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 July 16, 2013 Old Point Financial Corporation issued a press release reporting earnings and their financial results for the three and six months ended June 30, 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 July 16, 2013
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Old Point Financial Corporation
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Registrant
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Date: July 16, 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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June 30,
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December 31,
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||||||
2013
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2012
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|||||||
(unaudited)
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Assets
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Cash and due from banks
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$ | 14,013 | $ | 15,982 | ||||
Interest-bearing due from banks
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40,214 | 24,732 | ||||||
Federal funds sold
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943 | 1,603 | ||||||
Cash and cash equivalents
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55,170 | 42,317 | ||||||
Securities available-for-sale, at fair value
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258,583 | 329,456 | ||||||
Securities held-to-maturity (fair value approximates $11,403 and $574)
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11,413 | 570 | ||||||
Restricted securities
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2,378 | 2,562 | ||||||
Loans, net of allowance for loan losses of $7,296 and $7,324
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462,212 | 463,809 | ||||||
Premises and equipment, net
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35,509 | 32,528 | ||||||
Bank owned life insurance
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22,257 | 21,824 | ||||||
Foreclosed assets, net of valuation allowance of $1,724 and $1,870
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6,559 | 6,574 | ||||||
Other assets
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12,800 | 7,859 | ||||||
Total assets
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$ | 866,881 | $ | 907,499 | ||||
Liabilities & Stockholders' Equity
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Deposits:
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Noninterest-bearing deposits
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$ | 177,839 | $ | 176,740 | ||||
Savings deposits
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270,821 | 268,253 | ||||||
Time deposits
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281,708 | 308,823 | ||||||
Total deposits
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730,368 | 753,816 | ||||||
Overnight repurchase agreements
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25,642 | 35,946 | ||||||
Term repurchase agreements
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411 | 1,280 | ||||||
Federal Home Loan Bank advances
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25,000 | 25,000 | ||||||
Accrued expenses and other liabilities
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2,963 | 2,157 | ||||||
Total liabilities
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784,384 | 818,199 | ||||||
Commitments and contingencies
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Stockholders' equity:
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Common stock, $5 par value, 10,000,000 shares authorized;
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4,959,009 shares issued and outstanding
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24,795 | 24,795 | ||||||
Additional paid-in capital
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16,392 | 16,392 | ||||||
Retained earnings
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49,725 | 48,305 | ||||||
Accumulated other comprehensive income (loss)
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(8,415 | ) | (192 | ) | ||||
Total stockholders' equity
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82,497 | 89,300 | ||||||
Total liabilities and stockholders' equity
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$ | 866,881 | $ | 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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Six Months Ended
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June 30,
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June 30,
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2013
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2012
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2013
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2012
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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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$ | 5,892 | $ | 6,750 | $ | 11,899 | $ | 13,819 | ||||||||
Interest on due from banks
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19 | 10 | 33 | 26 | ||||||||||||
Interest on federal funds sold
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0 | 1 | 1 | 1 | ||||||||||||
Interest on securities:
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Taxable
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1,253 | 1,379 | 2,577 | 2,601 | ||||||||||||
Tax-exempt
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287 | 148 | 552 | 242 | ||||||||||||
Dividends and interest on all other securities
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26 | 24 | 44 | 45 | ||||||||||||
Total interest and dividend income
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7,477 | 8,312 | 15,106 | 16,734 | ||||||||||||
Interest Expense:
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Interest on savings deposits
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69 | 94 | 156 | 188 | ||||||||||||
Interest on time deposits
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796 | 965 | 1,650 | 1,940 | ||||||||||||
Interest on federal funds purchased, securities sold under
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agreements to repurchase and other borrowings
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8 | 15 | 19 | 31 | ||||||||||||
Interest on Federal Home Loan Bank advances
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305 | 425 | 607 | 850 | ||||||||||||
Total interest expense
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1,178 | 1,499 | 2,432 | 3,009 | ||||||||||||
Net interest income
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6,299 | 6,813 | 12,674 | 13,725 | ||||||||||||
Provision for loan losses
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300 | 1,000 | 500 | 1,200 | ||||||||||||
Net interest income, after provision for loan losses
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5,999 | 5,813 | 12,174 | 12,525 | ||||||||||||
Noninterest Income:
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Income from fiduciary activities
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866 | 793 | 1,765 | 1,620 | ||||||||||||
Service charges on deposit accounts
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1,036 | 1,073 | 2,033 | 2,103 | ||||||||||||
Other service charges, commissions and fees
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912 | 880 | 1,771 | 1,677 | ||||||||||||
Income from bank-owned life insurance
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217 | 225 | 432 | 449 | ||||||||||||
Income from Old Point Mortgage
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218 | 94 | 304 | 125 | ||||||||||||
Gain (loss) on sale of available-for-sale securities, net
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(21 | ) | 770 | (21 | ) | 1,084 | ||||||||||
Other operating income
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57 | 46 | 113 | 91 | ||||||||||||
Total noninterest income
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3,285 | 3,881 | 6,397 | 7,149 | ||||||||||||
Noninterest Expense:
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Salaries and employee benefits
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4,806 | 5,220 | 9,727 | 10,180 | ||||||||||||
Occupancy and equipment
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1,079 | 1,069 | 2,191 | 2,163 | ||||||||||||
Data processing
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413 | 392 | 834 | 774 | ||||||||||||
FDIC insurance
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174 | 286 | 357 | 567 | ||||||||||||
Customer development
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205 | 203 | 411 | 407 | ||||||||||||
Legal and audit expense
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124 | 224 | 235 | 408 | ||||||||||||
Other outside service fees
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113 | 141 | 209 | 293 | ||||||||||||
Employee professional development
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181 | 188 | 313 | 330 | ||||||||||||
Postage and courier expense
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120 | 119 | 243 | 243 | ||||||||||||
Advertising
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124 | 147 | 247 | 292 | ||||||||||||
Stationery and supplies
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95 | 113 | 216 | 218 | ||||||||||||
Loss on write-down/sale of foreclosed assets
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77 | 380 | 204 | 637 | ||||||||||||
Other operating expense
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538 | 465 | 1,088 | 984 | ||||||||||||
Total noninterest expense
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8,049 | 8,947 | 16,275 | 17,496 | ||||||||||||
Income before income taxes
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1,235 | 747 | 2,296 | 2,178 | ||||||||||||
Income tax expense
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220 | 109 | 380 | 461 | ||||||||||||
Net income
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$ | 1,015 | $ | 638 | $ | 1,916 | $ | 1,717 | ||||||||
Basic Earnings per Share:
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Average shares outstanding
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4,959,009 | 4,959,009 | 4,959,009 | 4,959,009 | ||||||||||||
Net income per share of common stock
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$ | 0.21 | $ | 0.13 | $ | 0.39 | $ | 0.35 | ||||||||
Diluted Earnings per Share:
|
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Average shares outstanding
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4,959,009 | 4,959,009 | 4,959,009 | 4,959,009 | ||||||||||||
Net income per share of common stock
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$ | 0.21 | $ | 0.13 | $ | 0.39 | $ | 0.35 | ||||||||
Cash Dividends Declared
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$ | 0.05 | $ | 0.05 | $ | 0.10 | $ | 0.10 |
Old Point Financial Corporation and Subsidiaries
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Selected Ratios
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June 30,
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March 31,
|
December 31,
|
June 30,
|
||||||||||||
2013
|
2013
|
2012
|
2012
|
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Net Interest Margin Year-to-Date
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3.19 | % | 3.19 | % | 3.40 | % | 3.53 | % | ||||||||
NPAs/Total Assets
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1.88 | % | 1.81 | % | 1.95 | % | 1.89 | % | ||||||||
Annualized Net Charge Offs/Total Loans
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0.22 | % | 0.23 | % | 0.76 | % | 0.85 | % | ||||||||
Allowance for Loan Losses/Total Loans
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1.55 | % | 1.59 | % | 1.55 | % | 1.61 | % | ||||||||
Non-Performing Assets (NPAs) (in thousands)
|
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Nonaccrual Loans
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$ | 9,243 | $ | 9,988 | $ | 10,632 | $ | 8,848 | ||||||||
Loans > 90 days past due, but still accruing interest
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296 | 130 | 447 | 135 | ||||||||||||
Non-Performing Restructured Loans
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210 | 0 | 0 | 254 | ||||||||||||
Foreclosed Assets
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6,559 | 6,021 | 6,574 | 7,232 | ||||||||||||
Total Non-Performing Assets
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$ | 16,308 | $ | 16,139 | $ | 17,653 | $ | 16,469 | ||||||||
Other Selected Numbers (in thousands)
|
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Loans Charged Off Year-to-Date, net of recoveries
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$ | 528 | $ | 265 | $ | 3,574 | $ | 2,027 | ||||||||
Year-to-Date Average Loans
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$ | 462,759 | $ | 463,268 | $ | 478,220 | $ | 488,346 | ||||||||
Year-to-Date Average Assets
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$ | 889,368 | $ | 893,373 | $ | 869,436 | $ | 857,486 | ||||||||
Year-to-Date Average Earning Assets
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$ | 812,646 | $ | 818,008 | $ | 801,012 | $ | 785,858 | ||||||||
Year-to-Date Average Deposits
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$ | 741,326 | $ | 744,549 | $ | 718,802 | $ | 702,071 | ||||||||
Year-to-Date Average Equity
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$ | 88,421 | $ | 88,530 | $ | 87,912 | $ | 86,841 |
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