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 28, 2013 Old Point Financial Corporation issued a press release reporting earnings and their financial results for the three and nine months ended September 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 October 28, 2013
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Old Point Financial Corporation
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Registrant
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Date: October 28, 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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September 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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$ | 15,527 | $ | 15,982 | ||||
Interest-bearing due from banks
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49,256 | 24,732 | ||||||
Federal funds sold
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1,931 | 1,603 | ||||||
Cash and cash equivalents
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66,714 | 42,317 | ||||||
Securities available-for-sale, at fair value
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158,147 | 329,456 | ||||||
Securities held-to-maturity (fair value approximates $94,838 and $574)
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93,819 | 570 | ||||||
Restricted securities
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2,378 | 2,562 | ||||||
Loans, net of allowance for loan losses of $6,980 and $7,324
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473,187 | 463,809 | ||||||
Premises and equipment, net
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38,464 | 32,528 | ||||||
Bank owned life insurance
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22,472 | 21,824 | ||||||
Foreclosed assets, net of valuation allowance of $1,717 and $1,870
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6,888 | 6,574 | ||||||
Other assets
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14,488 | 7,859 | ||||||
Total assets
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$ | 876,557 | $ | 907,499 | ||||
Liabilities & Stockholders' Equity
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Deposits:
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Noninterest-bearing deposits
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$ | 180,462 | $ | 176,740 | ||||
Savings deposits
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279,578 | 268,253 | ||||||
Time deposits
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270,784 | 308,823 | ||||||
Total deposits
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730,824 | 753,816 | ||||||
Overnight repurchase agreements
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37,020 | 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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3,145 | 2,157 | ||||||
Total liabilities
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796,400 | 818,199 | ||||||
Commitments and contingencies
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Stockholders' equity:
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Common stock, $5 par value, 10,000,000 shares authorized;
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4,959,009 shares issued and outstanding
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24,795 | 24,795 | ||||||
Additional paid-in capital
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16,392 | 16,392 | ||||||
Retained earnings
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50,465 | 48,305 | ||||||
Accumulated other comprehensive income (loss)
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(11,495 | ) | (192 | ) | ||||
Total stockholders' equity
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80,157 | 89,300 | ||||||
Total liabilities and stockholders' equity
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$ | 876,557 | $ | 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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Nine Months Ended
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September 30,
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September 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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$ | 5,884 | $ | 6,495 | $ | 17,783 | $ | 20,313 | ||||||||
Interest on due from banks
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36 | 17 | 69 | 43 | ||||||||||||
Interest on federal funds sold
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0 | 0 | 1 | 1 | ||||||||||||
Interest on securities:
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Taxable
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949 | 1,229 | 3,526 | 3,830 | ||||||||||||
Tax-exempt
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369 | 202 | 921 | 444 | ||||||||||||
Dividends and interest on all other securities
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25 | 15 | 69 | 61 | ||||||||||||
Total interest and dividend income
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7,263 | 7,958 | 22,369 | 24,692 | ||||||||||||
Interest Expense:
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Interest on savings deposits
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71 | 95 | 227 | 283 | ||||||||||||
Interest on time deposits
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757 | 971 | 2,407 | 2,910 | ||||||||||||
Interest on federal funds purchased, securities sold under
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agreements to repurchase and other borrowings
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7 | 10 | 26 | 42 | ||||||||||||
Interest on Federal Home Loan Bank advances
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309 | 338 | 916 | 1,188 | ||||||||||||
Total interest expense
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1,144 | 1,414 | 3,576 | 4,423 | ||||||||||||
Net interest income
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6,119 | 6,544 | 18,793 | 20,269 | ||||||||||||
Provision for loan losses
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300 | 750 | 800 | 1,950 | ||||||||||||
Net interest income, after provision for loan losses
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5,819 | 5,794 | 17,993 | 18,319 | ||||||||||||
Noninterest Income:
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Income from fiduciary activities
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869 | 777 | 2,634 | 2,396 | ||||||||||||
Service charges on deposit accounts
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1,082 | 1,050 | 3,115 | 3,153 | ||||||||||||
Other service charges, commissions and fees
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881 | 854 | 2,651 | 2,531 | ||||||||||||
Income from bank-owned life insurance
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215 | 694 | 647 | 1,143 | ||||||||||||
Income from Old Point Mortgage
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99 | 51 | 403 | 176 | ||||||||||||
Gain (loss) on sale of available-for-sale securities, net
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(5 | ) | 620 | (26 | ) | 1,704 | ||||||||||
Other operating income
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56 | 60 | 170 | 151 | ||||||||||||
Total noninterest income
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3,197 | 4,106 | 9,594 | 11,254 | ||||||||||||
Noninterest Expense:
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Salaries and employee benefits
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4,554 | 5,260 | 14,281 | 15,440 | ||||||||||||
Occupancy and equipment
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1,098 | 1,111 | 3,289 | 3,274 | ||||||||||||
Data processing
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413 | 449 | 1,247 | 1,223 | ||||||||||||
FDIC insurance
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172 | 284 | 529 | 851 | ||||||||||||
Customer development
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186 | 189 | 597 | 596 | ||||||||||||
Legal and audit expense
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156 | 174 | 391 | 583 | ||||||||||||
Other outside service fees
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113 | 136 | 322 | 429 | ||||||||||||
Employee professional development
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143 | 126 | 455 | 456 | ||||||||||||
Postage and courier expense
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120 | 118 | 363 | 361 | ||||||||||||
Advertising
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53 | 139 | 300 | 430 | ||||||||||||
Stationery and supplies
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111 | 117 | 327 | 335 | ||||||||||||
Bad checks and other losses
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107 | 103 | 247 | 240 | ||||||||||||
Capital stock tax
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105 | 61 | 297 | 185 | ||||||||||||
Loss on write-down/sale of foreclosed assets
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65 | 100 | 269 | 737 | ||||||||||||
Other operating expense
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380 | 386 | 1,137 | 1,108 | ||||||||||||
Total noninterest expense
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7,776 | 8,753 | 24,051 | 26,248 | ||||||||||||
Income before income taxes
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1,240 | 1,147 | 3,536 | 3,325 | ||||||||||||
Income tax expense
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203 | 73 | 583 | 534 | ||||||||||||
Net income
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$ | 1,037 | $ | 1,074 | $ | 2,953 | $ | 2,791 | ||||||||
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 | $ | 0.22 | $ | 0.60 | $ | 0.56 | ||||||||
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 | $ | 0.22 | $ | 0.60 | $ | 0.56 | ||||||||
Cash Dividends Declared
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$ | 0.06 | $ | 0.05 | $ | 0.16 | $ | 0.15 |
Old Point Financial Corporation and Subsidiaries
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Selected Ratios
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September 30,
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June 30,
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December 31
|
September 30,
|
||||||||||||
2013
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2013
|
2012
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2012
|
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Net Interest Margin Year-to-Date
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3.18 | % | 3.19 | % | 3.40 | % | 3.47 | % | ||||||||
NPAs/Total Assets
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1.92 | % | 1.86 | % | 1.95 | % | 2.06 | % | ||||||||
Annualized Net Charge Offs/Total Loans
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0.32 | % | 0.22 | % | 0.76 | % | 0.91 | % | ||||||||
Allowance for Loan Losses/Total Loans
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1.45 | % | 1.55 | % | 1.55 | % | 1.58 | % | ||||||||
Non-Performing Assets (NPAs) (in thousands)
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Nonaccrual Loans
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$ | 9,901 | $ | 9,243 | $ | 10,632 | $ | 10,901 | ||||||||
Loans > 90 days past due, but still accruing interest
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18 | 296 | 447 | 257 | ||||||||||||
Non-Performing Restructured Loans
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0 | 0 | 0 | 253 | ||||||||||||
Foreclosed Assets
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6,888 | 6,559 | 6,574 | 6,842 | ||||||||||||
Total Non-Performing Assets
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$ | 16,807 | $ | 16,098 | $ | 17,653 | $ | 18,253 | ||||||||
Other Selected Numbers (in thousands)
|
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Loans Charged Off Year-to-Date, net of recoveries
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$ | 1,144 | $ | 528 | $ | 3,574 | $ | 3,147 | ||||||||
Year-to-Date Average Loans
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$ | 466,801 | $ | 462,759 | $ | 478,220 | $ | 482,014 | ||||||||
Year-to-Date Average Assets
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$ | 883,153 | $ | 889,368 | $ | 869,436 | $ | 862,242 | ||||||||
Year-to-Date Average Earning Assets
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$ | 807,691 | $ | 812,646 | $ | 801,012 | $ | 790,519 | ||||||||
Year-to-Date Average Deposits
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$ | 738,659 | $ | 741,326 | $ | 718,802 | $ | 710,865 | ||||||||
Year-to-Date Average Equity
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$ | 85,824 | $ | 88,421 | $ | 87,912 | $ | 87,357 |
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