Old Point Releases 2013 Results

·          Net loans increase $30.1 million
·          Noninterest expense decreases $1.1 million
·          Net charge-offs decrease to 0.36% of total loans

January 27, 2014 Hampton, VA
                                                                                    Old Point Financial Corporation (NASDAQ "OPOF") reported net income of $3.2 million for the year ended December 31, 2013, or $0.64 per diluted share, compared to net income of $4.2 million, or $0.84 per diluted share, in 2012. However, this decrease in net income was primarily attributable to the receipt of $475 thousand in proceeds from the death benefit on an insured former officer and by a $2.3 million gain on the sale of available-for-sale securities. If these unusual items are excluded, income before insurance death benefit, gain or loss on the sale of available-for-sale securities, and taxes increased $1.1 million between the years ended December 31, 2012 and 2013. Lower provision for loan losses and lower noninterest expense contributed to this improved profitability. Continued improvement in asset quality, as evidenced by lower charge-offs in 2013 when compared to 2012, allowed management to reduce the provision.

Noninterest income for 2013 was down when compared to 2012, due primarily to income from bank-owned life insurance and gains and losses on the sales of securities. During 2012, Old Point sold securities for a pre-tax gain of $2.3 million. In comparison, $26 thousand of losses on sales of securities were recognized during 2013. The securities sold during 2013 were sold as part of a plan to reduce the portfolio's susceptibility to interest rate risk.

Most other areas of noninterest income increased when comparing 2013 to the prior year. The largest increases were in the categories of income from fiduciary activities and other service charges, commissions and fees. Accounts managed by Old Point Trust are assessed fees based on the market value of the account's assets. Improvements in the equities markets led to higher asset values and thus higher fee income. The increase in other service charges, commissions and fees was mainly due to higher merchant processing income.

Total noninterest expense decreased $1.1 million between 2013 and 2012, with large decreases in several categories. The largest decrease was seen in salaries and employee benefits. In 2012, Old Point made early retirement offers to eligible employees, which elevated salaries and benefits expenses in that year while reducing expenses in subsequent years. In addition, due to improved efficiencies and the consolidation of six branches into three, the number of full-time equivalent employees was reduced from 310 at December 31, 2012 to 292 at December 31, 2013.

The following information was filed by Old Point Financial Corp (OPOF) on Monday, January 27, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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