Exhibit 99.1


Old Point Releases Third Quarter 2020 Results

Hampton, VA, October 26, 2020 (PRNewswire) – Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $1.1 million and earnings per diluted common share of $0.21 for the quarter ended September 30, 2020, as compared to net income of $2.2 million or $0.43 earnings per diluted common share for the third quarter of 2019. Net income for the nine months ended September 30, 2020 and 2019 was $4.8 million, or $0.93 earnings per diluted common share, and $5.9 million, or $1.13 earnings per diluted common share, respectively.

Robert Shuford, Jr., Chairman, President, and CEO of the Company and Old Point National Bank (the Bank) said, "Old Point has not wavered in our commitment to the health and well-being of our employees, customers, and community or our commitment to the preservation of capital, operational capabilities, and liquidity. Our asset quality continues on a positive trajectory, but we are watchful for any potential credit softening. As the Company continues to navigate the challenging conditions related to COVID-19, we remain mindful there is not sufficient visibility to estimate future potential impacts from the COVID-19 pandemic or the upcoming election.

We are also pleased with the progress we have made in attracting exceptionally talented relationship officers and executing on our transformational digital and technological strategies.  We remain optimistic and confident that prudent balance sheet management and focused asset quality monitoring combined with process efficiency and expense control will help us navigate the remainder of 2020 as we look toward 2021.”

Highlights of the quarter are as follows:


Total assets were $1.3 billion at September 30, 2020, growing $201.6 million or 19.1% from December 31, 2019.


Net loans grew $123.8 million from December 31, 2019 to September 30, 2020. Net loan growth included Paycheck Protection Program (PPP) loan originations of $104.2 million as of September 30, 2020.


Deposits grew $161.6 million to $1.1 billion at September 30, 2020 from December 31, 2019.


Non-performing assets (NPAs) improved to $5.7 million at September 30, 2020 decreasing from $7.0 million and $9.1 million as of June 30, 2020 and September 30, 2019, respectively. NPAs as a percentage of total assets continued to improve to 0.45% at September 30, 2020 which compared to 0.57% at June 30, 2020 and 0.87% at September 30, 2019.


Net interest income remained essentially steady at $8.5 million for the third and second quarters of 2020 compared to $8.6 million for the third quarter of 2019.



Noninterest income was $3.7 million for the third quarter of 2020 compared to $4.0 million for the second quarter of 2020 and $3.7 million for the third quarter of 2019.

Net Interest Income
Net interest income for the third quarter of 2020 was $8.5 million, a decrease of $5 thousand, or 0.1%, from the prior quarter and a decrease of $84 thousand, or 1.0%, from the third quarter of 2019. Net interest income decreased 0.3% but remained at $25.4 million for the nine months ended September 30, 2020 and 2019, respectively. The slight movements quarter-over-quarter and year-over-year were due to significant growth in average earning asset balances at lower average earning yields offset by higher average interest bearing liabilities balances at lower interest bearing costs.

The net interest margin for the third quarter of 2020 compressed to 2.91% compared to 3.19% for the linked quarter and 3.56% for the prior year quarter.  On a fully tax-equivalent basis (FTE), the net interest margin compressed to 2.92% for the third quarter of 2020 down from 3.21% in the second quarter of 2020 and 3.58% for the third quarter of 2019. The net interest margin and net interest margin (FTE) for the nine months ended September 30, 2020 was 3.18% and 3.20%, compressing from 3.62% and 3.65%, respectively, for the comparative 2019 period.  The low interest rate environment, high levels of liquidity invested at lower yielding short-term levels, and PPP participation continue to impact and challenge the net interest margin.  While accretive to net interest income, PPP loan originations, which have a fixed interest rate of 1%, compressed the net interest margin. Related loan fees and costs are deferred at time of loan origination and amortized into interest income over the remaining lives of the loans, which for the majority of PPP loans was 24 months at origination. Recognition of these deferred fees and costs will be accelerated upon forgiveness or repayment of the PPP loans. For more information about these fully tax-equivalent financial measures, please see “Non-GAAP- Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

Asset Quality
NPAs totaled $5.7 million as of September 30, 2020, down from $7.0 million as of June 30, 2020 and $9.1 million at September 30, 2019. NPAs as a percentage of total assets improved to 0.45%, compared to 0.57% at June 30, 2020 and 0.87% at September 30, 2019. Non-accrual loans were $4.6 million, improving from $5.1 million at June 30, 2020 and $8.0 million at September 30, 2019. Loans past due 90 days or more and still accruing interest decreased $778 thousand to $877 thousand at September 30, 2020 from $1.7 million at June 30, 2020 and by $219 thousand from $1.1 million at September 30, 2019. Of the loans past due 90 days or more at September 30, 2020, approximately $663 thousand were government-guaranteed student loans.

The Company recognized a provision for loan losses of $300 thousand during each of the third and second quarters of 2020 and did not recognize any provision for loan losses during the third quarter of 2019. The allowance for loan and lease losses (ALLL) was $9.9 million at September 30, 2020 compared to $9.7 million at June 30, 2020 and $10.6 million at September 30, 2019. The ALLL as a percentage of loans held for investment was 1.14% at September 30, 2020 compared to 1.13% at June 30, 2020 and 1.43% at September 30, 2019. The decrease in the ALLL as a percentage of loans held for investment at September 30, 2020 compared to the same quarter last year was directly attributable to PPP loan originations, creating a 0.15% compression. Excluding PPP loans, the ALLL as a percentage of loans held for investment was 1.29% at September 30, 2020. Historical annualized net charge offs as a percentage of average loans outstanding decreased to 0.04% for the third quarter of 2020 compared to 0.13% for the second quarter of 2020 and 0.08% in the third quarter of 2019. Continued improvement in non-performing assets as well as year-over-year positive movement in the Company’s quantitative historical loss rates are balanced by increased qualitative factor-related changes in volume and economic uncertainty. As the economic impact of the COVID-19 pandemic continues to evolve, elevated levels of risk within the loan portfolio may require additional increases in the allowance for loan losses. For more information about these financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

Page 2 of 12

On March 22, 2020 and subsequently revised on April 7, 2020, the five federal bank regulatory agencies issued joint guidance encouraging action with respect to loan modifications for borrowers affected by COVID-19. The guidance assured prudent loan modifications would not receive supervisory criticism or be required by examiners to automatically categorize COVID-19 related loan modifications as TDRs, provided the modification was short-term and made on good faith basis to borrowers who were not more than thirty days past due on contractual payments. As of September 30, 2020, the Company had loan modifications on $7.5 million, or 0.86% of gross loans, down from approximately $128.9 million, or 15.0%, of gross loans as of June 30, 2020. Of the loans still under modifications at September 30, 2020, $729 thousand were under initial modification with the remaining $6.8 million under a second modification. Initial and second modifications consisted primarily of 60- or 90-day principal and interest payment deferral periods.

Noninterest Income
Total noninterest income for the third quarter was $3.7 million, a decrease of $301 thousand from the previous quarter and $80 thousand from the third quarter of 2019. Increases in other service charges, commissions and fees and mortgage banking income over the preceding quarter and the prior year quarter were offset by decreases in service charges on deposit accounts from the third quarter of 2019, which were primarily impacted by lower nonsufficient funds, or NSF, fees.  The preceding quarter was also positively impacted by gains on the sale of fixed assets.  Total noninterest income for the nine months ended September 30, 2020 increased $167 thousand, or 1.6%, to $10.9 million over the comparative 2019 period and is primarily related to gains on sale of fixed assets and increased mortgage banking income partially offset by decreased service charges on deposit accounts.  The Company continues to focus on its strategy to increase revenue generation through noninterest income products and services and balance sheet repositioning to reduce overhead expenses through the disposition of non-earning assets.

Noninterest Expense
Noninterest expense totaled $10.7 million for the third quarter of 2020, an increase of $1.5 million from the second quarter of 2020 and $968 thousand from the third quarter of 2019. The linked quarter increase is primarily related to salaries and employee benefits, data processing, and employee professional development, partially offset by professional services. Noninterest expense for the nine months ended September 30, 2020 and 2019 were $29.9 million and $28.5 million, respectively.  Year-over-year increases were primarily related to salaries and employee benefits, data processing, and other operating expenses partially offset by decreases in occupancy and equipment, customer development, and professional services. The increase in salaries and employee benefits from the linked quarter was primarily due to the deferral of costs related to the origination of PPP loans in the second quarter of 2020. The year-over-year increase in salaries and employee benefits is primarily attributable to (i) the full-year effect of the addition of highly skilled bankers to the team in 2019; (ii) increased commission expense related to mortgage activity; and (iii) increased overtime related to the COVID-19 pandemic, which were partially offset by the deferral of costs related to PPP loan origination.  The Company continues to implement bank-wide technology and efficiency initiatives through implementation of a new loan origination system, upgrades to critical infrastructure software related to imaging, outsourcing of item processing, and implementation of new deposit origination and teller systems.  The outsourcing of the bank’s core application and digital platform migration to a new vendor are initiatives that have been effectively completed in 2020.  These initiatives have driven period over period increases in data processing costs during the implementation and transition time frames as our operational structure pivoted from in-house to outsourced environments and shifted costs previously included in occupancy and equipment expense. Management continues to focus on improving efficiency and controlling noninterest expense as we continue with our digital and technological strategies. In conjunction with these digital and technological advances, a branch realignment roadmap is in the first stages of execution with the planned closure of two branches at the end of 2020.

Page 3 of 12

Balance Sheet Review
Total assets as of September 30, 2020 were $1.3 billion compared to $1.1 billion at December 31, 2019. Net loans held for investment increased $123.8 million, or 16.8% from December 31, 2019 to $862.0 million at September 30, 2020. Net loan growth of $104.2 million was attributed to PPP originations with the remaining $18.9 million in the real estate secured portfolio segments partially offset by pay-downs in the indirect automobile segment. Securities available for sale, at fair value, increased $22.8 million from December 31, 2019 to $168.5 million at September 30, 2020.

Total deposits as of September 30, 2020 increased $161.6 million, or 18.2%, to $1.1 billion from December 31, 2019. Noninterest-bearing deposits increased $101.0 million, or 38.5%, savings deposits increased $86.6 million, or 21.7%, and time deposits decreased $26.0 million, or 11.4%. Year-over-year, total deposits increased $186.5 million, or 21.6%. The impact of government stimulus and PPP loan related deposits were primary drivers of the increase on total deposits.  Strategies for expanding low cost deposits and re-pricing to reduce interest expense continued to shift deposit growth with year-over-year average balance increases in non-interest bearing deposits, interest-bearing transaction, money market, and savings accounts.

The Company utilized the Paycheck Protection Program Lending Facility initiated by the Federal Reserve Bank to partially fund PPP loan originations, borrowing $37.3 million as of September 30, 2020.

The Company’s total stockholders’ equity at September 30, 2020 increased $7.1 million or 6.5% from December 31, 2019 to $116.9 million. The Bank remains well capitalized with a Tier 1 Capital ratio of 11.59% at September 30, 2020 as compared to 11.72% at December 31, 2019. The Bank’s leverage ratio was 8.65% at September 30, 2020 as compared to 9.72% at December 31, 2019 and was primarily impacted by balance sheet growth from PPP loans and cash and cash equivalents.

Non-GAAP Financial Measures
In reporting the results of the quarter ended September 30, 2020, the Company has provided supplemental financial measures on an adjusted basis. These non-GAAP financial measures are a supplement to GAAP, which is used to prepare the Company’s financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company’s non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. The Company uses the non-GAAP financial measures discussed herein in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide additional understanding of ongoing operations and enhance comparability of results of operations with prior periods presented without the impact of items or events that may obscure trends in the Company’s underlying performance.  A reconciliation of the non-GAAP financial measures used the Company to evaluate and measure the Company’s performance to the most directly comparable GAAP financial measures is presented below.

Page 4 of 12

Safe Harbor Statement Regarding Forward-Looking Statements - Statements in this press release, including without limitation, statements made in Mr. Shuford’s quotations, 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; impacts of the COVID-19 pandemic and the ability of the Company to manage those impacts; the impact of potential changes in the political landscape; planned branch closures; the effects of diversifying the loan portfolio; strategic business initiatives, including digital and technological strategies; management's efforts to reposition the balance sheet and manage asset quality; revenue generation, efficiency initiatives and expense controls;; 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 and slowdowns in economic growth, especially related to further and sustained economic impacts of the COVID-19 pandemic; the effect of steps the Company takes in response to the pandemic, the severity and duration of the pandemic, the impact of loosening of governmental restrictions, the effect of any potential resurgence in infections, the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein, the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality and potential claims, damages and fines related to litigation or government actions, including litigation or actions arising from the Company’s participation in the administration of programs related to the COVID-19 pandemic (including, among other things, the Coronavirus Aid, Relief, and Economic Security, or CARES, Act); 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 impact of potential changes in the political landscape and related policy changes, including monetary, regulatory, and trade policies; 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; changes in management; 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, 2019 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. 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.

Page 5 of 12

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/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 6 of 12

Old Point Financial Corporation and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands, except share data)
 
September 30,
2020
   
December 31,
2019
 
   
(unaudited)
       
Assets
           
             
Cash and due from banks
 
$
18,644
   
$
37,280
 
Interest-bearing due from banks
   
113,227
     
48,610
 
Federal funds sold
   
5
     
3,975
 
Cash and cash equivalents
   
131,876
     
89,865
 
Securities available-for-sale, at fair value
   
168,547
     
145,715
 
Restricted securities, at cost
   
3,004
     
2,926
 
Loans held for sale
   
12,655
     
590
 
Loans, net
   
861,970
     
738,205
 
Premises and equipment, net
   
33,990
     
35,312
 
Premises and equipment, held for sale
   
-
     
907
 
Bank-owned life insurance
   
28,177
     
27,547
 
Goodwill
   
1,650
     
1,650
 
Other real estate owned, net
   
236
     
-
 
Core deposit intangible, net
   
330
     
363
 
Other assets
   
13,658
     
11,408
 
Total assets
 
$
1,256,093
   
$
1,054,488
 
                 
Liabilities & Stockholders' Equity
               
                 
Deposits:
               
Noninterest-bearing deposits
 
$
363,526
   
$
262,558
 
Savings deposits
   
485,595
     
399,020
 
Time deposits
   
201,942
     
227,918
 
Total deposits
   
1,051,063
     
889,496
 
Overnight repurchase agreements
   
6,281
     
11,452
 
Federal Home Loan Bank advances
   
38,500
     
37,000
 
Federal Reserve Bank borrowings
   
37,340
     
-
 
Other borrowings
   
1,500
     
1,950
 
Accrued expenses and other liabilities
   
4,534
     
4,834
 
Total liabilities
   
1,139,218
     
944,732
 
                 
Stockholders' equity:
               
Common stock, $5 par value, 10,000,000 shares authorized; 5,222,385 and 5,200,038
shares outstanding (includes 29,576 and 19,933 of nonvested restricted stock, respectively)
   
25,964
     
25,901
 
Additional paid-in capital
   
21,165
     
20,959
 
Retained earnings
   
65,942
     
62,975
 
Accumulated other comprehensive income (loss), net
   
3,804
     
(79
)
Total stockholders' equity
   
116,875
     
109,756
 
Total liabilities and stockholders' equity
 
$
1,256,093
   
$
1,054,488
 

Page 7 of 12

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, 2020
   
Jun. 30, 2020
   
Sep. 30, 2019
   
Sep. 30, 2020
   
Sep. 30, 2019
 
                               
Interest and Dividend Income:
                             
Loans, including fees
 
$
8,788
   
$
8,924
   
$
8,972
   
$
26,539
   
$
26,909
 
Due from banks
   
41
     
32
     
257
     
224
     
425
 
Federal funds sold
   
-
     
-
     
10
     
12
     
23
 
Securities:
                                       
Taxable
   
720
     
712
     
770
     
2,296
     
2,038
 
Tax-exempt
   
141
     
137
     
146
     
364
     
646
 
Dividends and interest on all other securities
   
47
     
43
     
53
     
136
     
176
 
Total interest and dividend income
   
9,737
     
9,848
     
10,208
     
29,571
     
30,217
 
                                         
Interest Expense:
                                       
Checking and savings deposits
   
238
     
298
     
291
     
876
     
817
 
Time deposits
   
791
     
883
     
1,012
     
2,646
     
2,829
 
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
     
69
        
15
        
32
        
106
        
105
  
Federal Home Loan Bank advances
   
171
     
179
     
321
     
584
     
1,024
 
Total interest expense
   
1,269
     
1,375
     
1,656
     
4,212
     
4,775
 
Net interest income
   
8,468
     
8,473
     
8,552
     
25,359
     
25,442
 
Provision for loan losses
   
300
     
300
     
-
     
900
     
1,013
 
Net interest income after provision for loan losses
   
8,168
     
8,173
     
8,552
     
24,459
     
24,429
 
                                         
Noninterest Income:
                                       
Fiduciary and asset management fees
   
955
     
909
     
949
     
2,881
     
2,837
 
Service charges on deposit accounts
   
666
     
615
     
1,001
     
2,176
     
3,082
 
Other service charges, commissions and fees
   
1,121
     
980
     
1,047
     
3,044
     
2,998
 
Bank-owned life insurance income
   
207
     
192
     
201
     
630
     
591
 
Mortgage banking income
   
640
     
223
     
204
     
1,020
     
722
 
Gain on sale of available-for-sale securities, net
   
1
     
184
     
286
     
185
     
312
 
Gain on sale of fixed assets
   
-
     
818
     
-
     
818
     
-
 
Other operating income
   
67
     
37
     
49
     
139
     
184
 
Total noninterest income
   
3,657
     
3,958
     
3,737
     
10,893
     
10,726
 
                                         
Noninterest Expense:
                                       
Salaries and employee benefits
   
6,660
     
5,464
     
5,991
     
18,118
     
17,617
 
Occupancy and equipment
   
1,233
     
1,188
     
1,484
     
3,687
     
4,282
 
Data processing
   
946
     
804
     
460
     
2,569
     
1,243
 
Customer development
   
82
     
71
     
137
     
267
     
450
 
Professional services
   
467
     
590
     
652
     
1,532
     
1,726
 
Employee professional development
   
200
     
93
     
181
     
513
     
597
 
Other taxes
   
162
     
158
     
146
     
470
     
445
 
ATM and other losses
   
75
     
60
     
57
     
233
     
172
 
(Gain) on other real estate owned
   
(22
)
   
-
     
-
     
(22
)
   
(2
)
Other operating expenses
   
861
     
776
     
588
     
2,531
     
1,965
 
Total noninterest expense
   
10,664
     
9,204
     
9,696
     
29,898
     
28,495
 
Income before income taxes
   
1,161
     
2,927
     
2,593
     
5,454
     
6,660
 
Income tax expense
   
61
     
433
     
361
     
610
     
775
 
Net income
 
$
1,100
   
$
2,494
   
$
2,232
   
$
4,844
   
$
5,885
 
                                         
Basic Earnings per Share:
                                       
Weighted average shares outstanding
   
5,221,476
     
5,220,137
     
5,198,634
     
5,213,982
     
5,195,912
 
Net income per share of common stock
 
$
0.21
   
$
0.48
   
$
0.43
   
$
0.93
   
$
1.13
 
                                         
Diluted Earnings per Share:
                                       
Weighted average shares outstanding
   
5,221,601
     
5,220,262
     
5,198,656
     
5,214,262
     
5,195,962
 
Net income per share of common stock
 
$
0.21
   
$
0.48
   
$
0.43
   
$
0.93
   
$
1.13
 
                                         
Cash Dividends Declared per Share:
 
$
0.12
   
$
0.12
   
$
0.12
   
$
0.36
   
$
0.36
 

Page 8 of 12

Old Point Financial Corporation and Subsidiaries
Average Balance Sheets, Net Interest Income And Rates

   
For the quarter ended September 30,
 
(unaudited)
 
2020
   
2019
 
(dollars in thousands)
 
Average
Balance
   
Interest
Income/
Expense
   
Yield/
Rate**
   
Average
Balance
   
Interest
Income/
Expense
   
Yield/
Rate**
 
ASSETS
                                   
Loans*
 
$
873,772
   
$
8,801
     
4.01
%
 
$
750,908
   
$
8,986
     
4.75
%
Investment securities:
                                               
Taxable
   
147,942
     
721
     
1.94
%
   
126,055
     
770
     
2.42
%
Tax-exempt*
   
19,795
     
177
     
3.56
%
   
21,117
     
185
     
3.48
%
Total investment securities
   
167,737
     
898
     
2.13
%
   
147,172
     
955
     
2.57
%
Interest-bearing due from banks
   
114,646
     
41
     
0.14
%
   
48,997
     
257
     
2.08
%
Federal funds sold
   
5
     
-
     
0.04
%
   
1,688
     
10
     
2.12
%
Other investments
   
3,098
     
46
     
5.90
%
   
3,433
     
53
     
6.13
%
Total earning assets
   
1,159,258
   
$
9,786
     
3.36
%
   
952,198
   
$
10,261
     
4.27
%
Allowance for loan losses
   
(9,739
)
                   
(10,951
)
               
Other non-earning assets
   
100,984
                     
104,939
                 
Total assets
 
$
1,250,503
                   
$
1,046,186
                 
                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                               
Time and savings deposits:
                                               
Interest-bearing transaction accounts
 
$
54,065
   
$
3
     
0.02
%
 
$
33,320
   
$
3
     
0.04
%
Money market deposit accounts
   
319,674
     
222
     
0.28
%
   
257,627
     
266
     
0.41
%
Savings accounts
   
99,933
     
13
     
0.05
%
   
86,133
     
22
     
0.10
%
Time deposits
   
205,240
     
791
     
1.53
%
   
234,841
     
1,012
     
1.71
%
Total time and savings deposits
   
678,912
     
1,029
     
0.60
%
   
611,921
     
1,303
     
0.84
%
Federal funds purchased, repurchase agreements
and other borrowings
   
48,740
     
69
     
0.56
%
   
22,114
     
32
     
0.57
%
Federal Home Loan Bank advances
   
40,706
     
171
     
1.67
%
   
48,924
     
321
     
2.61
%
Total interest-bearing liabilities
   
768,358
     
1,269
     
0.66
%
   
682,959
     
1,656
     
0.96
%
Demand deposits
   
357,078
                     
250,634
                 
Other liabilities
   
7,880
                     
3,647
                 
Stockholders' equity
   
117,187
                     
108,946
                 
Total liabilities and stockholders' equity
 
$
1,250,503
                   
$
1,046,186
                 
Net interest margin*
         
$
8,517
     
2.92
%
         
$
8,605
     
3.58
%

*
Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income by $49 thousand and $53 thousand for  September 30, 2020 and 2019, respectively.
**
Annualized

Page 9 of 12

Old Point Financial Corporation and Subsidiaries
Average Balance Sheets, Net Interest Income And Rates

   
For the nine months ended September 30,
 
(unaudited)
 
2020
   
2019
 
(dollars in thousands)
 
Average
Balance
   
Interest
Income/
Expense
   
Yield/
Rate**
   
Average
Balance
   
Interest
Income/
Expense
   
Yield/
Rate**
 
ASSETS
                                   
Loans*
 
$
819,325
   
$
26,577
     
4.33
%
 
$
763,074
   
$
26,949
     
4.72
%
Investment securities:
                                               
Taxable
   
141,746
     
2,296
     
2.16
%
   
112,543
     
2,038
     
2.42
%
Tax-exempt*
   
16,635
     
460
     
3.69
%
   
34,339
     
818
     
3.17
%
Total investment securities
   
158,381
     
2,756
     
2.32
%
   
146,882
     
2,856
     
2.60
%
Interest-bearing due from banks
   
81,779
     
224
     
0.37
%
   
26,005
     
425
     
2.19
%
Federal funds sold
   
1,122
     
12
     
1.45
%
   
1,320
     
23
     
2.28
%
Other investments
   
3,080
     
136
     
5.86
%
   
3,603
     
176
     
6.52
%
Total earning assets
   
1,063,687
   
$
29,705
     
3.73
%
   
940,884
   
$
30,429
     
4.32
%
Allowance for loan losses
   
(9,667
)
                   
(10,583
)
               
Other nonearning assets
   
106,970
                     
103,901
                 
Total assets
 
$
1,160,990
                   
$
1,034,202
                 
                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                               
Time and savings deposits:
                                               
Interest-bearing transaction accounts
 
$
53,254
   
$
9
     
0.02
%
 
$
30,858
   
$
8
     
0.03
%
Money market deposit accounts
   
300,290
     
823
     
0.37
%
   
254,564
     
743
     
0.39
%
Savings accounts
   
93,306
     
44
     
0.06
%
   
87,292
     
66
     
0.10
%
Time deposits
   
213,553
     
2,646
     
1.65
%
   
232,517
     
2,829
     
1.63
%
Total time and savings deposits
   
660,403
     
3,522
     
0.71
%
   
605,231
     
3,646
     
0.81
%
Federal funds purchased, repurchase agreements
and other borrowings
   
30,465
     
106
     
0.47
%
   
23,456
     
105
     
0.60
%
Federal Home Loan Bank advances
   
40,398
     
584
     
1.93
%
   
53,264
     
1,024
     
2.57
%
Total interest-bearing liabilities
   
731,266
     
4,212
     
0.77
%
   
681,951
     
4,775
     
0.94
%
Demand deposits
   
310,199
                     
241,924
                 
Other liabilities
   
5,328
                     
4,003
                 
Stockholders' equity
   
114,197
                     
106,324
                 
Total liabilities and stockholders' equity
 
$
1,160,990
                   
$
1,034,202
                 
Net interest margin*
         
$
25,493
     
3.20
%
         
$
25,654
     
3.65
%

*
Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income by $134 thousand and $212 thousand for September 30, 2020 and 2019, respectively.
**
Annualized

Page 10 of 12

Old Point Financial Corporation and Subsidiaries
 
As of or for the quarter ended,
 
Selected Ratios (unaudited)
(dollars in thousands, except per share data)
 
September 30,
2020
   
June 30,
2020
   
September 30,
2019
 
                   
Earnings per common share, diluted
 
$
0.21
   
$
0.48
   
$
0.43
 
Book value per share
   
22.38
     
22.19
     
20.98
 
Tangible Book Value per share
   
22.00
     
21.81
     
20.59
 
Return on average assets (ROA)
   
0.35
%
   
0.85
%
   
0.85
%
Return on average equity (ROE)
   
3.73
%
   
8.85
%
   
8.13
%
Net Interest Margin (FTE)
   
2.92
%
   
3.21
%
   
3.58
%
Non-performing assets (NPAs) / total assets
   
0.45
%
   
0.57
%
   
0.87
%
Annualized Net Charge Offs / average total loans
   
0.04
%
   
0.13
%
   
0.08
%
Allowance for loan and lease losses / total loans
   
1.14
%
   
1.13
%
   
1.43
%
Efficiency ratio (FTE)
   
87.59
%
   
73.75
%
   
78.57
%
                         
Non-Performing Assets (NPAs)
                       
Nonaccrual loans
 
$
4,558
   
$
5,111
   
$
7,998
 
Loans > 90 days past due, but still accruing interest
   
877
     
1,655
     
1,096
 
Other real estate owned
   
236
     
254
     
-
 
Total non-performing assets
 
$
5,671
   
$
7,020
   
$
9,094
 
                         
Other Selected Numbers
                       
Loans, net
 
$
861,970
   
$
846,912
   
$
730,198
 
Deposits
   
1,051,063
     
1,011,920
     
864,570
 
Stockholders' equity
   
116,875
     
115,869
     
109,063
 
Total assets
   
1,256,093
     
1,221,245
     
1,050,595
 
Loans charged off during the quarter, net of recoveries
   
81
     
268
     
145
 
Quarterly average loans
   
873,772
     
828,896
     
750,908
 
Quarterly average assets
   
1,250,503
     
1,174,943
     
1,046,186
 
Quarterly average earning assets
   
1,159,258
     
1,067,679
     
952,198
 
Quarterly average deposits
   
1,035,990
     
981,760
     
862,555
 
Quarterly average equity
   
117,187
     
113,342
     
108,946
 

Page 11 of 12

Reconciliation of Certain Non-GAAP Financial Measures (unaudited)
   
Three Months Ended
   
Nine Months Ended
 
   
Sep. 30, 2020
   
Jun. 30, 2020
   
Sep. 30, 2019
   
Sep. 30, 2020
   
Sep. 30, 2019
 
                               
Fully Taxable Equivalent Net Interest Income
                             
Net interest income (GAAP)
 
$
8,468
   
$
8,473
   
$
8,552
   
$
25,359
   
$
25,442
 
FTE adjustment
   
49
     
49
     
53
     
134
     
212
 
Net interest income (FTE) (non-GAAP)
 
$
8,517
   
$
8,522
   
$
8,605
   
$
25,493
   
$
25,654
 
Noninterest income (GAAP)
   
3,657
     
3,958
     
3,737
     
10,893
     
10,726
 
Total revenue (FTE) (non-GAAP)
 
$
12,174
   
$
12,480
   
$
12,342
   
$
36,386
   
$
36,380
 
Noninterest expense (GAAP)
   
10,664
     
9,204
     
9,696
     
29,898
     
28,495
 
                                         
Average earning assets
 
$
1,159,258
   
$
1,067,679
   
$
952,198
   
$
1,063,687
   
$
940,884
 
Net interest margin
   
2.91
%
   
3.19
%
   
3.56
%
   
3.18
%
   
3.62
%
Net interest margin (FTE)
   
2.92
%
   
3.21
%
   
3.58
%
   
3.20
%
   
3.65
%
                                         
Efficiency ratio
   
87.95
%
   
74.04
%
   
78.90
%
   
82.47
%
   
78.79
%
Efficiency ratio (FTE)
   
87.59
%
   
73.75
%
   
78.57
%
   
82.17
%
   
78.33
%
                                         
Tangible Book Value Per Share
                                       
Total Stockholders Equity (GAAP)
 
$
116,875
   
$
115,869
   
$
109,063
                 
Less goodwill
   
1,650
     
1,650
     
1,650
                 
Less core deposit intangible
   
330
     
341
     
374
                 
Tangible Stockholders Equity (non-GAAP)
 
$
114,895
   
$
113,878
   
$
107,039
                 
                                         
Shares issued an d outstanding
   
5,222,385
     
5,221,244
     
5,199,169
                 
                                         
Book value per share
 
$
22.38
   
$
22.19
   
$
20.98
                 
Tangible book value per share
 
$
22.00
   
$
21.81
   
$
20.59
                 
                                         
ALLL as a Percentage of Loans Held for Investment
                                       
Loans held for investment  (net of deferred fees and costs) (GAAP)
 
$
871,890
   
$
856,613
   
$
740,810
                 
Less PPP originations
   
104,248
     
102,489
     
-
                 
Loans held for investment, (net of deferred fees and costs), excluding PPP (non-GAAP)
 
$
767,642
   
$
754,124
   
$
740,810
                 
                                         
ALLL
 
$
9,920
   
$
9,701
   
$
10,612
                 
                                         
ALLL as a Percentage of Loans Held for Investment
   
1.14
%
   
1.13
%
   
1.43
%
               
ALLL as a Percentage of Loans Held for Investment,
net of PPP originations
   
1.29
%
   
1.29
%
   
1.43
%
               


Page 12 of 12

View differences made from one to another to evaluate Old Point Financial Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Old Point Financial Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account