Virginia
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000-12896
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54-1265373
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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On October 25, 2011 Old Point Financial Corporation issued a press release reporting earnings and their financial results for the three and nine months ended September 30, 2011. A copy of the press release is attached as Exhibit 99.1.
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(c) Exhibits
Exhibit 99.1 Press release dated October 25, 2011
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Old Point Financial Corporation
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Registrant
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Date: October 25, 2011
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/s/ Robert F. Shuford, Sr.
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Robert F. Shuford, Sr.
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Chairman of the Board
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President & Chief Executive Officer
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Old Point Financial Corporation and Subsidiaries
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Consolidated Balance Sheet
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(dollars in thousands, except share data)
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September 30,
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December 31,
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||||||
2011
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2010
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|||||||
(unaudited)
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||||||||
Assets
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||||||||
Cash and due from banks
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$ | 13,121 | $ | 14,207 | ||||
Interest-bearing due from banks
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30,801 | 1,396 | ||||||
Federal funds sold
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2,598 | 12,828 | ||||||
Cash and cash equivalents
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46,520 | 28,431 | ||||||
Securities available-for-sale, at fair value
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209,348 | 206,092 | ||||||
Securities held-to-maturity (fair value approximates $2,272 and $1,957)
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2,252 | 1,952 | ||||||
Restricted securities
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3,679 | 4,320 | ||||||
Loans, net of allowance for loan losses of $9,752 and $13,228
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517,282 | 573,391 | ||||||
Premises and equipment, net
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30,075 | 29,616 | ||||||
Bank owned life insurance
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21,383 | 18,020 | ||||||
Foreclosed assets, net of valuation allowance of $2,318 and $2,124
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11,038 | 11,448 | ||||||
Other assets
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10,992 | 13,572 | ||||||
$ | 852,569 | $ | 886,842 | |||||
Liabilities & Stockholders' Equity
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Deposits:
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Noninterest-bearing deposits
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$ | 159,163 | $ | 129,208 | ||||
Savings deposits
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232,084 | 225,210 | ||||||
Time deposits
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299,155 | 324,796 | ||||||
Total deposits
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690,402 | 679,214 | ||||||
Federal funds purchased and other borrowings
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619 | 731 | ||||||
Overnight repurchase agreements
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37,877 | 50,757 | ||||||
Term repurchase agreements
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1,916 | 38,959 | ||||||
Federal Home Loan Bank advances
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35,000 | 35,000 | ||||||
Accrued expenses and other liabilities
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1,413 | 1,229 | ||||||
Total liabilities
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767,227 | 805,890 | ||||||
Commitments and contingencies
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Stockholders' equity:
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Common stock, $5 par value, 10,000,000 shares authorized; 4,959,009 and 4,936,989 shares issued and outstanding
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24,795 | 24,685 | ||||||
Additional paid-in capital
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16,283 | 16,026 | ||||||
Retained earnings
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44,490 | 42,810 | ||||||
Accumulated other comprehensive loss
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(226 | ) | (2,569 | ) | ||||
Total stockholders' equity
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85,342 | 80,952 | ||||||
$ | 852,569 | $ | 886,842 |
Old Point Financial Corporation and Subsidiaries
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Consolidated Statements of Income
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(dollars in thousands, except per share data)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2011
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2010
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2011
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2010
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(unaudited)
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(unaudited)
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Interest and Dividend Income:
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Interest and fees on loans
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$ | 7,923 | $ | 9,237 | $ | 24,517 | $ | 27,982 | ||||||||
Interest on due from banks
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3 | 1 | 4 | 2 | ||||||||||||
Interest on federal funds sold
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7 | 15 | 21 | 64 | ||||||||||||
Interest on securities:
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Taxable
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1,010 | 854 | 2,809 | 2,508 | ||||||||||||
Tax-exempt
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32 | 53 | 109 | 221 | ||||||||||||
Dividends and interest on all other securities
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17 | 12 | 49 | 32 | ||||||||||||
Total interest and dividend income
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8,992 | 10,172 | 27,509 | 30,809 | ||||||||||||
Interest Expense:
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Interest on savings and interest-bearing demand deposits
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101 | 108 | 310 | 302 | ||||||||||||
Interest on time deposits
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1,071 | 1,605 | 3,480 | 5,169 | ||||||||||||
Interest on federal funds purchased, securities sold under agreements to repurchase and other borrowings
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17 | 109 | 88 | 471 | ||||||||||||
Interest on Federal Home Loan Bank advances
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430 | 430 | 1,275 | 1,970 | ||||||||||||
Total interest expense
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1,619 | 2,252 | 5,153 | 7,912 | ||||||||||||
Net interest income
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7,373 | 7,920 | 22,356 | 22,897 | ||||||||||||
Provision for loan losses
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600 | 1,500 | 2,900 | 7,500 | ||||||||||||
Net interest income, after provision for loan losses
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6,773 | 6,420 | 19,456 | 15,397 | ||||||||||||
Noninterest Income:
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Income from fiduciary activities
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714 | 718 | 2,245 | 2,320 | ||||||||||||
Service charges on deposit accounts
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1,090 | 1,069 | 3,157 | 3,663 | ||||||||||||
Other service charges, commissions and fees
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727 | 719 | 2,285 | 2,164 | ||||||||||||
Income from bank owned life insurance
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208 | 216 | 613 | 816 | ||||||||||||
Gain on sale of available-for-sale securities, net
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386 | 541 | 437 | 541 | ||||||||||||
Other operating income
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76 | 130 | 219 | 311 | ||||||||||||
Total noninterest income
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3,201 | 3,393 | 8,956 | 9,815 | ||||||||||||
Noninterest Expense:
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Salaries and employee benefits
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4,835 | 4,539 | 14,360 | 13,692 | ||||||||||||
Occupancy and equipment
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1,090 | 1,085 | 3,226 | 3,235 | ||||||||||||
FDIC insurance
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272 | 404 | 943 | 1,050 | ||||||||||||
Data processing
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359 | 316 | 1,025 | 918 | ||||||||||||
Customer development
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224 | 215 | 663 | 656 | ||||||||||||
Advertising
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131 | 177 | 418 | 528 | ||||||||||||
Loan expenses
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210 | 118 | 628 | 481 | ||||||||||||
Other outside service fees
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163 | 158 | 464 | 357 | ||||||||||||
Employee professional development
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136 | 119 | 449 | 379 | ||||||||||||
Postage and courier expense
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124 | 123 | 367 | 394 | ||||||||||||
Legal and audit expenses
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176 | 245 | 539 | 564 | ||||||||||||
Loss on write-down/sale of foreclosed assets
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368 | 481 | 826 | 430 | ||||||||||||
Other operating expenses
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451 | 422 | 1,297 | 1,424 | ||||||||||||
Total noninterest expenses
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8,539 | 8,402 | 25,205 | 24,108 | ||||||||||||
Income before income taxes
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1,435 | 1,411 | 3,207 | 1,104 | ||||||||||||
Income tax expense
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392 | 376 | 784 | 7 | ||||||||||||
Net income
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$ | 1,043 | $ | 1,035 | $ | 2,423 | $ | 1,097 | ||||||||
Basic Earnings per Share:
|
||||||||||||||||
Average shares outstanding
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4,957,623 | 4,930,578 | 4,950,056 | 4,925,571 | ||||||||||||
Net income per share of common stock
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$ | 0.21 | $ | 0.21 | $ | 0.49 | $ | 0.22 | ||||||||
Diluted Earnings per Share:
|
||||||||||||||||
Average shares outstanding
|
4,957,623 | 4,932,731 | 4,950,056 | 4,931,977 | ||||||||||||
Net income per share of common stock
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$ | 0.21 | $ | 0.21 | $ | 0.49 | $ | 0.22 | ||||||||
Cash Dividends Declared
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$ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.20 |
Old Point Financial Corporation and Subsidiaries
|
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Selected Ratios
|
September 30,
|
June 30,
|
December 31,
|
September 30,
|
||||||||||||
2011
|
2011
|
2010
|
2010
|
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Net Interest Margin Year-to-Date
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3.83 | % | 3.81 | % | 3.63 | % | 3.57 | % | ||||||||
NPAs/Total Assets
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2.77 | % | 2.41 | % | 3.84 | % | 3.70 | % | ||||||||
Annualized Net Charge Offs/Total Loans
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1.61 | % | 2.06 | % | 0.59 | % | 0.70 | % | ||||||||
Allowance for Loan Losses/Total Loans
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1.85 | % | 1.85 | % | 2.25 | % | 1.96 | % | ||||||||
Non-Performing Assets (NPAs) (in thousands)
|
||||||||||||||||
Nonaccrual Loans
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$ | 12,348 | $ | 8,959 | $ | 20,881 | $ | 23,636 | ||||||||
Loans> 90 days past due, but still accruing interest
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193 | 266 | 73 | 243 | ||||||||||||
Non-Performing Restructured Loans
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0 | 0 | 1,639 | 0 | ||||||||||||
Foreclosed Assets
|
11,038 | 10,797 | 11,448 | 10,140 | ||||||||||||
Total Non-Performing Assets
|
$ | 23,579 | $ | 20,022 | $ | 34,041 | $ | 34,019 | ||||||||
Loans Charged Off Year-to-Date, net of recoveries (in thousands)
|
$ | 6,376 | $ | 5,554 | $ | 3,436 | $ | 3,259 |
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