Exhibit 99.1

Old Point Releases Third Quarter 2018 Results


Hampton, VA, October 24, 2018 (PRNewswire) Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $1.6 million and earnings per share of $0.31 for the third quarter ended September 30, 2018. Net operating earnings (non-GAAP) for the third quarter of 2018, which excluded $48 thousand in after tax merger costs, were $1.6 million, or $0.32 per share.

Net income for the nine months ended September 30, 2018 was $3.5 million, or $0.69 per share. Excluding the effect of $732 thousand in after tax merger costs, net operating earnings (non-GAAP) for the nine months ended September 30, 2018 were $4.3 million, or $0.83 per share.

Robert Shuford, Jr., President and CEO of Old Point National Bank said, "Strong revenues and solid expense control contributed to continuing improvement in our core operating metrics this quarter. Our earnings of $1.6 million for the quarter reflects over 100% growth from the third quarter of last year and 12% growth over operating earnings in the second quarter of this year. Gross revenues were $13.2 million for the quarter, reflecting growth of 12.5% over the same quarter last year. We remain focused on building the franchise and improving our operational efficiency".

Highlights of the quarter are as follows:

·
Net interest income improved to $8.5 million, an increase of 1.1% over the previous quarter and 10.1% over the third quarter of 2017.

·
Return on average assets (ROA) was 0.62% compared to 0.39% in the prior quarter and 0.32% in the third quarter of 2017. Net operating ROA (non-GAAP) was 0.64% compared to 0.57% and 0.32% in the second quarter of 2018 and the third quarter of 2017, respectively.

·
The net interest margin (on a fully tax-equivalent basis) improved to 3.67% from 3.65% in the prior quarter and 3.64% in the third quarter of 2017.

·
Total assets as of September 30, 2018 were $1.0 billion, representing growth of $43.6 million, or 4.4%, from December 31, 2017 and $70.9 million, or 7.4%, from September 30, 2017.

Net Interest Income

Net interest income for the third quarter of 2018 was $8.5 million, an increase of $89 thousand, or 1.1%, from the prior quarter and an increase of $784 thousand, or 10.1%, from the third quarter of 2017. The quarter-over-quarter growth in net interest income was principally the result of higher yields on earnings assets which was partially offset by higher funding costs. The year-over-year growth was positively impacted by higher average earning asset balances as well as higher yields. The tax-equivalent net interest margin for the quarter was 3.67%, up from 3.65% in the prior quarter and 3.64% in the same period a year ago. The margin improvement was primarily due to increases in average loan yields which outweighed higher rates on interest-bearing deposits and borrowings.

Asset Quality

Non-performing assets (NPAs) totaled $17.5 million as of September 30, 2018, up from $16.4 million at June 30, 2018 and $14.2 million at September 30, 2017. NPAs as a percentage of total assets were 1.70%, which compares to 1.59% at June 30, 2018 and 1.49% at September 30, 2017. Non-accrual loans decreased to $13.0 million from $13.9 million at June 30, 2018 but increased from $10.2 million at September 30, 2017. Loans past due 90 days or more and still accruing interest increased to $4.3 million from $2.3 million at June 30, 2018 and $4.0 million at September 30, 2017. Of the loans past due 90 days or more at September 30, 2018, approximately $2.4 million were government-guaranteed student and small business loans. Other real estate owned totaled $133 thousand at September 30, 2018 compared to $251 thousand at June 30, 2018.  The Company had no other real estate owned at September 30, 2017.

1

The allowance for loan and lease losses (ALLL) was $10.2 million at September 30, 2018 compared to $9.9 million at June 30, 2018 and $8.9 million at September 30, 2017. The ALLL as a percentage of loans held for investment was 1.31% at September 30, 2018 compared to 1.27% at June 30, 2018 and 1.28% at September 30, 2017. Annualized net charge offs as a percentage of average loans outstanding was 0.20% for the quarter ended September 30, 2018. This compares to 0.22% in the preceding quarter and 0.60% in the third quarter of 2017.

Noninterest Income

Total noninterest income for the quarter was $3.4 million which represents a decline of $51 thousand, or 1.5%, from the previous quarter and an increase of $219 thousand, or 6.9% from the third quarter of 2017. The decrease relative to the prior quarter was largely due to a $40 thousand net gain on securities sales in the second quarter; there were no security sales in the third quarter of 2018.  For both the nine months ended September 30, 2018 and 2017, total noninterest income was $10.0 million.

Noninterest Expense

Noninterest expense totaled $9.4 million for the third quarter of 2018. This represents a decrease of $791 thousand, or 7.7%, from the second quarter of 2018 and an increase of $518 thousand, or 5.8%, from the third quarter of 2017. The linked quarter decline was mainly attributable to reduced salaries and employee benefits and merger related expenses, while the year ago quarter increase is mainly associated with increased staffing related to acquisition growth.

Balance Sheet Review

Total assets as of September 30, 2018 were $1.0 billion, an increase of $43.6 million, or 4.4%, from December 31, 2017. Net loans held for investment increased $40.1 million, or 5.5%, from December 31, 2017 to $769.2 million. The growth in net loans and total assets was largely the result of the Citizens National Bank (Citizens) acquisition, which was completed on April 1, 2018.

Total liabilities increased $40.4 million, or 4.6%, from December 31, 2017. Total deposits increased $57.7 million, or 7.4%, to $841.3 million from December 31, 2017. Noninterest-bearing deposits increased $14.8 million, or 6.6%, savings deposits increased $22.0 million, or 6.4%, and time deposits increased $20.9 million, or 9.8%. Overnight repurchase agreements declined $2.6 million, or 12.5%, and Federal Home Loan Bank advances decreased by $7.5 million, or 11.1%, from December 31, 2017.  Even though the Tier 1 leverage ratio was compressed a modest 14 basis points to 9.84% at September 30, 2018, total stockholders' equity increased 3.3% from December 31, 2017 to $99.6 million.

2

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, and operating efficiency ratio.  A schedule reconciling these non-GAAP financial measures is provided at the end of this press release.  The Company uses these 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; future impacts of the Tax Cut and Jobs Act on the Company's operations; 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 increases 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, the possibility that any of the anticipated benefits of the acquisition of Citizens will not be realized or will not be realized within the expected time period. Other 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, 2017. 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 Jeff Farrar, Chief Financial Officer & Senior Vice President/Finance of Old Point Financial Corporation at 757-728-1248, or Laura Wright, Vice President/Marketing Director, Old Point National Bank at 757-728-1743.

3

Old Point Financial Corporation and Subsidiaries
       
Consolidated Balance Sheets
 
September 30,
   
December 31,
 
(in thousands, except per share data)
 
2018
   
2017
 
   
(unaudited)
       
Assets
           
             
Cash and due from banks
 
$
15,539
   
$
13,420
 
Interest-bearing due from banks
   
12,519
     
908
 
Federal funds sold
   
561
     
84
 
Cash and cash equivalents
   
28,619
     
14,412
 
Securities available-for-sale, at fair value
   
142,288
     
157,121
 
Restricted securities, at cost
   
3,869
     
3,846
 
Loans held for sale
   
1,033
     
779
 
Loans, net
   
769,204
     
729,092
 
Premises and equipment, net
   
37,278
     
37,197
 
Bank-owned life insurance
   
26,567
     
25,981
 
Goodwill
   
1,611
     
621
 
Other real estate owned, net
   
133
     
-
 
Core deposit intangible, net
   
418
     
-
 
Other assets
   
14,420
     
12,777
 
Total assets
 
$
1,025,440
   
$
981,826
 
                 
Liabilities & Stockholders' Equity
               
                 
Deposits:
               
Noninterest-bearing deposits
 
$
240,528
   
$
225,716
 
Savings deposits
   
367,085
     
345,053
 
Time deposits
   
233,698
     
212,825
 
Total deposits
   
841,311
     
783,594
 
Federal funds purchased and other short-term borrowings
   
-
     
10,000
 
Overnight repurchase agreements
   
18,116
     
20,693
 
Federal Home Loan Bank advances
   
60,000
     
67,500
 
Other borrowings
   
2,850
     
-
 
Accrued expenses and other liabilities
   
3,588
     
3,651
 
Total liabilities
   
925,865
     
885,438
 
                 
Stockholders' equity:
               
Common stock, $5 par value, 10,000,000 shares authorized; 5,181,810 and 5,019,703 shares outstanding (includes 12,083 and 2,245 shares of nonvested restricted stock, respectively)
   
25,849
     
25,087
 
Additional paid-in capital
   
20,624
     
17,270
 
Retained earnings
   
56,794
     
54,738
 
Accumulated other comprehensive loss, net
   
(3,692
)
   
(707
)
Total stockholders' equity
   
99,575
     
96,388
 
Total liabilities and stockholders' equity
 
$
1,025,440
   
$
981,826
 
 
 
4

Old Point Financial Corporation and Subsidiaries
                         
Consolidated Statements of Income (unaudited)
 
Three Months Ended   
   
Nine Months Ended
 
(in thousands, except per share data)
 
Sep. 30, 2018
   
Jun. 30, 2018
   
Sep. 30, 2017
   
Sep. 30, 2018
   
Sep. 30, 2017
 
                               
Interest and Dividend Income:
                             
Loans, including fees
 
$
8,865
   
$
8,688
   
$
7,642
   
$
25,448
   
$
21,532
 
Due from banks
   
68
     
22
     
4
     
94
     
12
 
Federal funds sold
   
5
     
8
     
1
     
15
     
6
 
Securities:
                                       
Taxable
   
510
     
499
     
487
     
1,503
     
1,474
 
Tax-exempt
   
291
     
302
     
385
     
937
     
1,232
 
Dividends and interest on all other securities
   
75
     
75
     
49
     
210
     
98
 
Total interest and dividend income
   
9,814
     
9,594
     
8,568
     
28,207
     
24,354
 
                                         
Interest Expense:
                                       
Savings deposits
   
164
     
141
     
103
     
409
     
240
 
Time deposits
   
774
     
698
     
560
     
2,088
     
1,599
 
Federal funds purchased, securities sold under
                                       
agreements to repurchase and other borrowings
   
41
     
42
     
13
     
93
     
26
 
Federal Home Loan Bank advances
   
320
     
287
     
161
     
931
     
233
 
Total interest expense
   
1,299
     
1,168
     
837
     
3,521
     
2,098
 
Net interest income
   
8,515
     
8,426
     
7,731
     
24,686
     
22,256
 
Provision for loan losses
   
749
     
575
     
1,275
     
1,849
     
2,925
 
Net interest income after provision for loan losses
   
7,766
     
7,851
     
6,456
     
22,837
     
19,331
 
                                         
Noninterest Income:
                                       
Fiduciary and asset management fees
   
904
     
916
     
903
     
2,803
     
2,820
 
Service charges on deposit accounts
   
1,095
     
1,078
     
1,001
     
3,043
     
2,844
 
Other service charges, commissions and fees
   
873
     
941
     
843
     
2,668
     
2,562
 
Bank-owned life insurance income
   
202
     
173
     
198
     
584
     
595
 
Mortgage banking income
   
240
     
236
     
172
     
617
     
462
 
Gain on sale of available-for-sale securities, net
   
-
     
40
     
2
     
120
     
89
 
Gain on acquisition of Old Point Mortgage
   
-
     
-
     
-
     
-
     
550
 
Other operating income
   
59
     
40
     
35
     
104
     
114
 
Total noninterest income
   
3,373
     
3,424
     
3,154
     
9,939
     
10,036
 
                                         
Noninterest Expense:
                                       
Salaries and employee benefits
   
5,608
     
5,935
     
5,104
     
17,020
     
15,650
 
Occupancy and equipment
   
1,557
     
1,487
     
1,444
     
4,521
     
4,347
 
Data processing
   
317
     
373
     
266
     
993
     
749
 
FDIC insurance
   
160
     
186
     
128
     
537
     
322
 
Customer development
   
143
     
135
     
153
     
460
     
451
 
Professional services
   
482
     
537
     
508
     
1,507
     
1,401
 
Employee professional development
   
195
     
208
     
196
     
595
     
651
 
Other taxes
   
134
     
142
     
141
     
446
     
422
 
ATM and other losses
   
103
     
157
     
103
     
357
     
435
 
Loss (gain) on other real estate owned
   
-
     
86
     
-
     
86
     
(18
)
Merger expenses
   
48
     
391
     
-
     
644
     
-
 
Other operating expenses
   
680
     
581
     
866
     
1,895
     
2,103
 
Total noninterest expense
   
9,427
     
10,218
     
8,909
     
29,061
     
26,513
 
Income before income taxes
   
1,712
     
1,057
     
701
     
3,715
     
2,854
 
Income tax expense (benefit)
   
115
     
65
     
(56
)
   
184
     
(6
)
Net income
 
$
1,597
   
$
992
   
$
757
   
$
3,531
   
$
2,860
 
                                         
Basic Earnings per Share:
                                       
Weighted average shares outstanding
   
5,181,343
     
5,177,233
     
4,993,805
     
5,126,808
     
4,985,135
 
Net income per share of common stock
 
$
0.31
   
$
0.19
   
$
0.15
   
$
0.69
   
$
0.57
 
                                         
Diluted Earnings per Share:
                                       
Weighted average shares outstanding
   
5,181,343
     
5,177,233
     
5,003,785
     
5,126,832
     
4,997,231
 
Net income per share of common stock
 
$
0.31
   
$
0.19
   
$
0.15
   
$
0.69
   
$
0.57
 
                                         
Cash Dividends Declared per Share:
 
$
0.11
   
$
0.11
   
$
0.11
   
$
0.33
   
$
0.33
 
 
 
5

Old Point Financial Corporation and Subsidiaries
                               
Average Balance Sheets, Net Interest Income And Rates
                               
 (unaudited)                                    
   
For the quarter ended September 30,    
 
 
 
2018       
   
2017      
 
         
Interest
               
Interest
       
   
Average
   
Income/
   
Yield/
   
Average
   
Income/
   
Yield/
 
 
 
Balance
   
Expense
   
Rate**
   
Balance
   
Expense
   
Rate**
 
     (dollars in thousands)                
ASSETS
                                   
Loans*
 
$
777,179
   
$
8,880
     
4.57
%
 
$
659,926
   
$
7,142
     
4.33
%
Investment securities:
                                               
Taxable
   
94,674
     
510
     
2.15
%
   
103,485
     
491
     
1.90
%
Tax-exempt*
   
47,458
     
368
     
3.10
%
   
70,805
     
636
     
3.59
%
Total investment securities
   
142,132
     
878
     
2.47
%
   
174,290
     
1,127
     
2.59
%
Interest-bearing due from banks
   
13,389
     
68
     
2.03
%
   
1,316
     
3
     
0.91
%
Federal funds sold
   
950
     
5
     
2.11
%
   
1,248
     
2
     
0.64
%
Other investments
   
3,869
     
75
     
7.75
%
   
2,098
     
35
     
6.67
%
Total earning assets
   
937,519
   
$
9,906
     
4.23
%
   
838,878
   
$
8,309
     
3.96
%
Allowance for loan losses
   
(10,184
)
                   
(9,025
)
               
Other non-earning assets
   
103,231
                     
102,655
                 
Total assets
 
$
1,030,566
                   
$
932,508
                 
                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                               
Time and savings deposits:
                                               
Interest-bearing transaction accounts
 
$
28,001
   
$
2
     
0.03
%
 
$
28,438
   
$
2
     
0.03
%
Money market deposit accounts
   
243,556
     
140
     
0.23
%
   
235,539
     
60
     
0.10
%
Savings accounts
   
88,345
     
22
     
0.10
%
   
82,217
     
11
     
0.05
%
Time deposits
   
235,443
     
774
     
1.31
%
   
203,819
     
520
     
1.02
%
Total time and savings deposits
   
595,345
     
938
     
0.63
%
   
550,013
     
593
     
0.43
%
Federal funds purchased, repurchase
                                               
agreements and other borrowings
   
32,800
     
41
     
0.50
%
   
26,302
     
8
     
0.12
%
Federal Home Loan Bank advances
   
60,000
     
320
     
2.13
%
   
26,374
     
72
     
1.09
%
Total interest-bearing liabilities
   
688,145
     
1,299
     
0.76
%
   
602,689
     
673
     
0.45
%
Demand deposits
   
238,592
                     
227,880
                 
Other liabilities
   
3,382
                     
5,586
                 
Stockholders' equity
   
100,447
                     
96,353
                 
Total liabilities and stockholders' equity
 
$
1,030,566
                   
$
932,508
                 
Net interest margin
         
$
8,607
     
3.67
%
         
$
7,636
     
3.64
%
                                                 
*Computed on a fully tax-equivalent basis using a 21% rate in 2018 and a 34% rate in prior periods
         
**Annualized
                                               
 
 
6

Old Point Financial Corporation and Subsidiaries
                               
Average Balance Sheets, Net Interest Income And Rates
                               
 (unaudited)                                    
   
For the nine months ended September 30,   
 
 
 
2018      
   
2017      
 
         
Interest
               
Interest
       
   
Average
   
Income/
   
Yield/
   
Average
   
Income/
   
Yield/
 
 
 
Balance
   
Expense
   
Rate**
   
Balance
   
Expense
   
Rate**
 
     (dollars in thousands)           
ASSETS
                                   
Loans*
 
$
767,101
   
$
25,492
     
4.43
%
 
$
638,262
   
$
13,953
     
4.37
%
Investment securities:
                                               
Taxable
   
94,907
     
1,503
     
2.11
%
   
105,303
     
987
     
1.87
%
Tax-exempt*
   
51,717
     
1,186
     
3.06
%
   
71,618
     
1,283
     
3.58
%
Total investment securities
   
146,624
     
2,689
     
2.45
%
   
176,921
     
2,270
     
2.57
%
Interest-bearing due from banks
   
6,481
     
94
     
1.93
%
   
1,710
     
8
     
0.94
%
Federal funds sold
   
1,164
     
15
     
1.72
%
   
1,422
     
5
     
0.70
%
Other investments
   
4,160
     
210
     
6.73
%
   
1,537
     
49
     
6.38
%
Total earning assets
   
925,530
   
$
28,500
     
4.11
%
   
819,852
   
$
16,285
     
3.97
%
Allowance for loan losses
   
(10,052
)
                   
(8,710
)
               
Other nonearning assets
   
98,138
                     
105,422
                 
Total assets
 
$
1,014,297
                   
$
916,564
                 
                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                               
Time and savings deposits:
                                               
Interest-bearing transaction accounts
 
$
28,159
   
$
8
     
0.04
%
 
$
28,332
   
$
5
     
0.04
%
Money market deposit accounts
   
238,520
     
347
     
0.19
%
   
235,798
     
112
     
0.09
%
Savings accounts
   
87,596
     
54
     
0.08
%
   
81,114
     
20
     
0.05
%
Time deposits
   
227,914
     
2,088
     
1.22
%
   
205,469
     
1,039
     
1.01
%
Total time and savings deposits
   
582,189
     
2,497
     
0.57
%
   
550,713
     
1,176
     
0.43
%
Federal funds purchased, repurchase
                                               
agreements and other borrowings
   
30,442
     
93
     
0.41
%
   
23,482
     
13
     
0.11
%
Federal Home Loan Bank advances
   
68,223
     
931
     
1.82
%
   
13,260
     
72
     
1.09
%
Total interest-bearing liabilities
   
680,854
     
3,521
     
0.69
%
   
587,455
     
1,261
     
0.43
%
Demand deposits
   
231,916
                     
227,971
                 
Other liabilities
   
3,243
                     
5,715
                 
Stockholders' equity
   
98,284
                     
95,423
                 
Total liabilities and stockholders' equity
 
$
1,014,297
                   
$
916,564
                 
Net interest margin
         
$
24,979
     
3.60
%
         
$
15,024
     
3.67
%
                                                 
*Computed on a fully tax-equivalent basis using a 21% rate in 2018 and a 34% rate in prior periods
         
**Annualized
                                               
 
 
7

Old Point Financial Corporation and Subsidiaries
                 
Selected Ratios (unaudited)
 
September 30,
   
June 30,
   
September 30,
 
(in thousands, except per share data)
 
2018
   
2018
   
2017
 
                   
Earnings per common share, diluted
 
$
0.31
   
$
0.19
   
$
0.15
 
Return on average assets (ROA)
   
0.62
%
   
0.39
%
   
0.32
%
Return on average equity (ROE)
   
6.36
%
   
4.05
%
   
3.10
%
Net Interest Margin (FTE)
   
3.67
%
   
3.65
%
   
3.64
%
Non-performing assets (NPAs) / total assets
   
1.70
%
   
1.59
%
   
1.49
%
Annualized Net Charge Offs / average total loans
   
0.20
%
   
0.22
%
   
0.60
%
Allowance for loan losses / total loans
   
1.31
%
   
1.27
%
   
1.28
%
Efficiency ratio (FTE)
   
78.69
%
   
85.54
%
   
80.15
%
                         
Non-Performing Assets (NPAs)
                       
Nonaccrual loans
 
$
13,009
   
$
13,891
   
$
10,212
 
Loans > 90 days past due, but still accruing interest
   
4,316
     
2,295
     
3,983
 
Other real estate owned
   
133
     
251
     
-
 
Total non-performing assets
 
$
17,458
   
$
16,437
   
$
14,195
 
                         
Other Selected Numbers
                       
Loans, net
 
$
769,204
   
$
766,344
   
$
692,045
 
Deposits
   
841,311
     
840,335
     
782,445
 
Shareholders equity
   
99,575
     
99,293
     
97,641
 
Total assets
   
1,025,440
     
1,032,130
     
954,497
 
Loans charged off during the quarter, net of recoveries
   
391
     
433
     
1,034
 
Quarterly average loans
   
777,955
     
778,033
     
694,783
 
Quarterly average assets
   
1,030,566
     
1,024,591
     
954,031
 
Quarterly average earning assets
   
937,106
     
934,618
     
865,739
 
Quarterly average deposits
   
833,937
     
828,938
     
773,630
 
Quarterly average equity
   
100,447
     
98,071
     
97,642
 
 
 
Old Point Financial Corporation and Subsidiaries
                             
Reconciliations of GAAP Measures to Non-GAAP Measures (unaudited)
                             
(in thousands, except per share data)
                             
   
Three Months Ended
         
Nine Months Ended
 
   
Sep. 30, 2018
   
Jun. 30, 2018
   
Sep. 30, 2017
   
Sep. 30, 2018
   
Sep. 30, 2017
 
                               
Net income
 
$
1,597
   
$
992
   
$
757
   
$
3,531
   
$
2,860
 
Plus: Merger-related costs, excluding severance (after tax)
   
48
     
391
     
-
     
644
     
-
 
Plus: Merger-related severance costs (after tax)
   
-
     
88
     
-
     
88
     
-
 
Less: Gain on acquisition of Old Point Mortgage (after tax)
   
-
     
-
     
-
     
-
     
(363
)
Net operating earnings
   
1,645
     
1,471
     
757
     
4,263
     
2,497
 
                                         
Weighted average shares outstanding (assuming dilution)
   
5,181,343
     
5,177,233
     
5,003,785
     
5,126,832
     
4,997,231
 
Earnings per share (GAAP)
 
$
0.31
   
$
0.19
   
$
0.15
   
$
0.69
   
$
0.57
 
Net operating earnings per share (non-GAAP)
 
$
0.32
   
$
0.28
   
$
0.15
   
$
0.83
   
$
0.50
 
                                         
Average assets
 
$
1,030,566
   
$
1,024,591
   
$
954,031
   
$
1,014,297
   
$
929,191
 
ROA (GAAP)
   
0.62
%
   
0.39
%
   
0.32
%
   
0.46
%
   
0.41
%
Net operating ROA (non-GAAP)
   
0.64
%
   
0.57
%
   
0.32
%
   
0.56
%
   
0.36
%
                                         
Efficiency ratio (FTE)
   
78.69
%
   
85.54
%
   
80.15
%
   
83.23
%
   
80.29
%
Operating efficiency ratio (FTE)
   
78.29
%
   
81.34
%
   
80.15
%
   
81.06
%
   
81.65
%
 
8

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