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 May 7, 2013 Old Point Financial Corporation issued a press release reporting earnings and their financial results for the three months ended March 31, 2013. A copy of the press release is attached as Exhibit 99.1.
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(c) Exhibits
Exhibit 99.1 Press release dated May 7, 2013
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Old Point Financial Corporation
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Registrant
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Date: May 7, 2013
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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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March 31,
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December 31,
|
||||||
2013
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2012
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
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$ | 14,573 | $ | 15,982 | ||||
Interest-bearing due from banks
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29,153 | 24,732 | ||||||
Federal funds sold
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1,229 | 1,603 | ||||||
Cash and cash equivalents
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44,955 | 42,317 | ||||||
Securities available-for-sale, at fair value
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321,645 | 329,456 | ||||||
Securities held-to-maturity (fair value approximates $573 and $574)
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570 | 570 | ||||||
Restricted securities
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2,378 | 2,562 | ||||||
Loans, net of allowance for loan losses of $7,259 and $7,324
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450,251 | 463,809 | ||||||
Premises and equipment, net
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34,059 | 32,528 | ||||||
Bank owned life insurance
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22,040 | 21,824 | ||||||
Foreclosed assets, net of valuation allowance of $1,756 and $1,870
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6,021 | 6,574 | ||||||
Other assets
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8,920 | 7,859 | ||||||
Total assets
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$ | 890,839 | $ | 907,499 | ||||
Liabilities & Stockholders' Equity
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Deposits:
|
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Noninterest-bearing deposits
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$ | 176,862 | $ | 176,740 | ||||
Savings deposits
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272,964 | 268,253 | ||||||
Time deposits
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297,415 | 308,823 | ||||||
Total deposits
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747,241 | 753,816 | ||||||
Overnight repurchase agreements
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26,339 | 35,946 | ||||||
Term repurchase agreements
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1,281 | 1,280 | ||||||
Federal Home Loan Bank advances
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25,000 | 25,000 | ||||||
Accrued expenses and other liabilities
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2,751 | 2,157 | ||||||
Total liabilities
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802,612 | 818,199 | ||||||
Commitments and contingencies
|
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Stockholders' equity:
|
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Common stock, $5 par value, 10,000,000 shares authorized;
|
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4,959,009 and 4,959,009 shares issued and outstanding
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24,795 | 24,795 | ||||||
Additional paid-in capital
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16,392 | 16,392 | ||||||
Retained earnings
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48,958 | 48,305 | ||||||
Accumulated other comprehensive income (loss)
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(1,918 | ) | (192 | ) | ||||
Total stockholders' equity
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88,227 | 89,300 | ||||||
Total liabilities and stockholders' equity
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$ | 890,839 | $ | 907,499 |
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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March 31,
|
||||||||
2013
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2012
|
|||||||
(unaudited)
|
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Interest and Dividend Income:
|
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Interest and fees on loans
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$ | 6,008 | $ | 7,069 | ||||
Interest on due from banks
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14 | 16 | ||||||
Interest on federal funds sold
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0 | 0 | ||||||
Interest on securities:
|
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Taxable
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1,324 | 1,222 | ||||||
Tax-exempt
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265 | 94 | ||||||
Dividends and interest on all other securities
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18 | 21 | ||||||
Total interest and dividend income
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7,629 | 8,422 | ||||||
Interest Expense:
|
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Interest on savings deposits
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87 | 94 | ||||||
Interest on time deposits
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862 | 976 | ||||||
Interest on federal funds purchased, securities sold under
|
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agreements to repurchase and other borrowings
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4 | 16 | ||||||
Interest on Federal Home Loan Bank advances
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302 | 425 | ||||||
Total interest expense
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1,255 | 1,511 | ||||||
Net interest income
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6,374 | 6,911 | ||||||
Provision for loan losses
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200 | 200 | ||||||
Net interest income, after provision for loan losses
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6,174 | 6,711 | ||||||
Noninterest Income:
|
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Income from fiduciary activities
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900 | 827 | ||||||
Service charges on deposit accounts
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997 | 1,030 | ||||||
Other service charges, commissions and fees
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859 | 797 | ||||||
Income from bank-owned life insurance
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215 | 224 | ||||||
Gain on sale of available-for-sale securities, net
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0 | 314 | ||||||
Other operating income
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142 | 76 | ||||||
Total noninterest income
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3,113 | 3,268 | ||||||
Noninterest Expense:
|
||||||||
Salaries and employee benefits
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4,921 | 4,960 | ||||||
Occupancy and equipment
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1,112 | 1,094 | ||||||
Data processing
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422 | 383 | ||||||
FDIC insurance
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183 | 281 | ||||||
Customer development
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206 | 204 | ||||||
Legal and audit expense
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111 | 184 | ||||||
Other outside service fees
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96 | 152 | ||||||
Employee professional development
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132 | 142 | ||||||
Postage and courier expense
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123 | 124 | ||||||
Advertising
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123 | 145 | ||||||
Stationery and supplies
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120 | 105 | ||||||
Loss on write-down/sale of foreclosed assets
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126 | 257 | ||||||
Other operating expense
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550 | 519 | ||||||
Total noninterest expense
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8,225 | 8,550 | ||||||
Income before income taxes
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1,062 | 1,429 | ||||||
Income tax expense
|
161 | 351 | ||||||
Net income
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$ | 901 | $ | 1,078 | ||||
Basic Earnings per Share:
|
||||||||
Average shares outstanding
|
4,959,009 | 4,959,009 | ||||||
Net income per share of common stock
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$ | 0.18 | $ | 0.22 | ||||
Diluted Earnings per Share:
|
||||||||
Average shares outstanding
|
4,959,009 | 4,959,009 | ||||||
Net income per share of common stock
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$ | 0.18 | $ | 0.22 | ||||
Cash Dividends Declared
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$ | 0.05 | $ | 0.05 |
Old Point Financial Corporation and Subsidiaries
|
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Selected Ratios
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
2013
|
2012
|
2012
|
||||||||||
Net Interest Margin Year-to-Date
|
3.19 | % | 3.40 | % | 3.59 | % | ||||||
NPAs/Total Assets
|
1.81 | % | 1.95 | % | 2.45 | % | ||||||
Annualized Net Charge Offs/Total Loans
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0.23 | % | 0.76 | % | 0.50 | % | ||||||
Allowance for Loan Losses/Total Loans
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1.59 | % | 1.55 | % | 1.65 | % | ||||||
Non-Performing Assets (NPAs) (in thousands)
|
||||||||||||
Nonaccrual Loans
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$ | 9,988 | $ | 10,632 | $ | 13,769 | ||||||
Loans > 90 days past due, but still accruing interest
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130 | 447 | 79 | |||||||||
Non-Performing Restructured Loans
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0 | 0 | 0 | |||||||||
Foreclosed Assets
|
6,021 | 6,574 | 7,439 | |||||||||
Total Non-Performing Assets
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$ | 16,139 | $ | 17,653 | $ | 21,287 | ||||||
Other Selected Numbers (in thousands)
|
||||||||||||
Loans Charged Off Year-to-Date, net of recoveries
|
$ | 265 | $ | 3,574 | $ | 611 | ||||||
Year-to-Date Average Loans
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$ | 463,268 | $ | 478,220 | $ | 495,619 | ||||||
Year-to-Date Average Assets
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$ | 893,373 | $ | 869,436 | $ | 850,069 | ||||||
Year-to-Date Average Earning Assets
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$ | 818,008 | $ | 801,012 | $ | 777,856 | ||||||
Year-to-Date Average Deposits
|
$ | 744,549 | $ | 718,802 | $ | 694,049 | ||||||
Year-to-Date Average Equity
|
$ | 88,530 | $ | 87,912 | $ | 86,358 |
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