Virginia
|
000-12896
|
54-1265373
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
On April 28, 2017 Old Point Financial Corporation issued a press release reporting its earnings and financial results for the three months ended March 31, 2017. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference into this Item 2.02.
|
(d)
|
Exhibits
|
Exhibit 99.1 Press release dated April 28, 2017
|
Old Point Financial Corporation
|
||||
Registrant
|
||||
Date: April 28, 2017
|
|
/s/ Robert F. Shuford, Sr.
|
|
|
Robert F. Shuford, Sr.
|
||||
Chairman of the Board
|
||||
President & Chief Executive Officer
|
·
|
Net loans grow $30.2 million
|
·
|
Net interest margin increases to 3.69%
|
·
|
Low-cost deposits grow $16.7 million
|
·
|
Salaries and employee benefits (down $57 thousand or 1.11%): Per accounting rules, we are required to defer a portion of our employee costs when loans are booked. The growth in the loan portfolio in the first quarter of 2017 increased the amount of expense deferred, which lowered the total expense in this category.
|
·
|
Occupancy and equipment (up $91 thousand or 6.70%): We continue to improve our disaster recovery plan to minimize business interruptions. Purchases of additional equipment, which must be depreciated, and new service contracts both contributed to the increase in occupancy and equipment.
|
·
|
FDIC insurance (down $69 thousand or 41.82%): Beginning in the third quarter of 2016, the FDIC made changes to the way that insurance premiums are calculated. We expect future quarters to continue at approximately the same rate as the first quarter of 2017.
|
·
|
Employee professional development (up $88 thousand or 59.46%): Due to the planned retirement of our CFO in the second quarter of 2017, we have engaged an executive recruitment firm that specializes in identifying and evaluating senior executive talent for financial institutions. Expenses for this firm are included in this category of noninterest expense.
|
·
|
ATM and other losses (up $90 thousand or 103.45%): Branch robberies and fraud losses increased this expense in the first quarter of 2017.
|
·
|
Loss on other real estate owned (down $99 thousand or 100.00%): In 2016, we worked diligently to sell the properties held in other real estate owned. With sales on the remaining two properties scheduled to close in the second quarter of 2017, we recorded no gains or losses in the first quarter of 2017. We do not anticipate any material losses from the sales of these remaining two properties.
|
Old Point Financial Corporation and Subsidiaries
|
||||||||
Consolidated Balance Sheets
|
March 31,
|
December 31,
|
||||||
(dollars in thousands, except per share data)
|
2017
|
2016
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
19,264
|
$
|
21,885
|
||||
Interest-bearing due from banks
|
563
|
1,667
|
||||||
Federal funds sold
|
683
|
2,302
|
||||||
Cash and cash equivalents
|
20,510
|
25,854
|
||||||
Securities available-for-sale, at fair value
|
195,198
|
199,365
|
||||||
Restricted securities
|
977
|
970
|
||||||
Loans, net of allowance for loan losses of $8,523 and $8,245
|
625,787
|
595,637
|
||||||
Premises and equipment, net
|
38,876
|
39,324
|
||||||
Bank-owned life insurance
|
25,404
|
25,206
|
||||||
Other real estate owned, net of valuation allowance of $1,026
|
1,067
|
1,067
|
||||||
Other assets
|
14,957
|
15,543
|
||||||
Total assets
|
$
|
922,776
|
$
|
902,966
|
||||
Liabilities & Stockholders' Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing deposits
|
$
|
233,640
|
$
|
228,641
|
||||
Savings deposits
|
356,175
|
344,452
|
||||||
Time deposits
|
203,577
|
211,409
|
||||||
Total deposits
|
793,392
|
784,502
|
||||||
Overnight repurchase agreements
|
28,128
|
18,704
|
||||||
Accrued expenses and other liabilities
|
6,135
|
5,770
|
||||||
Total liabilities
|
827,655
|
808,976
|
||||||
Commitments and contingencies
|
||||||||
Stockholders' equity:
|
||||||||
Common stock, $5 par value, 10,000,000 shares authorized;
|
||||||||
4,977,267 and 4,961,258 shares issued and outstanding
|
24,886
|
24,806
|
||||||
Additional paid-in capital
|
16,655
|
16,427
|
||||||
Retained earnings
|
57,360
|
56,965
|
||||||
Accumulated other comprehensive loss, net
|
(3,780
|
)
|
(4,208
|
)
|
||||
Total stockholders' equity
|
95,121
|
93,990
|
||||||
Total liabilities and stockholders' equity
|
$
|
922,776
|
$
|
902,966
|
Old Point Financial Corporation and Subsidiaries
|
||||||||
Consolidated Statements of Income
|
||||||||
(dollars in thousands, except per share data)
|
Three Months Ended
|
|||||||
March 31,
|
||||||||
2017
|
2016
|
|||||||
(unaudited)
|
||||||||
Interest and Dividend Income:
|
||||||||
Interest and fees on loans
|
$
|
6,780
|
$
|
6,413
|
||||
Interest on due from banks
|
5
|
4
|
||||||
Interest on federal funds sold
|
3
|
1
|
||||||
Interest on securities:
|
||||||||
Taxable
|
496
|
548
|
||||||
Tax-exempt
|
427
|
384
|
||||||
Dividends and interest on all other securities
|
14
|
15
|
||||||
Total interest and dividend income
|
7,725
|
7,365
|
||||||
Interest Expense:
|
||||||||
Interest on savings deposits
|
64
|
55
|
||||||
Interest on time deposits
|
519
|
517
|
||||||
Interest on federal funds purchased, securities sold under
|
||||||||
agreements to repurchase and other borrowings
|
5
|
6
|
||||||
Interest on Federal Home Loan Bank advances
|
0
|
141
|
||||||
Total interest expense
|
588
|
719
|
||||||
Net interest income
|
7,137
|
6,646
|
||||||
Provision for loan losses
|
650
|
150
|
||||||
Net interest income after provision for loan losses
|
6,487
|
6,496
|
||||||
Noninterest Income:
|
||||||||
Income from fiduciary activities
|
966
|
901
|
||||||
Service charges on deposit accounts
|
927
|
975
|
||||||
Other service charges, commissions and fees
|
1,016
|
1,018
|
||||||
Income from bank-owned life insurance
|
198
|
215
|
||||||
Gain on sale of available-for-sale securities, net
|
0
|
509
|
||||||
Other operating income
|
56
|
47
|
||||||
Total noninterest income
|
3,163
|
3,665
|
||||||
Noninterest Expense:
|
||||||||
Salaries and employee benefits
|
5,097
|
5,154
|
||||||
Occupancy and equipment
|
1,449
|
1,358
|
||||||
Data processing
|
414
|
422
|
||||||
FDIC insurance
|
96
|
165
|
||||||
Customer development
|
144
|
150
|
||||||
Legal and audit expenses
|
174
|
202
|
||||||
Other outside service fees
|
199
|
183
|
||||||
Employee professional development
|
236
|
148
|
||||||
Capital stock tax
|
143
|
135
|
||||||
ATM and other losses
|
177
|
87
|
||||||
Prepayment fee on Federal Home Loan Bank advance
|
0
|
391
|
||||||
Loss on other real estate owned
|
0
|
99
|
||||||
Other operating expenses
|
577
|
597
|
||||||
Total noninterest expense
|
8,706
|
9,091
|
||||||
Income before income taxes
|
944
|
1,070
|
||||||
Income tax expense
|
2
|
49
|
||||||
Net income
|
$
|
942
|
$
|
1,021
|
||||
Basic Earnings per Share:
|
||||||||
Average shares outstanding
|
4,977,267
|
4,959,009
|
||||||
Net income per share of common stock
|
$
|
0.19
|
$
|
0.21
|
||||
Diluted Earnings per Share:
|
||||||||
Average shares outstanding
|
4,991,864
|
4,959,009
|
||||||
Net income per share of common stock
|
$
|
0.19
|
$
|
0.21
|
||||
Cash Dividends Declared per Share:
|
$
|
0.11
|
$
|
0.10
|
Old Point Financial Corporation and Subsidiaries
|
||||||||||||
Selected Ratios
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
2017
|
2016
|
2016
|
||||||||||
Net Interest Margin Year-to-Date
|
3.69
|
%
|
3.66
|
%
|
3.62
|
%
|
||||||
NPAs/Total Assets
|
1.63
|
%
|
1.23
|
%
|
1.38
|
%
|
||||||
Annualized Net Charge Offs/Total Loans
|
0.23
|
%
|
0.24
|
%
|
0.06
|
%
|
||||||
Allowance for Loan Losses/Total Loans
|
1.34
|
%
|
1.37
|
%
|
1.36
|
%
|
||||||
Non-Performing Assets (NPAs) (in thousands)
|
||||||||||||
Nonaccrual Loans
|
$
|
11,032
|
$
|
7,159
|
$
|
6,457
|
||||||
Loans > 90 days past due, but still accruing interest
|
2,957
|
2,884
|
3,092
|
|||||||||
Non-Performing Restructured Loans
|
0
|
0
|
0
|
|||||||||
Other real estate owned
|
1,067
|
1,067
|
2,243
|
|||||||||
Total Non-Performing Assets
|
$
|
15,056
|
$
|
11,110
|
$
|
11,792
|
||||||
Other Selected Numbers (in thousands)
|
||||||||||||
Loans Charged Off Year-to-Date, net of recoveries
|
$
|
371
|
$
|
1,423
|
$
|
86
|
||||||
Year-to-Date Average Loans
|
$
|
616,357
|
$
|
585,206
|
$
|
570,344
|
||||||
Year-to-Date Average Assets
|
$
|
900,443
|
$
|
886,058
|
$
|
863,515
|
||||||
Year-to-Date Average Earning Assets
|
$
|
800,615
|
$
|
768,719
|
$
|
759,463
|
||||||
Year-to-Date Average Deposits
|
$
|
779,483
|
$
|
744,904
|
$
|
725,517
|
||||||
Year-to-Date Average Equity
|
$
|
94,482
|
$
|
95,280
|
$
|
94,470
|
,#CGFOD
MT9P#GD' ]*]"^"-U+#\5=*CCQLGCFC?([>4[\?BBT ?6=%%% !29YQBEKG_&
M?BJU\'^&;O5KGEHUVPQ\9DD/"@ D9YY(!S@&@#"^)?Q&L_!>C3Q02+)K$J;8
M(4D3=&6#8D93DX&WT()P.]>"_#WP???$?Q@USJ$TDEK')]HOKB4.WF_-GR]P
MQAF!]1@9(Z5SNW5O'GB_G$VJ:E.%)V8 R.I"CA5[D#@ U]?>$_#%CX1\/P:5
M8*P1/GD9G+%Y"!N;/OCL /:@#5M+2WL+2*TM((X+>%0D<4:A511T Z5-110
M 4444 %5M0OK;3-/GOKR9(;>!"\CNP4 #W) JS7S7\'SZOJK^%["4-I]HP
M^T%55O-F&=,YV6\!++YKXSC<%.WC)R: .E=PB,[<*HR3[5YCXF^./A
MG2%GM]-DGOK]/EVK;L$1O]HL5X^F:\ \6>.M:\8:C/=7MU)' X 6TBE?R4&>
M@4L>N.?6N9XZ= "3^&,T :6O:U<^(];OM7NXH4GNY?,D6$$(IP.@))[>IK,7
M('&.#^O']*7'&.N>GYT#G(]?TZ_UH .=QX]C]$=8&I:3+&EP8S
M$3)&'4JVT]#]!^7UK%R/O9([X]^M+C.T'CG!% 'M&A?M":TD\2Z[96DEKG#R
M6D!\SK[R 9Z]J]T\->*-+\6Z4NI:3*\D!)5M\90HPZJ0>_TR/>OB,=F([X_K
M_.N@\'^+[[P7KD>HV0\U57;/;L[*DJXZ-CJ0.A.<'G!Z4 ?9]U=165K-=7#;
M((8VDD?&=J@9/ YZ"ODKXA^,[OXB^+(X[09LXY/(T^)D"$ARHRQR>6..IP!C
M@
+_,;%GD9Z^9#SC_MI7U110!\E2_!7Q\LK*FA;U!P
M'^UP#//7&_\ SBHG^#?C^+)?P^Q4L "MU"Q_(/7UU10!\@_\*A\>9S_PCL_J
M/W\7/3_:H_X5!X[ P?#TY'3_ %T70?\ J^OJ* /D _"#Q[SCP[/G!_Y;Q=>
M?]K_ #^%._X5%X[)Q_PCLP .!^^BP?PW<5]>T4 ?)UK\$?',LA$^CFW7&<_:
MH'R?P?W/Y5NV?[/^N3-&;J[^S90%OW2.%/IQ)^M?2E% 'A=G^S?;*%-WXEG?
M@9$5H$Q^)=JZ32O@/X3TR996FO[L@ ;+DQ.G'MY?^<"O4** *6G:/IFD1^7I
MNG6EFAZBW@6,'_OD"KM%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110!\$G)4Y(#8!.?7BC))R,9//TZ_P"?SH'W1]!C'7./
M\*>,[AGJ&YH Z'P5XLN?!>L3:G911271M3#%YJEE!+J3N (XV@_B15WPEH-_
M\2?'B1W3._VB5KF^G1=H52