings 60,016 57,611 Data processing 420 363 373 783 676 **Annualized **Annualized
Accumulated other comprehensive income(loss), net 679 (2,156) FDIC insurance 131 127 186 258 377
Total stockholders' equity 107,425 102,006 Customer development 151 162 135 313 317
Total liabilities and stockholders' equity $      1,029,404 $      1,038,183 Professional services 560 514 537 1,074 1,025
Employee professional development 230 186 208 416 400
Other taxes 149 150 142 299 312
ATM and other losses 53 62 157 115 254
Loss (gain) on other real estate owned - (2) 86 (2) 86
Merger expenses - - 391 - 596
Other operating expenses 482 637 581 1,119 1,215
Total noninterest expense 9,508 9,291 10,218 18,799 19,634
Income before income taxes 1,809 2,258 1,057 4,067 2,003
Income tax expense 183 231 65 414 69
Net income $             1,626 $             2,027 $                 992 $             3,653 $             1,934
Basic Earnings per Share:
Weighted average shares outstanding  5,202,166 5,186,807 5,177,233 5,194,529 5,099,008
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Diluted Earnings per Share:
Weighted average shares outstanding  5,202,196 5,186,907 5,177,233 5,194,594 5,099,124
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Cash Dividends Declared per Share: $                0.12 $                0.12 $                0.11 $                0.24 $                0.22

 

Consolidated Balance Sheets June 30, December 31, Consolidated Statements of Income (unaudited)                   Three Months Ended Six Months Ended Average Balance Sheets, Net Interest Income And Rates Average Balance Sheets, Net Interest Income And Rates Selected Ratios (unaudited) June 30, March 31, June 30,
(dollars in thousands, except share data) 2019 2018 (dollars in thousands, except per share data) Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Jun. 30, 2019 Jun. 30, 2018 (dollars in thousands, except per share data) 2019 2019 2018
(unaudited) For the quarter ended June 30, For the six months ended June 30,
Assets Interest and Dividend Income: (unaudited) 2019 2018 (unaudited) 2019 2018 Earnings per common share, diluted $                0.31 $                  0.39 $                0.19
Loans, including fees $             9,075 $             8,862 $             8,688 $           17,937 $           16,583 Interest Interest Interest Interest Return on average assets (ROA) 0.63% 0.80% 0.39%
Cash and due from banks $            15,903 $            19,915 Due from banks 111 57 22 168 26 Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Return on average equity (ROE) 6.12% 7.94% 4.06%
Interest-bearing due from banks 33,868 20,000 Federal funds sold 6 7 8 13 10 (dollars in thousands) Balance Expense Rate** Balance Expense Rate** (dollars in thousands) Balance Expense Rate Balance Expense Rate Net Interest Margin (FTE) 3.68% 3.67% 3.65%
Federal funds sold 831 2,302 Securities: ASSETS ASSETS Non-performing assets (NPAs) / total assets 1.21% 1.26% 1.59%
Cash and cash equivalents 50,602 42,217 Taxable 648 620 499 1,268 993 Loans* $    767,393 $   9,088 4.75% $    778,033 $   8,702 4.47% Loans* $    769,258 $ 17,964 4.71% $    761,795 $ 16,612 4.36% Annualized Net Charge Offs / average total loans 0.06% 0.13% 0.22%
Securities available-for-sale, at fair value 145,453 148,247 Tax-exempt 234 266 302 500 646 Investment securities: Investment securities: Allowance for loan losses / total loans 1.41% 1.32% 1.27%
Restricted securities, at cost 3,479 3,853 Dividends and interest on all other securities 59 64 75 123 135 Taxable 108,060 648 2.40% 95,657 499 2.09% Taxable 105,676 1,268 2.42% 95,025 993 2.09% Efficiency ratio (FTE) 78.06% 78.34% 85.54%
Loans held for sale 754 479 Total interest and dividend income 10,133 9,876 9,594 20,009 18,393 Tax-exempt* 38,500 296 3.08% 49,879 382 3.06% Tax-exempt* 41,059 633 3.11% 53,881 818 3.04%
Loans, net 750,421 763,898 Total investment securities 146,560 944 2.58% 145,536 881 2.42% Total investment securities 146,735 1,901 2.61% 148,906 1,811 2.43% Non-Performing Assets (NPAs)
Premises and equipment, net 36,293 36,738 Interest Expense: Interest-bearing due from banks 18,656 111 2.40% 4,656 22 1.89% Interest-bearing due from banks 14,319 168 2.37% 2,913 26 1.79% Nonaccrual loans $            11,203 $             11,245 $            13,891
Bank-owned life insurance 27,153 26,763 Checking deposits 0 0 0 Federal funds sold 1,143 6 2.38% 2,079 8 1.54% Federal funds sold 1,133 13 2.38% 1,271 10 1.57% Loans > 90 days past due, but still accruing interest 1,222 1,678 2,295
Goodwill 1,650 1,650 Checking and savings deposits 275 251 141 526 245 Other investments 3,595 59 6.54% 4,314 75 6.95% Other investments 3,689 123 6.73% 4,365 135 6.19% Other real estate owned - - 251
Other real estate owned, net - 83 Time deposits 947 870 698 1,817 1,314 Total earning assets 937,347 $ 10,208 4.37% 934,618 $   9,688 4.15% Total earning assets 935,134 $ 20,169 4.35% 919,250 $ 18,594 4.05% Total non-performing assets $            12,425 $             12,923 $            16,437
Core deposit intangible, net 385 407 Federal funds purchased, securities sold under Allowance for loan losses (10,331) (10,125) Allowance for loan losses (10,396) (9,985)
Other assets 13,214 13,848 agreements to repurchase and other borrowings 36 37 42 73 52 Other non-earning assets 104,691 100,098 Other nonearning assets 103,374 96,763 Other Selected Numbers
Total assets $      1,029,404 $      1,038,183 Federal Home Loan Bank advances 344 359 287 703 611 Total assets $ 1,031,707 $ 1,024,591 Total assets $ 1,028,112 $ 1,006,028 Loans, net $         750,421 $           752,799 $         766,344
Total interest expense 1,602 1,517 1,168 3,119 2,222 Deposits 847,784 836,177 840,335
Liabilities & Stockholders' Equity Net interest income 8,531 8,359 8,426 16,890 16,171 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders equity 107,425 105,019 99,293
Provision for loan losses 787 226 575 1,013 1,100 Time and savings deposits: Time and savings deposits: Total assets 1,029,404 1,026,880 1,032,130
Deposits: Net interest income after provision for loan losses 7,744 8,133 7,851 15,877 15,071 Interest-bearing transaction accounts $      31,050 $          3 0.03% $      28,875 $          3 0.04% Interest-bearing transaction accounts $      29,606 $          5 0.04% $      28,239 $          5 0.04% Loans charged off during the quarter, net of recoveries 118 249 426
Noninterest-bearing deposits $         242,882 $         246,265 Money market deposit accounts 254,908 250 0.39% 240,832 117 0.19% Money market deposit accounts 253,007 477 0.38% 235,961 208 0.18% Quarterly average loans 767,393 771,143 778,033
Savings deposits 369,477 367,915 Noninterest Income: Savings accounts 87,816 22 0.10% 88,904 21 0.09% Savings accounts 87,882 44 0.10% 87,214 32 0.07% Quarterly average assets 1,031,707 1,024,476 1,024,591
Time deposits 235,425 228,964 Fiduciary and asset management fees 929 959 916 1,888 1,899 Time deposits 232,566 947 1.63% 236,396 698 1.18% Time deposits 231,335 1,817 1.58% 224,088 1,314 1.17% Quarterly average earning assets 937,347 932,895 934,618
Total deposits 847,784 843,144 Service charges on deposit accounts 1,028 1,053 1,078 2,081 1,948 Total time and savings deposits 606,340 1,222 0.81% 595,007 839 0.56% Total time and savings deposits 601,830 2,343 0.79% 575,502 1,559 0.54% Quarterly average deposits 845,929 832,652 828,938
Federal funds purchased and other short-term borrowings - - Other service charges, commissions and fees 1,026 925 941 1,951 1,795 Federal funds purchased, repurchase Federal funds purchased, repurchase Quarterly average equity 106,480 103,486 98,071
Overnight repurchase agreements 18,011 25,775 Bank-owned life insurance income 198 192 173 390 382 agreements and other borrowings 23,070 36 0.62% 30,125 42 0.56% agreements and other borrowings 24,139 73 0.61% 29,243 52 0.36%
Federal Home Loan Bank advances 50,000 60,000 Mortgage banking income 302 216 236 518 377 Federal Home Loan Bank advances 52,747 344 2.62% 64,560 287 1.78% Federal Home Loan Bank advances 55,470 703 2.55% 72,403 611 1.69%
Other borrowings 2,250 2,550 Gain on sale of available-for-sale securities, net - 26 40 26 120 Total interest-bearing liabilities 682,157 1,602 0.94% 689,692 1,168 0.68% Total interest-bearing liabilities 681,439 3,119 0.92% 677,148 2,222 0.66%
Accrued expenses and other liabilities 3,934 4,708 Gain on acquisition of Old Point Mortgage - - - - - Demand deposits 239,589 233,931 Demand deposits 237,496 228,524
Total liabilities 921,979 936,177 Other operating income 90 45 40 135 45 Other liabilities 3,481 2,897 Other liabilities 4,186 3,172
Total noninterest income 3,573 3,416 3,424 6,989 6,566 Stockholders' equity 106,480 98,071 Stockholders' equity 104,991 97,184
Commitments and contingencies Total liabilities and stockholders' equity $ 1,031,707 $ 1,024,591 Total liabilities and stockholders' equity $ 1,028,112 $ 1,006,028
Noninterest Expense: Net interest margin $   8,606 3.68% $   8,520 3.65% Net interest margin $ 17,050 3.68% $ 16,372 3.56%
Stockholders' equity: Salaries and employee benefits 5,927 5,699 5,935 11,626 11,412
Common stock, $5 par value, 10,000,000 shares authorized; 5,202,850 and 5,184,289 shares outstanding (includes 24,511 and 13,689 of nonvested restricted stock, respectively) 25,892 25,853 Pension termination settlement - - - - - *Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $75 thousand and *Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $160 thousand and
Additional paid-in capital 20,838 20,698 Occupancy and equipment 1,405 1,393 1,487 2,798 2,964  $94 thousand, respectively.  $201 thousand, respectively.
Retained earnings 60,016 57,611 Data processing 420 363 373 783 676 **Annualized **Annualized
Accumulated other comprehensive income(loss), net 679 (2,156) FDIC insurance 131 127 186 258 377
Total stockholders' equity 107,425 102,006 Customer development 151 162 135 313 317
Total liabilities and stockholders' equity $      1,029,404 $      1,038,183 Professional services 560 514 537 1,074 1,025
Employee professional development 230 186 208 416 400
Other taxes 149 150 142 299 312
ATM and other losses 53 62 157 115 254
Loss (gain) on other real estate owned - (2) 86 (2) 86
Merger expenses - - 391 - 596
Other operating expenses 482 637 581 1,119 1,215
Total noninterest expense 9,508 9,291 10,218 18,799 19,634
Income before income taxes 1,809 2,258 1,057 4,067 2,003
Income tax expense 183 231 65 414 69
Net income $             1,626 $             2,027 $                 992 $             3,653 $             1,934
Basic Earnings per Share:
Weighted average shares outstanding  5,202,166 5,186,807 5,177,233 5,194,529 5,099,008
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Diluted Earnings per Share:
Weighted average shares outstanding  5,202,196 5,186,907 5,177,233 5,194,594 5,099,124
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Cash Dividends Declared per Share: $                0.12 $                0.12 $                0.11 $                0.24 $                0.22

 

Consolidated Balance Sheets June 30, December 31, Consolidated Statements of Income (unaudited)                   Three Months Ended Six Months Ended Average Balance Sheets, Net Interest Income And Rates Average Balance Sheets, Net Interest Income And Rates Selected Ratios (unaudited) June 30, March 31, June 30, Three Months Ended Six Months Ended
(dollars in thousands, except share data) 2019 2018 (dollars in thousands, except per share data) Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Jun. 30, 2019 Jun. 30, 2018 (dollars in thousands, except per share data) 2019 2019 2018 Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Jun. 30, 2019 Jun. 30, 2018
(unaudited) For the quarter ended June 30, For the six months ended June 30,
Assets Interest and Dividend Income: (unaudited) 2019 2018 (unaudited) 2019 2018 Earnings per common share, diluted $                0.31 $                  0.39 $                0.19 Net income $         1,626 $         2,027 $            992 $         3,653 $         1,934
Loans, including fees $             9,075 $             8,862 $             8,688 $           17,937 $           16,583 Interest Interest Interest Interest Return on average assets (ROA) 0.63% 0.80% 0.39% Plus: Merger-related costs (after tax) - - 391 - 596
Cash and due from banks $            15,903 $            19,915 Due from banks 111 57 22 168 26 Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Return on average equity (ROE) 6.12% 7.94% 4.06%          Merger-related severance costs (after tax) - - 88 - 88
Interest-bearing due from banks 33,868 20,000 Federal funds sold 6 7 8 13 10 (dollars in thousands) Balance Expense Rate** Balance Expense Rate** (dollars in thousands) Balance Expense Rate Balance Expense Rate Net Interest Margin (FTE) 3.68% 3.67% 3.65%          Compensation expense for benefit plan termination (after tax) - - - - -
Federal funds sold 831 2,302 Securities: ASSETS ASSETS Non-performing assets (NPAs) / total assets 1.21% 1.26% 1.59%          Tax expenses for tax asset revaluation - - - - -
Cash and cash equivalents 50,602 42,217 Taxable 648 620 499 1,268 993 Loans* $    767,393 $   9,088 4.75% $    778,033 $   8,702 4.47% Loans* $    769,258 $ 17,964 4.71% $    761,795 $ 16,612 4.36% Annualized Net Charge Offs / average total loans 0.06% 0.13% 0.22% Less: Gain on acquisition of Old Point Mortgage (after tax) - - - - -
Securities available-for-sale, at fair value 145,453 148,247 Tax-exempt 234 266 302 500 646 Investment securities: Investment securities: Allowance for loan losses / total loans 1.41% 1.32% 1.27% Net operating earnings $         1,626 $         2,027 $         1,471 $         3,653 $         2,618
Restricted securities, at cost 3,479 3,853 Dividends and interest on all other securities 59 64 75 123 135 Taxable 108,060 648 2.40% 95,657 499 2.09% Taxable 105,676 1,268 2.42% 95,025 993 2.09% Efficiency ratio (FTE) 78.06% 78.34% 85.54%
Loans held for sale 754 479 Total interest and dividend income 10,133 9,876 9,594 20,009 18,393 Tax-exempt* 38,500 296 3.08% 49,879 382 3.06% Tax-exempt* 41,059 633 3.11% 53,881 818 3.04% Weighted average shares outstanding (assuming dilution) 5,202,196 5,186,907 5,177,233 5,194,594 5,099,124
Loans, net 750,421 763,898 Total investment securities 146,560 944 2.58% 145,536 881 2.42% Total investment securities 146,735 1,901 2.61% 148,906 1,811 2.43% Non-Performing Assets (NPAs) Earnings per share (GAAP) $           0.31 $           0.39 $           0.19 $           0.70 $           0.38
Premises and equipment, net 36,293 36,738 Interest Expense: Interest-bearing due from banks 18,656 111 2.40% 4,656 22 1.89% Interest-bearing due from banks 14,319 168 2.37% 2,913 26 1.79% Nonaccrual loans $            11,203 $             11,245 $            13,891 Net operating earnings per share (non-GAAP) 0.31 0.39 0.28 0.70 0.51
Bank-owned life insurance 27,153 26,763 Checking deposits 0 0 0 Federal funds sold 1,143 6 2.38% 2,079 8 1.54% Federal funds sold 1,133 13 2.38% 1,271 10 1.57% Loans > 90 days past due, but still accruing interest 1,222 1,678 2,295
Goodwill 1,650 1,650 Checking and savings deposits 275 251 141 526 245 Other investments 3,595 59 6.54% 4,314 75 6.95% Other investments 3,689 123 6.73% 4,365 135 6.19% Other real estate owned - - 251 Average assets $   1,031,707 $   1,024,476 $   1,024,591 $   1,028,112 $   1,006,028
Other real estate owned, net - 83 Time deposits 947 870 698 1,817 1,314 Total earning assets 937,347 $ 10,208 4.37% 934,618 $   9,688 4.15% Total earning assets 935,134 $ 20,169 4.35% 919,250 $ 18,594 4.05% Total non-performing assets $            12,425 $             12,923 $            16,437 ROA (GAAP) 0.63% 0.80% 0.39% 0.72% 0.39%
Core deposit intangible, net 385 407 Federal funds purchased, securities sold under Allowance for loan losses (10,331) (10,125) Allowance for loan losses (10,396) (9,985) Net operating ROA (non-GAAP) 0.63% 0.80% 0.58% 0.72% 0.52%
Other assets 13,214 13,848 agreements to repurchase and other borrowings 36 37 42 73 52 Other non-earning assets 104,691 100,098 Other nonearning assets 103,374 96,763 Other Selected Numbers
Total assets $      1,029,404 $      1,038,183 Federal Home Loan Bank advances 344 359 287 703 611 Total assets $ 1,031,707 $ 1,024,591 Total assets $ 1,028,112 $ 1,006,028 Loans, net $         750,421 $           752,799 $         766,344 Average stockholders equity $     106,480 $     103,486 $       98,071 $     104,991 $       97,184
Total interest expense 1,602 1,517 1,168 3,119 2,222 Deposits 847,784 836,177 840,335 ROE (GAAP) 6.12% 7.94% 4.06% 7.02% 4.01%
Liabilities & Stockholders' Equity Net interest income 8,531 8,359 8,426 16,890 16,171 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders equity 107,425 105,019 99,293 Net operating ROE (non-GAAP) 6.12% 7.94% 6.02% 7.02% 5.43%
Provision for loan losses 787 226 575 1,013 1,100 Time and savings deposits: Time and savings deposits: Total assets 1,029,404 1,026,880 1,032,130
Deposits: Net interest income after provision for loan losses 7,744 8,133 7,851 15,877 15,071 Interest-bearing transaction accounts $      31,050 $          3 0.03% $      28,875 $          3 0.04% Interest-bearing transaction accounts $      29,606 $          5 0.04% $      28,239 $          5 0.04% Loans charged off during the quarter, net of recoveries 118 249 426 Efficiency ratio (FTE) 78.06% 78.34% 85.54% 78.20% 85.59%
Noninterest-bearing deposits $         242,882 $         246,265 Money market deposit accounts 254,908 250 0.39% 240,832 117 0.19% Money market deposit accounts 253,007 477 0.38% 235,961 208 0.18% Quarterly average loans 767,393 771,143 778,033 Operating efficiency ratio (FTE) 78.06% 78.34% 81.53% 78.20% 82.61%
Savings deposits 369,477 367,915 Noninterest Income: Savings accounts 87,816 22 0.10% 88,904 21 0.09% Savings accounts 87,882 44 0.10% 87,214 32 0.07% Quarterly average assets 1,031,707 1,024,476 1,024,591
Time deposits 235,425 228,964 Fiduciary and asset management fees 929 959 916 1,888 1,899 Time deposits 232,566 947 1.63% 236,396 698 1.18% Time deposits 231,335 1,817 1.58% 224,088 1,314 1.17% Quarterly average earning assets 937,347 932,895 934,618
Total deposits 847,784 843,144 Service charges on deposit accounts 1,028 1,053 1,078 2,081 1,948 Total time and savings deposits 606,340 1,222 0.81% 595,007 839 0.56% Total time and savings deposits 601,830 2,343 0.79% 575,502 1,559 0.54% Quarterly average deposits 845,929 832,652 828,938
Federal funds purchased and other short-term borrowings - - Other service charges, commissions and fees 1,026 925 941 1,951 1,795 Federal funds purchased, repurchase Federal funds purchased, repurchase Quarterly average equity 106,480 103,486 98,071
Overnight repurchase agreements 18,011 25,775 Bank-owned life insurance income 198 192 173 390 382 agreements and other borrowings 23,070 36 0.62% 30,125 42 0.56% agreements and other borrowings 24,139 73 0.61% 29,243 52 0.36%
Federal Home Loan Bank advances 50,000 60,000 Mortgage banking income 302 216 236 518 377 Federal Home Loan Bank advances 52,747 344 2.62% 64,560 287 1.78% Federal Home Loan Bank advances 55,470 703 2.55% 72,403 611 1.69%
Other borrowings 2,250 2,550 Gain on sale of available-for-sale securities, net - 26 40 26 120 Total interest-bearing liabilities 682,157 1,602 0.94% 689,692 1,168 0.68% Total interest-bearing liabilities 681,439 3,119 0.92% 677,148 2,222 0.66%
Accrued expenses and other liabilities 3,934 4,708 Gain on acquisition of Old Point Mortgage - - - - - Demand deposits 239,589 233,931 Demand deposits 237,496 228,524
Total liabilities 921,979 936,177 Other operating income 90 45 40 135 45 Other liabilities 3,481 2,897 Other liabilities 4,186 3,172
Total noninterest income 3,573 3,416 3,424 6,989 6,566 Stockholders' equity 106,480 98,071 Stockholders' equity 104,991 97,184
Commitments and contingencies Total liabilities and stockholders' equity $ 1,031,707 $ 1,024,591 Total liabilities and stockholders' equity $ 1,028,112 $ 1,006,028
Noninterest Expense: Net interest margin $   8,606 3.68% $   8,520 3.65% Net interest margin $ 17,050 3.68% $ 16,372 3.56%
Stockholders' equity: Salaries and employee benefits 5,927 5,699 5,935 11,626 11,412
Common stock, $5 par value, 10,000,000 shares authorized; 5,202,850 and 5,184,289 shares outstanding (includes 24,511 and 13,689 of nonvested restricted stock, respectively) 25,892 25,853 Pension termination settlement - - - - - *Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $75 thousand and *Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $160 thousand and
Additional paid-in capital 20,838 20,698 Occupancy and equipment 1,405 1,393 1,487 2,798 2,964  $94 thousand, respectively.  $201 thousand, respectively.
Retained earnings 60,016 57,611 Data processing 420 363 373 783 676 **Annualized **Annualized
Accumulated other comprehensive income(loss), net 679 (2,156) FDIC insurance 131 127 186 258 377
Total stockholders' equity 107,425 102,006 Customer development 151 162 135 313 317
Total liabilities and stockholders' equity $      1,029,404 $      1,038,183 Professional services 560 514 537 1,074 1,025
Employee professional development 230 186 208 416 400
Other taxes 149 150 142 299 312
ATM and other losses 53 62 157 115 254
Loss (gain) on other real estate owned - (2) 86 (2) 86
Merger expenses - - 391 - 596
Other operating expenses 482 637 581 1,119 1,215
Total noninterest expense 9,508 9,291 10,218 18,799 19,634
Income before income taxes 1,809 2,258 1,057 4,067 2,003
Income tax expense 183 231 65 414 69
Net income $             1,626 $             2,027 $                 992 $             3,653 $             1,934
Basic Earnings per Share:
Weighted average shares outstanding  5,202,166 5,186,807 5,177,233 5,194,529 5,099,008
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Diluted Earnings per Share:
Weighted average shares outstanding  5,202,196 5,186,907 5,177,233 5,194,594 5,099,124
Net income per share of common stock $                0.31 $                0.39 $                0.19 $                0.70 $                0.38
Cash Dividends Declared per Share: $                0.12 $                0.12 $                0.11 $                0.24 $                0.22

 

 

 

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SOURCE Old Point Financial Corporation

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