Old Point Releases Fourth Quarter and Full Year 2017 Results


Hampton, Va., February 1, 2018 (PRNewswire) Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported a net loss of $2.9 million ($0.58 loss per diluted share) for the three months ended December 31, 2017, compared to net income of $895 thousand ($0.18 income per diluted share) for the three months ended December 31, 2016. Net loss for the twelve months ended December 31, 2017 was $29 thousand ($0.01 loss per diluted share), compared to $3.8 million ($0.77 income per diluted share) for the twelve months ended December 31, 2016.

Net operating earnings (Non-GAAP) were $781 thousand and net operating earnings per share were $0.16 (Non-GAAP) for its fourth quarter ended December 31, 2017; these operating results exclude $2.2 million in after-tax compensation expense associated with the termination of the Company's defined benefit pension plan, $241 thousand in after-tax merger-related costs and $1.2 million in nonrecurring tax expenses related to the Company's reevaluation of its deferred net tax asset due to changes in the federal corporate income tax rate under the Tax Cuts and Jobs Act (the "Tax Act"). The Company's net operating earnings and net operating earnings per share (Non-GAAP) for the fourth quarter of 2017 represent decreases of $114 thousand, or 12.7%, and $0.02, or 13.8%, respectively, in each case compared to net income and [income][earnings] per share for the fourth quarter of 2016.

Highlights of the quarter are as follows:

·
Return on average assets (ROA) was (1.19%) in the fourth quarter of 2017, compared to 0.32% in the third quarter of 2017 and 0.39% in the fourth quarter of 2016. Net operating ROA (Non-GAAP) was 0. 32% for the fourth quarter of 2017.

·
Total revenues, including net interest income and non-interest income, were $11.1 million for the fourth quarter, an increase of $17 thousand from the previous quarter, and an increase of $1.0 million or 9.57% from the same quarter in 2016.

·
Total loans held for investment grew $37.5 million or 21.42% (annualized) from September 30, 2017 and increased $134.7 million or 22.30% from December 31, 2016. 

·
Deposits increased $1.1 million or 0.59% (annualized) from September 30, 2017 and decreased $0.9 million or 0.12%, from December 31, 2016.  Average deposits increased $11.8 million or 6.12% (annualized), from the prior quarter and increased $9.0 million, or 1.16%, from the same quarter in the prior year.

·
The net interest margin was 3.57% for the fourth quarter, compared to 3.68% in the third quarter of 2017 and 3.65% for the fourth quarter of 2016.

·
Non-performing assets (NPAs) were $16.1 million at December 31, 2017, up $1.9 million or 13.25% from September 30, 2017 and up $5.0 million or 44.70% from December 31, 2016. Non-accrual loans were $12.9 million at December 31, 2017, up from $10.2 million at September 30, 2017 and up from $7.2 million at December 31, 2016.

·
On October 30, 2017 Old Point announced that it entered into a definitive agreement pursuant to which Old Point will acquire Citizens National Bank (Citizens National) based in Windsor, Virginia in a stock and cash transaction valued at approximately $7.9 million at signing. This transaction is still subject to regulatory approvals and approval of Citizens National's stockholders and is expected to close in the second quarter.
 
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The following information was filed by Old Point Financial Corp (OPOF) on Friday, February 2, 2018 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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