Old Point Financial Corp (OPOF, Financial) released its 8-K filing on January 30, 2025, detailing its financial results for the fourth quarter and full year of 2024. The company, a prominent player in the U.S. financial services sector, operates through its subsidiaries, Old Point National Bank and Old Point Wealth Management, offering a comprehensive range of banking and wealth management services.
Financial Performance Overview
Old Point Financial Corp reported a net income of $2.9 million for the fourth quarter of 2024, translating to diluted earnings per share (EPS) of $0.57. This marks an improvement from the third quarter's net income of $2.4 million and EPS of $0.47. It is also a significant increase from the fourth quarter of 2023, which saw a net income of $1.5 million and EPS of $0.29. For the full year 2024, net income reached $9.5 million, with an EPS of $1.88, compared to $7.7 million and $1.54, respectively, in 2023.
Key Financial Achievements
Despite a challenging banking environment, Old Point Financial Corp achieved record earnings in 2024. The company's strategic focus on capital, asset quality, liquidity, and expense discipline contributed to this success. Total assets increased to $1.5 billion, while total deposits rose by $24.5 million, or 2.0%, from the previous year. The return on average equity (ROE) improved to 9.96% in the fourth quarter, up from 8.39% in the third quarter and 5.88% in the same quarter of 2023.
Income Statement and Balance Sheet Highlights
Net interest income for the fourth quarter was $12.3 million, a slight decrease from the previous quarter but a 3.3% increase from the fourth quarter of 2023. The net interest margin (NIM) was 3.52%, slightly down from the third quarter but up from 3.45% in the prior year quarter. Total noninterest income was $3.2 million, reflecting a decrease from both the third quarter of 2024 and the fourth quarter of 2023.
| Metric | Q4 2024 | Q3 2024 | Q4 2023 |
|---|---|---|---|
| Net Income | $2.9 million | $2.4 million | $1.5 million |
| Diluted EPS | $0.57 | $0.47 | $0.29 |
Explore the complete 8-K earnings release (here) from Old Point Financial Corp for further details.
