Exhibit 99.1


Old Point Reports Third Quarter 2019 Results

Hampton, VA, October 23, 2019 (PRNewswire) Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $2.2 million and earnings per diluted common share of $0.43 for the quarter ended September 30, 2019, as compared to net income of $1.6 million or $0.31 earnings per diluted common share for the third quarter of 2018.

Net income for the nine months ended September 30, 2019 was $5.9 million or $1.13 earnings per diluted common share. For the comparative 2018 period, net income was $3.5 million or $0.69 earnings per diluted common share. Excluding the effect of $732 thousand in after tax merger costs, net operating earnings (non-GAAP) were $4.3 million, or $0.83 earnings per diluted common share, for the nine month period ended September 30, 2018, which reflects adjustments for certain after tax merger-related costs incurred in the acquisition of Citizens National Bank which closed on April 1, 2018.

Robert Shuford, Jr., Chairman, President, and CEO of Old Point National Bank (the Bank) said, "We are pleased to report net income of $5.9 million, or $1.13 earnings per diluted common share, for the first nine months of 2019. Our Company experienced solid revenue growth in both interest income and non-interest income, as well as expense control during the first nine months of 2019 compared to the same period in 2018. We have continued to improve overall asset quality with significant progress in non-performing asset resolution during the third quarter of 2019.”

Highlights of the quarter and year to date are as follows:


Net interest income held steady at $8.5 million for the third and second quarters of 2019 as well as the third quarter of 2018.  Net interest income year to date 2019 was $25.4 million, increasing $774 thousand or 3.1%, over the comparative 2018 period of $24.7 million.


Net interest margin (on a fully tax-equivalent basis) compressed to 3.58% for the third quarter of 2019 from 3.68% for the second quarter of 2019 and 3.64% for the third quarter of 2018.  For the nine months ended September 30, 2019 the fully tax-equivalent net interest margin improved to 3.65% from 3.61% for the comparative 2018 period.


Non-performing assets (NPAs) totaled $9.1 million as of September 30, 2019, down from $12.4 million at June 30, 2019 and $17.5 million at September 30, 2018. NPAs as a percentage of total assets improved to 0.87% at September 30, 2019 which compared to 1.21% at June 30, 2019 and 1.70% at September 30, 2018.



Return on average assets (ROA) was 0.85% for the third quarter of 2019 compared to 0.63% in the prior quarter and 0.61% in the third quarter of 2018.   For the nine months ended September 30, 2019, ROA was 0.76% compared to 0.47% for the comparative 2018 period.  Net operating ROA (non-GAAP) was 0.76% for 2019 year to date compared to 0.56% for 2018 year to date.


Return on average equity (ROE) was 8.13% for the third quarter of 2019 compared to 6.12% in the prior quarter and 6.31% in the third quarter of 2018. ROE for the nine months ended September 30, 2019 and 2018 was 7.40% and 4.80%, respectively.  Net operating ROE (non-GAAP) was 7.40% for the 2019 year to date compared to 5.80% for 2018 year to date.


The efficiency ratio increased to 78.57% for the third quarter of 2019 compared to 78.06% for the second quarter of 2019 but improved slightly from 78.69% in the third quarter of 2018. For the nine months ended September 30, 2019 and 2018, the efficiency ratio was 78.33% and 83.23%, respectively.

Net Interest Income

Net interest income for the third quarter of 2019 was $8.5 million, an increase of $21 thousand, or 0.3%, from the prior quarter and $48 thousand, or 0.6%, from the third quarter of 2018. For the nine months ended September 30, 2019 and 2018, net interest income increased $774 thousand or 3.1% to $25.4 million from $24.7 million.  The year-over-year and quarter-over-quarter growth was positively impacted by higher average earning asset balances and higher yields which was partially offset by higher funding costs.  The tax-equivalent net interest margin for the quarter was 3.58%, down from 3.68% in the prior quarter and 3.64% in the same period a year ago; however the tax-equivalent net interest margin for the nine months ended September 30, 2019 was 3.65% compared to 3.61% for the comparative 2018 period.

Asset Quality

Non-performing assets (NPAs) totaled $9.1 million as of September 30, 2019, down from $12.4 million at June 30, 2019 and $17.5 million at September 30, 2018. NPAs as a percentage of total assets improved to 0.87%, compared to 1.21% at June 30, 2019 and 1.70% at September 30, 2018. Non-accrual loans were $8.0 million at September 30, 2019, down from $11.2 million at June 30, 2019 and $13.0 million at September 30, 2018. Loans past due 90 days or more and still accruing interest decreased $126 thousand to $1.1 million at September 30, 2019 from $1.2 million at June 30, 2019 and decreased by $3.2 million compared to $4.3 million at September 30, 2018. Of the loans past due 90 days or more at September 30, 2019, approximately $905 thousand were government-guaranteed student loans.

The Company did not recognize any provision for loan losses during the third quarter of 2019 compared to $787 thousand for the second quarter of 2019 and $575 thousand for the third quarter of 2018.  The allowance for loan and lease losses (ALLL) was $10.6 million at September 30, 2019 compared to $10.8 million at June 30, 2019 and $10.2 million at September 30, 2018. The ALLL as a percentage of loans held for investment was 1.43% at September 30, 2019, up from 1.41% at June 30, 2019 and 1.31% at September 30, 2018. Annualized net charge offs as a percentage of average loans outstanding was 0.08% for the third quarter of 2019, 0.06% for second quarter of 2019 compared to 0.20% in the second quarter of 2018.   The Company did not recognize any provision for loan losses during the third quarter of 2019, because (i) net loans declined $20.2 million during the third quarter and (ii) one large classified relationship was upgraded to a pass rating, which caused the ratio of ALLL as a percentage of loans held for investment to increase from June 30, 2019 to September 30, 2019.

Page 2 of 10

Noninterest Income

Total noninterest income for the quarter was $3.7 million, an increase of $164 thousand from the previous quarter and an increase of $353 thousand, or 10.4% from the third quarter of 2018. Increases in other service charges, commissions and fees and fiduciary and management fees over the preceding quarter and the prior year quarter were partially offset by fluctuations in mortgage banking income and service charges on deposit accounts.  Total noninterest income for the nine months ended September 30, 2019 increased $769 thousand, or 7.7%, to $10.7 million over the comparative 2018 period and is primarily related to increases in other service charges, commissions and fees, mortgage banking income, and gain on sale of available-for-sale securities.

Noninterest Expense

Noninterest expense totaled $9.7 million for the third quarter of 2019, an increase of $188 thousand from the second quarter of 2019 and $269 thousand from the third quarter of 2018. Noninterest expense for the nine months ended September 30, 2019 and 2018 were $28.5 million and $29.1 million, respectively. Adjusting for the impact of certain after tax merger expenses of $732 thousand in 2018, adjusted noninterest expense (non-GAAP) increased $166 thousand comparing year to date 2019 (for which adjusted noninterest expense was equal to noninterest expense) to the same period in 2018. Quarter over quarter and year over year increases are related to increased salaries and employee benefits, data processing, and professional services which were partially offset by decreases in FDIC insurance for the quarterly comparative periods and occupancy and equipment expense in the yearly comparative periods.

Balance Sheet Review

Total assets as of September 30, 2019 were $1.1 billion, a slight increase from December 31, 2018 at $1.0 billion. Net loans held for investment decreased $33.7 million, or 4.4%, from December 31, 2018 to $730.2 million.  Securities available for sale, at fair value, decreased $1.8 million from December 31, 2018 to $146.5 million at September 30, 2019.

Total deposits as of September 30, 2019 increased $21.4 million, or 2.5%, to $864.6 million from December 31, 2018. Noninterest-bearing deposits increased $5.2 million, or 2.1%, savings deposits increased $12.3 million, or 3.3%, and time deposits increased $4.0 million, or 1.8%.

The Company’s total stockholders’ equity at September 30, 2019 increased $7.1 million or 6.9% from December 31, 2018 to $109.1 million.  The Bank remains well capitalized with a Tier 1 Capital ratio of 11.62% at September 30, 2019 as compared to 10.90% at December 31, 2018. The Bank’s leverage ratio was 9.66% at September 30, 2019 as compared to 9.34% at December 31, 2018.

Page 3 of 10

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, net operating ROE, operating efficiency ratio, and adjusted noninterest expense.  A schedule reconciling these non-GAAP financial measures is provided at the end of this press release.  The Company uses 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; 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 changes 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, changes in: interest rates and yields; general economic and business conditions, including unemployment levels; demand for loan products; future levels of government defense spending, particularly in the Company’s service area; uncertainty over future federal spending or budget priorities of the current administration, particularly in connection with the Department of Defense, on the Company’s service area; the performance of the Company’s dealer lending program; 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 or small business 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; implementation of new technologies; the Company’s ability to develop and maintain secure and reliable electronic systems; any interruption or breach of security in the Company’s information systems or those of the Company’s third party vendors or other service providers; 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, 2018. 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.

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Old Point Financial Corporation (Nasdaq: OPOF) is the parent company of Old Point National Bank, a locally owned and managed community bank, and Old Point Trust & Financial Services, N.A., a wealth management services provider, serving the Hampton Roads, Virginia region. Web: www.oldpoint.com. For more information, contact Elizabeth Beale, Chief Financial Officer and Senior Vice President of Old Point Financial Corporation at 757-325-8123, or Laura Wright, Vice President/Marketing Director, Old Point National Bank at 757-728-1743.

Page 5 of 10

Old Point Financial Corporation and Subsidiaries
 
Consolidated Balance Sheets
 
September 30,
   
December 31,
 
(dollars in thousands, except share data)
 
2019
   
2018
 
   
(unaudited)
       
Assets
           
             
Cash and due from banks
 
$
31,897
   
$
19,915
 
Interest-bearing due from banks
   
58,591
     
20,000
 
Federal funds sold
   
719
     
2,302
 
Cash and cash equivalents
   
91,207
     
42,217
 
Securities available-for-sale, at fair value
   
146,486
     
148,247
 
Restricted securities, at cost
   
3,351
     
3,853
 
Loans held for sale
   
1,578
     
479
 
Loans, net
   
730,198
     
763,898
 
Premises and equipment, net
   
36,361
     
36,738
 
Bank-owned life insurance
   
27,355
     
26,763
 
Goodwill
   
1,650
     
1,650
 
Other real estate owned, net
   
-
     
83
 
Core deposit intangible, net
   
374
     
407
 
Other assets
   
12,035
     
13,848
 
Total assets
 
$
1,050,595
   
$
1,038,183
 
                 
Liabilities & Stockholders' Equity
               
                 
Deposits:
               
Noninterest-bearing deposits
 
$
251,419
   
$
246,265
 
Savings deposits
   
380,178
     
367,915
 
Time deposits
   
232,973
     
228,964
 
Total deposits
   
864,570
     
843,144
 
Overnight repurchase agreements
   
23,732
     
25,775
 
Federal Home Loan Bank advances
   
47,000
     
60,000
 
Other borrowings
   
2,100
     
2,550
 
Accrued expenses and other liabilities
   
4,130
     
4,708
 
Total liabilities
   
941,532
     
936,177
 
                 
Commitments and contingencies
               
                 
Stockholders' equity:
               
Common stock, $5 par value, 10,000,000 shares authorized; 5,199,169 and 5,184,289 shares outstanding (includes 19,933 and 13,689 of nonvested restricted stock, respectively)
   
25,896
     
25,853
 
Additional paid-in capital
   
20,876
     
20,698
 
Retained earnings
   
61,625
     
57,611
 
Accumulated other comprehensive income(loss), net
   
666
     
(2,156
)
Total stockholders' equity
   
109,063
     
102,006
 
Total liabilities and stockholders' equity
 
$
1,050,595
   
$
1,038,183
 

Page 6 of 10

Old Point Financial Corporation and Subsidiaries
                             
Consolidated Statements of Income (unaudited)
 
Three Months Ended
   
Nine Months Ended
 
(dollars in thousands, except per share data)
 
Sep. 30, 2019
   
Jun. 30, 2019
   
Sep. 30, 2018
   
Sep. 30, 2019
   
Sep. 30, 2018
 
                               
Interest and Dividend Income:
                             
Loans, including fees
 
$
8,972
   
$
9,075
   
$
8,865
   
$
26,909
   
$
25,448
 
Due from banks
   
257
     
111
     
68
     
425
     
94
 
Federal funds sold
   
10
     
6
     
5
     
23
     
15
 
Securities:
                                       
Taxable
   
770
     
648
     
510
     
2,038
     
1,503
 
Tax-exempt
   
146
     
234
     
291
     
646
     
937
 
Dividends and interest on all other securities
   
53
     
59
     
64
     
176
     
192
 
Total interest and dividend income
   
10,208
     
10,133
     
9,803
     
30,217
     
28,189
 
                                         
Interest Expense:
                                       
Checking and savings deposits
   
291
     
275
     
164
     
817
     
409
 
Time deposits
   
1,012
     
947
     
774
     
2,829
     
2,088
 
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
   
32
     
36
     
41
     
105
     
93
 
Federal Home Loan Bank advances
   
321
     
344
     
320
     
1,024
     
931
 
Total interest expense
   
1,656
     
1,602
     
1,299
     
4,775
     
3,521
 
Net interest income
   
8,552
     
8,531
     
8,504
     
25,442
     
24,668
 
Provision for loan losses
   
-
     
787
     
749
     
1,013
     
1,849
 
Net interest income after provision for loan losses
   
8,552
     
7,744
     
7,755
     
24,429
     
22,819
 
                                         
Noninterest Income:
                                       
Fiduciary and asset management fees
   
949
     
929
     
904
     
2,837
     
2,803
 
Service charges on deposit accounts
   
1,001
     
1,028
     
1,095
     
3,082
     
3,043
 
Other service charges, commissions and fees
   
1,047
     
1,026
     
873
     
2,998
     
2,668
 
Bank-owned life insurance income
   
201
     
198
     
202
     
591
     
584
 
Mortgage banking income
   
204
     
302
     
240
     
722
     
617
 
Gain on sale of available-for-sale securities, net
   
286
     
-
     
-
     
312
     
120
 
Gain on acquisition of Old Point Mortgage
   
-
     
-
     
-
     
-
     
-
 
Other operating income
   
49
     
90
     
70
     
184
     
122
 
Total noninterest income
   
3,737
     
3,573
     
3,384
     
10,726
     
9,957
 
                                         
Noninterest Expense:
                                       
Salaries and employee benefits
   
5,991
     
5,927
     
5,608
     
17,617
     
17,020
 
Occupancy and equipment
   
1,484
     
1,405
     
1,557
     
4,282
     
4,521
 
Data processing
   
460
     
420
     
317
     
1,243
     
993
 
Customer development
   
137
     
151
     
143
     
450
     
460
 
Professional services
   
652
     
560
     
482
     
1,726
     
1,507
 
Employee professional development
   
181
     
230
     
195
     
597
     
595
 
Other taxes
   
146
     
149
     
134
     
445
     
446
 
ATM and other losses
   
57
     
53
     
103
     
172
     
357
 
Loss (gain) on other real estate owned
   
-
     
-
     
-
     
(2
)
   
86
 
Merger expenses
   
-
     
-
     
48
     
-
     
644
 
Other operating expenses
   
588
     
613
     
840
     
1,965
     
2,432
 
Total noninterest expense
   
9,696
     
9,508
     
9,427
     
28,495
     
29,061
 
Income before income taxes
   
2,593
     
1,809
     
1,712
     
6,660
     
3,715
 
Income tax expense
   
361
     
183
     
115
     
775
     
184
 
Net income
 
$
2,232
   
$
1,626
   
$
1,597
   
$
5,885
   
$
3,531
 
                                         
Basic Earnings per Share:
                                       
Weighted average shares outstanding
   
5,198,634
     
5,202,166
     
5,182,181
     
5,195,912
     
5,127,090
 
Net income per share of common stock
 
$
0.43
   
$
0.31
   
$
0.31
   
$
1.13
   
$
0.69
 
                                         
Diluted Earnings per Share:
                                       
Weighted average shares outstanding
   
5,198,656
     
5,202,196
     
5,182,181
     
5,195,962
     
5,127,113
 
Net income per share of common stock
 
$
0.43
   
$
0.31
   
$
0.31
   
$
1.13
   
$
0.69
 
                                         
Cash Dividends Declared per Share:
 
$
0.12
   
$
0.12
   
$
0.11
   
$
0.36
   
$
0.33
 

Page 7 of 10

Old Point Financial Corporation and Subsidiaries
 
Average Balance Sheets, Net Interest Income And Rates
 
 
                                   
 
 
For the quarter ended September 30,
 
(unaudited)
 
2019
   
2018
 
(dollars in thousands)
 
Average
Balance
   
Interest
Income/
Expense
   
Yield/
Rate**
   
Average
Balance
   
Interest
Income/
Expense
   
Yield/
Rate**
 
ASSETS
                                   
Loans*
 
$
750,908
   
$
8,986
     
4.75
%
 
$
777,179
   
$
8,880
     
4.53
%
Investment securities:
                                               
Taxable
   
126,055
     
770
     
2.42
%
   
94,674
     
510
     
2.14
%
Tax-exempt*
   
21,117
     
185
     
3.48
%
   
47,458
     
368
     
3.08
%
Total investment securities
   
147,172
     
955
     
2.57
%
   
142,132
     
878
     
2.45
%
Interest-bearing due from banks
   
48,997
     
257
     
2.08
%
   
13,389
     
68
     
2.01
%
Federal funds sold
   
1,688
     
10
     
2.12
%
   
950
     
5
     
2.09
%
Other investments
   
3,433
     
53
     
6.13
%
   
3,869
     
75
     
7.69
%
Total earning assets
   
952,198
   
$
10,261
     
4.27
%
   
937,519
   
$
9,906
     
4.19
%
Allowance for loan losses
   
(10,951
)
                   
(10,184
)
               
Other non-earning assets
   
104,939
                     
103,231
                 
Total assets
 
$
1,046,186
                   
$
1,030,566
                 
                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                         
Time and savings deposits:
                                               
Interest-bearing transaction accounts
 
$
33,320
   
$
3
     
0.04
%
 
$
28,001
   
$
2
     
0.03
%
Money market deposit accounts
   
257,627
     
266
     
0.41
%
   
243,556
     
140
     
0.23
%
Savings accounts
   
86,133
     
22
     
0.10
%
   
88,345
     
22
     
0.10
%
Time deposits
   
234,841
     
1,012
     
1.71
%
   
235,443
     
774
     
1.30
%
Total time and savings deposits
   
611,921
     
1,303
     
0.84
%
   
595,345
     
938
     
0.63
%
Federal funds purchased, repurchase agreements and other borrowings
   
22,114
     
32
     
0.57
%
   
32,800
     
41
     
0.50
%
Federal Home Loan Bank advances
   
48,924
     
321
     
2.61
%
   
60,000
     
320
     
2.12
%
Total interest-bearing liabilities
   
682,959
     
1,656
     
0.96
%
   
688,145
     
1,299
     
0.75
%
Demand deposits
   
250,634
                     
238,592
                 
Other liabilities
   
3,647
                     
3,382
                 
Stockholders' equity
   
108,946
                     
100,447
                 
Total liabilities and stockholders' equity
 
$
1,046,186
                   
$
1,030,566
                 
Net interest margin
         
$
8,605
     
3.58
%
         
$
8,607
     
3.64
%

*Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $53 thousand and $92 thousand, respectively.
**Annualized

Page 8 of 10

Old Point Financial Corporation and Subsidiaries
 
Average Balance Sheets, Net Interest Income And Rates
 
 
                                   
 
 
For the nine months ended September 30,
 
(unaudited)
 
2019
   
2018
 
(dollars in thousands)
 
Average
Balance
   
Interest
Income/
Expense
   
Yield/
Rate
   
Average
Balance
   
Interest
Income/
Expense
   
Yield/
Rate
 
ASSETS
                                   
Loans*
 
$
763,074
   
$
26,949
     
4.72
%
 
$
767,101
   
$
25,492
     
4.44
%
Investment securities:
                                               
Taxable
   
112,543
     
2,038
     
2.42
%
   
94,907
     
1,503
     
2.12
%
Tax-exempt*
   
34,339
     
818
     
3.17
%
   
51,717
     
1,186
     
3.07
%
Total investment securities
   
146,882
     
2,856
     
2.60
%
   
146,624
     
2,689
     
2.45
%
Interest-bearing due from banks
   
26,005
     
425
     
2.19
%
   
6,481
     
94
     
1.94
%
Federal funds sold
   
1,320
     
23
     
2.28
%
   
1,164
     
15
     
1.72
%
Other investments
   
3,603
     
176
     
6.52
%
   
4,160
     
210
     
6.75
%
Total earning assets
   
940,884
   
$
30,429
     
4.32
%
   
925,530
   
$
28,500
     
4.12
%
Allowance for loan losses
   
(10,583
)
                   
(10,052
)
               
Other nonearning assets
   
103,901
                     
98,819
                 
Total assets
 
$
1,034,202
                   
$
1,014,297
                 
 
                                               
LIABILITIES AND STOCKHOLDERS' EQUITY
                                         
Time and savings deposits:
                                               
Interest-bearing transaction accounts
 
$
30,858
   
$
8
     
0.03
%
 
$
28,159
   
$
8
     
0.04
%
Money market deposit accounts
   
254,564
     
743
     
0.39
%
   
238,520
     
347
     
0.19
%
Savings accounts
   
87,292
     
66
     
0.10
%
   
87,596
     
54
     
0.08
%
Time deposits
   
232,517
     
2,829
     
1.63
%
   
227,914
     
2,088
     
1.22
%
Total time and savings deposits
   
605,231
     
3,646
     
0.81
%
   
582,189
     
2,497
     
0.57
%
Federal funds purchased, repurchase agreements and other borrowings
   
23,456
     
105
     
0.60
%
   
30,442
     
93
     
0.41
%
Federal Home Loan Bank advances
   
53,264
     
1,024
     
2.57
%
   
68,223
     
931
     
1.82
%
Total interest-bearing liabilities
   
681,951
     
4,775
     
0.94
%
   
680,854
     
3,521
     
0.69
%
Demand deposits
   
241,924
                     
231,916
                 
Other liabilities
   
4,003
                     
3,243
                 
Stockholders' equity
   
106,324
                     
98,284
                 
Total liabilities and stockholders' equity
 
$
1,034,202
                   
$
1,014,297
                 
Net interest margin
         
$
25,654
     
3.65
%
         
$
24,979
     
3.61
%

*Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $212 thousand and $311 thousand, respectively.
**Annualized

Page 9 of 10

Old Point Financial Corporation and Subsidiaries
 
As of or for the quarter ended,
 
Selected Ratios (unaudited)
 
September 30,
   
June 30,
   
September 30,
 
(dollars in thousands, except per share data)
 
2019
   
2019
   
2018
 
                   
Earnings per common share, diluted
 
$
0.43
   
$
0.31
   
$
0.31
 
Return on average assets (ROA)
   
0.85
%
   
0.63
%
   
0.61
%
Return on average equity (ROE)
   
8.13
%
   
6.12
%
   
6.31
%
Net Interest Margin (FTE)
   
3.58
%
   
3.68
%
   
3.64
%
Non-performing assets (NPAs) / total assets
   
0.87
%
   
1.21
%
   
1.70
%
Annualized Net Charge Offs / average total loans
   
0.08
%
   
0.06
%
   
0.20
%
Allowance for loan losses / total loans
   
1.43
%
   
1.41
%
   
1.31
%
Efficiency ratio (FTE)
   
78.57
%
   
78.06
%
   
78.69
%
                         
Non-Performing Assets (NPAs)
                       
Nonaccrual loans
 
$
7,998
   
$
11,203
   
$
13,009
 
Loans > 90 days past due, but still accruing interest
   
1,096
     
1,222
     
4,314
 
Other real estate owned
   
-
     
-
     
133
 
Total non-performing assets
 
$
9,094
   
$
12,425
   
$
17,456
 
                         
Other Selected Numbers
                       
Loans, net
 
$
730,198
   
$
750,421
   
$
769,204
 
Deposits
   
864,570
     
847,784
     
841,311
 
Stockholders equity
   
109,063
     
107,425
     
99,575
 
Total assets
   
1,050,595
     
1,029,404
     
1,025,440
 
Loans charged off during the quarter, net of recoveries
   
145
     
118
     
391
 
Quarterly average loans
   
750,908
     
767,393
     
777,179
 
Quarterly average assets
   
1,046,186
     
1,031,707
     
1,030,566
 
Quarterly average earning assets
   
952,198
     
937,347
     
937,519
 
Quarterly average deposits
   
862,555
     
845,929
     
833,937
 
Quarterly average equity
   
108,946
     
106,480
     
100,447
 

Reconciliations of GAAP Measures to Non-GAAP Measures (unaudited)
                   
 
 
Three Months Ended
   
Six Months Ended
 
 
 
Sep. 30, 2019
   
Jun. 30, 2019
   
Sep. 30, 2018
   
Sep. 30, 2019
   
Sep. 30, 2018
 
 
                             
Net income (GAAP)
 
$
2,232
   
$
1,626
   
$
1,597
   
$
5,885
   
$
3,531
 
Plus: Merger-related costs, excluding severance (after tax)
   
-
     
-
     
48
     
-
     
644
 
Merger-related severance costs (after tax)
   
-
     
-
     
-
     
-
     
88
 
Net operating earnings (non-GAAP)
 
$
2,232
   
$
1,626
   
$
1,645
   
$
5,885
   
$
4,263
 
                                         
Weighted average shares outstanding (assuming dilution)
   
5,198,656
     
5,202,196
     
5,182,181
     
5,195,962
     
5,127,113
 
Earnings per share (GAAP)
 
$
0.43
   
$
0.31
   
$
0.31
   
$
1.13
   
$
0.69
 
Net operating earnings per share (non-GAAP)
   
0.43
     
0.31
     
0.32
     
1.13
     
0.83
 
                                         
Average assets
 
$
1,046,186
   
$
1,031,707
   
$
1,030,566
   
$
1,034,202
   
$
1,014,297
 
ROA (GAAP)
   
0.85
%
   
0.63
%
   
0.61
%
   
0.76
%
   
0.47
%
Net operating ROA (non-GAAP)
   
0.85
%
   
0.63
%
   
0.63
%
   
0.76
%
   
0.56
%
                                         
Average stockholders equity
 
$
108,946
   
$
106,480
   
$
100,447
   
$
106,324
   
$
98,284
 
ROE (GAAP)
   
8.13
%
   
6.12
%
   
6.31
%
   
7.40
%
   
4.80
%
Net operating ROE (non-GAAP)
   
8.13
%
   
6.12
%
   
6.50
%
   
7.40
%
   
5.80
%
                                         
Efficiency ratio (FTE)
   
78.57
%
   
78.06
%
   
78.69
%
   
78.33
%
   
83.23
%
Operating efficiency ratio (FTE)
   
78.57
%
   
78.06
%
   
78.29
%
   
78.33
%
   
81.13
%


Page 10 of 10


The following information was filed by Old Point Financial Corp (OPOF) on Monday, October 28, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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