Old Point Releases 2014 Results

·
Net income increases $953 thousand
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Net loans increase $35.1 million
·
Interest margin improves to 3.57%

January 27, 2015 Hampton, VA
                                                                                    Old Point Financial Corporation (NASDAQ "OPOF") reported net income of $4.1 million, or $0.83 per diluted share, for the year ended December 31, 2014, up $953 thousand from the year ended December 31, 2013. Higher net interest income and a lower provision for loan losses, partially offset by higher noninterest expense, were the factors behind the 30.13% increase in net income when comparing 2013 and 2014.

Assets as of December 31, 2014 were $876.3 million, an increase of $12.0 million or 1.39% when compared to December 31, 2013. During 2014, Old Point continued to grow loans, funding this growth mainly from the securities portfolio. Net loans grew $35.1 million, or 7.10%, over the year, while securities declined $23.1 million. As loans typically bear higher yields than securities, total interest and dividend income increased $466 thousand when comparing 2013 and 2014. This shift from securities to loans increased Old Point's net interest margin for 2014 to 3.57%, from 3.23% for 2013.

Also during 2014, Old Point's efforts to reduce high-cost time deposits, as well as to shift assets from securities to loans, contributed to the improved interest margin. The increase in interest income and decrease in interest expense led to an increase in net interest income (before the provision) of $1.3 million when comparing the year ended December 31, 2014 to the year ended December 31, 2013. Recoveries in 2014 contributed to the reduced provision for loan losses by more than half, compared to 2013. The combination of the improved net interest margin and reduced provision resulted in an increase of $2.0 million, or 8.38%, to net interest income after the provision for loan losses when comparing the years ended December 31, 2013 and December 31, 2014.

Noninterest expense increased $1.1 million for the year ended December 31, 2014, as compared to 2013. The largest increases were in employer-provided healthcare benefits, included on the income statement in salaries and employee benefits, and occupancy and equipment expenses. Occupancy and equipment expenses increased $490 thousand, or 11.15% when comparing 2014 and 2013, due to the completion of Old Point's new corporate headquarters. These increases in noninterest expense were partially offset by a decrease in loss on write-down/sale of other real estate owned. Losses on other real estate owned were elevated in 2013 due to the write-down on a single piece of property. The value of this property declined sharply due to the foreclosure by other banks of similar property in the area. There were no similar write-offs in 2014.

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The following information was filed by Old Point Financial Corp (OPOF) on Tuesday, January 27, 2015 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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