PR Newswire | Jul 27, 2020 08:31AM EDT

07/27 07:30 CDT

Old Point Releases Second Quarter 2020 Results HAMPTON, Va., July 27, 2020

HAMPTON, Va., July 27, 2020 /PRNewswire/ -- Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $2.5 million and earnings per diluted common share of $0.48 for the quarter ended June 30, 2020, as compared to net income of $1.6 million or $0.31 earnings per diluted common share for the second quarter of 2019. Net income for the six months ended June 30, 2020 and 2019 was $3.7 million, or $0.72 earnings per diluted common share, and $3.7 million, or $0.70 earnings per diluted common share, respectively.

Robert Shuford, Jr., Chairman, President, and CEO of the Company and Old Point National Bank (the Bank) said, "The COVID-19 pandemic continues to challenge the Company and our country in unprecedented ways and our focus remains on the health and well-being of our employees, our customers, and our community. We have taken physical and financial measures to assist our employees, enhanced our online presence to assist our customers, and continued to provide a full suite of uninterrupted financial services to our community. Additionally, our team embraced our participation in the Small Business Administration's Paycheck Protection Program (PPP), working tirelessly and making every possible effort to help over 1,000 small businesses.

In light of the continued challenging conditions related to COVID-19 and its economic effects, we remain committed to preservation of capital, liquidity and operational capabilities. While experiencing continued improvement in asset quality, we are mindful there is not sufficient visibility to estimate future potential impacts from the COVID-19 pandemic. Asset quality on an industry-wide basis may decline as loan payment deferrals and government assistance related to COVID-19 expire during the third quarter, but our enhanced watch credit process should assist with timely mitigation of potential credit quality softening.

Old Point has navigated many crises over the last 97 years and we remain optimistic and are confident that prudent balance sheet management, controlling expenses, and careful asset quality monitoring will help to guide us through this difficult time."

Highlights of the quarter are as follows:

* Total assets were $1.2 billion at June 30 2020, growing $166.8 million or 15.8% from December 31, 2019. * Net loans grew $108.8 million from December 31, 2019 to June 30, 2020. As of June 30, 2020, approximately 1,085 PPP loans totaling $102.5 million had been originated. * Deposits grew $122.4 million to $1.0 billion at June 30, 2020 from December 31, 2019. * Non-performing assets (NPAs) remained essentially steady at $7.0 million as of June 30, 2020 and March 31, 2020, decreasing from $12.4 million at June 30, 2019. NPAs as a percentage of total assets improved to 0.57% at June 30, 2020 which compared to 0.65% at March 31, 2020 and 1.21% at June 30, 2019. * Net interest income remained essentially steady at $8.5 million for the second quarter of 2020 compared to $8.4 million for the first quarter of 2020 and $8.5 million for the second quarter of 2019. * Noninterest income increased $680 thousand to $4.0 million for the second quarter of 2020 compared to $3.3 million for the first quarter of 2020 and $3.6 million for the second quarter of 2019. * Noninterest expense decreased 8.2%, or $826 thousand, during the second quarter of 2020 compared to the first quarter and 3.2%, or $304 thousand from the second quarter of 2019.

Net Interest IncomeNet interest income for the second quarter of 2020 was $8.5 million, an increase of $55 thousand, or 0.7%, from the prior quarter and a decrease of $58 thousand, or 0.7%, from the second quarter of 2019. The slight movements quarter-over-quarter and prior-year comparative quarter were primarily due to higher balances in both average earning assets and average interest bearing liabilities but at lower average earning yields partially offset by lower interest bearing costs.

Net interest margin (on a fully tax-equivalent basis) compressed to 3.21% for the second quarter of 2020 down from 3.53% for the first quarter of 2020 and 3.68% for the second quarter of 2019. While accretive to net interest income, the net interest margin was compressed by PPP loan originations, which have a fixed interest rate of 1%. Related loan fees and costs are deferred at time of loan origination and amortized into interest income over the remaining lives of the loans, which for the majority of PPP loans was 24 months at origination. Recognition of these deferred fees and costs will be accelerated upon forgiveness or repayment of the PPP loans. The net interest margin was also impacted by increased levels of liquidity invested at lower yielding short-term levels.

Asset QualityNPAs totaled $7.0 million as of June 30 and March 31, 2020, down from $12.4 million at June 30, 2019. NPAs as a percentage of total assets improved to 0.57%, compared to 0.65% at March 31, 2020 and 1.21% at June 30, 2019. Non-accrual loans were $5.1 million at June 30, 2020, down from $5.5 million at March 31, 2020 and $11.2 million at June 30, 2019. Loans past due 90 days or more and still accruing interest increased $400 thousand to $1.7 million at June 30, 2020 from $1.3 million at March 31, 2020 and by $433 thousand from $1.2 million at June 30, 2019. The increase during the second quarter of 2020 was attributable to one government-guaranteed commercial credit which was in process of collection. Of the loans past due 90 days or more at June 30, 2020, approximately $876 thousand were government-guaranteed student loans.

The Company recognized a provision for loan losses of $300 thousand during each of the first and second quarters of 2020 compared to $787 thousand in the second quarter of 2019. The allowance for loan and lease losses (ALLL) was $9.7 million at June 30, 2020 and March 31, 2020 compared to $10.8 million at June 30, 2019. The ALLL as a percentage of loans held for investment was 1.13% at June 30, 2020 compared to 1.27% at March 31, 2020 and 1.41% at June 30, 2019. The decrease in the ALLL as a percentage of loans held for investment at June 30, 2020 was directly attributable to PPP loan originations, creating a 0.16% compression. Excluding PPP loans, the ALLL as a percentage of loans held for investment was 1.29% at June 30, 2020. Historical annualized net charge offs as a percentage of average loans outstanding decreased slightly to 0.13% for the second quarter of 2020 compared to 0.15% for the first quarter of 2020 and 0.06% in the second quarter of 2019. The Company's significant improvement in non-performing assets and year-over-year positive quantitative factors are balanced by increased qualitative factors related to COVID-19 deferral requests, changes in volume, and economic uncertainty. As the economic impact of the COVID-19 pandemic continues to evolve, elevated levels of risk within the loan portfolio may require additional increases in the allowance for loan losses.

On March 22, 2020 and subsequently revised on April 7, 2020, the five federal bank regulatory agencies issued joint guidance encouraging action with respect to loan modifications for borrowers affected by COVID-19. The guidance assured prudent loan modifications would not receive supervisory criticism or be required by examiners to automatically categorize COVID-19 related loan modifications as TDRs, provided the modification was short-term and made on good faith basis to borrowers who were not more than thirty days past due on contractual payments. As of June 30, 2020, the Company had loan modifications on approximately $128.9 million, or 15.0%, of gross loans. These modifications consisted primarily of 60- or 90-day principal and interest payment deferral periods.

Noninterest IncomeTotal noninterest income for the second quarter was $4.0 million, an increase of $680 thousand from the previous quarter and $385 thousand from the second quarter of 2019. The primary drivers for the increases in the linked and prior year quarter increases were gains on sale of available for sale securities and fixed assets during the second quarter of 2020, which were partially offset by decreases in service charges on deposit accounts. The disposition of non-earning fixed assets is one component of management's strategy to reduce overhead expenses through balance sheet repositioning. Noninterest income from service charges on deposit accounts was negatively impacted primarily by lower nonsufficient fund, or NSF, fees.

Noninterest ExpenseNoninterest expense totaled $9.2 million for the second quarter of 2020, a decrease of $826 thousand from the first quarter of 2020 and $304 thousand from the second quarter of 2019. The linked quarter decrease is primarily related to salaries and employee benefits, employee professional development, and other operating expense, partially offset by professional services. Year-over-year decreases were primarily related to salaries and employee benefits, occupancy and equipment, and employee professional development partially offset by increases in data processing and other operating expenses. The decrease in salaries and employee benefits in the linked and year-over-year quarters was primarily due the recognition of deferred costs related to the origination of PPP loans. The year-over-year increase in data processing continues to be driven by bank-wide technology and efficiency initiatives of outsourcing of the bank's core application, upgrades to critical infrastructure software related to imaging, digital platform migration to a new vendor, and implementation a new loan origination system. Additionally, data processing costs have increased year over year as our operational structure transitioned from an in-house core environment to outsourced, shifting costs previously included in occupancy and equipment. Controlling noninterest expense, improving efficiency, and branch realignment continues to be a primary focus for management.

Balance Sheet ReviewTotal assets as of June 30, 2020 were $1.2 billion compared to $1.1 billion at December 31, 2019. Net loans held for investment increased $108.7 million, or 14.7%, from December 31, 2019 to $846.9 million. Net loan growth of $102.5 million was attributed to PPP originations with the remaining increase from the real estate secured portfolio segments partially offset by pay-downs in the indirect automobile and commercial and industrial segments. Securities available for sale, at fair value, increased $14.6 million from December 31, 2019 to $160.3 million at June 30, 2020.

Total deposits as of June 30, 2020 increased $122.4 million, or 13.8%, to $1.0 billion from December 31, 2019. Noninterest-bearing deposits increased $81.2 million, or 30.9%, savings deposits increased $60.4 million, or 15.1%, and time deposits decreased $19.1 million, or 8.4%. Year-over-year, total deposits increased $164.1 million, or 19.4%. While funding from PPP origination was the primary driver of the increase on total deposits, re-pricing strategies for expanding low cost deposits continued to shift deposit growth with year-over-year average balance increases in non-interest bearing deposits, interest-bearing transaction, money market, and savings accounts.

The Company utilized the Paycheck Protection Program Lending Facility (PPPLF) initiated by the Federal Reserve Bank to partially fund PPP loan originations, borrowing $37.3 million as of June 30, 2020.

The Company's total stockholders' equity at June 30, 2020 increased $6.1 million or 5.6% from December 31, 2019 to $115.9 million. The Bank remains well capitalized with a Tier 1 Capital ratio of 11.84% at June 30, 2020 as compared to 11.72% at December 31, 2019. The Bank's leverage ratio was 9.07% at June 30, 2020 as compared to 9.72% at December 31, 2019 and was primarily impacted by balance sheet growth from PPP loans.

Safe Harbor Statement Regarding Forward-Looking Statements -Statements in this press release, including without limitation, statements made in Mr. Shuford's quotations, which use language such as "believes," "expects," "plans," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" and similar expressions, identify forward-looking statements. These forward-looking statements are based on the beliefs of Old Point's management, as well as estimates and assumptions made by, and information currently available to, management. These statements are inherently uncertain, and there can be no assurance that the underlying estimates or assumptions will prove to be accurate. Actual results could differ materially from historical results or those anticipated by such statements. Forward-looking statements in this release may include, without limitation: statements regarding future financial performance; performance of the investment and loan portfolios, including performance of the consumer auto loan portfolio and the purchased student loan portfolio; impacts of the COVID-19 pandemic and the ability of the Company to manage those impacts; the effects of diversifying the loan portfolio; strategic business initiatives; management's efforts to reposition the balance sheet; deposit growth; levels and sources of liquidity; use of proceeds from the sale of securities; future levels of charge-offs or net recoveries; the impact of changes in NPAs on future earnings; write-downs and expected sales of other real estate owned; and changes in interest rates.

Factors that could have a material adverse effect on the operations and future prospects of Old Point include, but are not limited to, changes in: interest rates and yields; general economic and business conditions, including unemployment levels and slowdowns in economic growth, especially related to further and sustained economic impacts of the COVID-19 pandemic; the effect of steps the Company takes in response to the pandemic, the severity and duration of the pandemic, the impact of loosening of governmental restrictions, the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein, the effects of the COVID-19 pandemic on, among other things, the Company's operations, liquidity, and credit quality and potential claims, damages and fines related to litigation or government actions, including litigation or actions arising from the Company's participation in the administration of programs related to the COVID-19 pandemic (including, among other things, the Coronavirus Aid, Relief, and Economic Security, or CARES, Act); demand for loan products; future levels of government defense spending, particularly in the Company's service area; uncertainty over future federal spending or budget priorities of the current administration, particularly in connection with the Department of Defense, on the Company's service area; the legislative/regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board and any changes associated with the current administration; the quality or composition of the loan or securities portfolios; changes in the volume and mix of interest-earning assets and interest-bearing liabilities; the effects of management's investment strategy and strategy to manage the net interest margin; the U.S. Government's guarantee of repayment of student or small business loans purchased by Old Point; the level of net charge-offs on loans; deposit flows; competition; demand for financial services in Old Point's market area; technology; cyber threats, attacks and events; implementation of new technologies; the Company's ability to develop and maintain secure and reliable electronic systems; any interruption or breach of security in the Company's information systems or those of the Company's third party vendors or other service providers; reliance on third parties for key services; the use of inaccurate assumptions in management's modeling systems; the real estate market; accounting principles, policies and guidelines; changes in management; and other factors detailed in Old Point's publicly filed documents, including its Annual Report on Form 10-K for the year ended December 31, 2019. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on such statements, which speak only as of date of the release.

Old Point Financial Corporation(Nasdaq: OPOF) is the parent company of Old Point National Bank, a locally owned and managed community bank, and Old Point Trust & Financial Services, N.A.,a wealth management services provider, serving the Hampton Roads, Virginia region. Web: www.oldpoint.com. For more information, contact Elizabeth Beale, Chief Financial Officer/Senior Vice President of Old Point Financial Corporation at 757-325-8123, or Laura Wright, Vice President/Marketing Director, Old Point National Bank at 757-728-1743.

Old Point Financial Corporation and Subsidiaries

Consolidated Balance Sheets June 30, December 31,

(dollars in thousands, except share data) 2020 2019

(unaudited)

Assets

Cash and due from banks $ 40,902 $ 37,280

Interest-bearing due from banks 88,711 48,610

Federal funds sold 6 3,975

Cash and cash equivalents 129,619 89,865

Securities available-for-sale, at fair value 160,301 145,715

Restricted securities, at cost 3,152 2,926

Loans held for sale 3,494 590

Loans, net 846,912 738,205

Premises and equipment, net 34,425 35,312

Premises and equipment, held for sale - 907

Bank-owned life insurance 27,970 27,547

Goodwill 1,650 1,650

Other real estate owned, net 254 -

Core deposit intangible, net 341 363

Other assets 13,127 11,408

Total assets $ 1,221,245 $ 1,054,488

Liabilities & Stockholders' Equity

Deposits:

Noninterest-bearing deposits $ 343,723 $ 262,558

Savings deposits 459,379 399,020

Time deposits 208,818 227,918

Total deposits 1,011,920 889,496

Overnight repurchase agreements 7,972 11,452

Federal Home Loan Bank advances 42,000 37,000

Federal Reserve Bank borrowings 37,340 -

Other borrowings 1,650 1,950

Accrued expenses and other liabilities 4,494 4,834

Total liabilities 1,105,376 944,732

Stockholders' equity:

Common stock, $5 par value, 10,000,000 shares authorized; 5,221,244and 5,200,038 shares outstanding (includes 30,027 and 19,933 25,956 25,901of nonvested restricted stock, respectively)

Additional paid-in capital 21,093 20,959

Retained earnings 65,468 62,975

Accumulated other comprehensive income (loss), net 3,352 (79)

Total stockholders' equity 115,869 109,756

Total liabilities and stockholders' equity $ 1,221,245 $ 1,054,488

Old Point Financial Corporation and Subsidiaries

Consolidated Statements of Income (unaudited) Three Months Ended Six Months Ended

(dollars in thousands, except per share data) Jun. 30, 2020 Mar. 31, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019

Interest and Dividend Income:

Loans, including fees $ 8,924 $ 8,827 $ 9,075 $ 17,751 $ 17,937

Due from banks 32 151 111 183 168

Federal funds sold - 12 6 12 13

Securities:

Taxable 712 864 648 1,576 1,268

Tax-exempt 137 86 234 223 500

Dividends and interest on all other securities 43 46 59 89 123

Total interest and dividend income 9,848 9,986 10,133 19,834 20,009

Interest Expense:

Checking and savings deposits 298 340 275 638 526

Time deposits 882 972 947 1,855 1,817

Federal funds purchased, securities sold under

agreements to repurchase and other borrowings 16 22 36 37 73

Federal Home Loan Bank advances 179 234 344 413 703

Total interest expense 1,375 1,568 1,602 2,943 3,119

Net interest income 8,473 8,418 8,531 16,891 16,890

Provision for loan losses 300 300 787 600 1,013

Net interest income after provision for loan 8,173 8,118 7,744 16,291 15,877losses

Noninterest Income:

Fiduciary and asset management fees 909 1,017 929 1,926 1,888

Service charges on deposit accounts 615 895 1,028 1,510 2,081

Other service charges, commissions and fees 980 943 1,026 1,923 1,951

Bank-owned life insurance income 192 231 198 423 390

Mortgage banking income 223 157 302 380 518

Gain on sale of available-for-sale securities, net 184 - - 184 26

Gain on sale of fixed assets 818 - - 818 -

Other operating income 37 35 90 72 135

Total noninterest income 3,958 3,278 3,573 7,236 6,989

Noninterest Expense:

Salaries and employee benefits 5,464 5,994 5,927 11,458 11,626

Occupancy and equipment 1,188 1,266 1,405 2,454 2,798

Data processing 804 819 420 1,623 783

Customer development 71 114 151 185 313

Professional services 590 475 560 1,065 1,074

Employee professional development 93 220 230 313 416

Other taxes 158 150 149 308 299

ATM and other losses 60 98 53 158 115

(Gain) on other real estate owned - - - - (2)

Other operating expenses 776 894 613 1,670 1,377

Total noninterest expense 9,204 10,030 9,508 19,234 18,799

Income before income taxes 2,927 1,366 1,809 4,293 4,067

Income tax expense 433 116 183 549 414

Net income $ 2,494 $ 1,250 $ 1,626 $ 3,744 $ 3,653

Basic Earnings per Share:

Weighted average shares outstanding 5,220,137 5,200,250 5,202,166 5,210,139 5,194,529

Net income per share of common stock $ $ $ $ $ 0.48 0.24 0.31 0.72 0.70

Diluted Earnings per Share:

Weighted average shares outstanding 5,220,262 5,200,989 5,202,196 5,210,573 5,194,594

Net income per share of common stock $ $ $ $ $ 0.48 0.24 0.31 0.72 0.70

Cash Dividends Declared per Share: $ $ $ $ $ 0.12 0.12 0.12 0.24 0.24

Old Point Financial Corporation and Subsidiaries

Average Balance Sheets, Net Interest Income And Rates

For the quarter ended June 30,

(unaudited) 2020 2019

Interest Interest

Average Income/ Yield/ Average Income/ Yield/

(dollars in thousands) Balance Expense Rate** Balance Expense Rate**

ASSETS

Loans* $ 828,896 $ 8,937 4.34% $ 767,393 $ 9,088 4.75%

Investment securities:

Taxable 134,372 712 2.13% 108,060 648 2.40%

Tax-exempt* 18,853 173 3.69% 38,500 296 3.08%

Total investment securities 153,225 885 2.32% 146,560 944 2.58%

Interest-bearing due from banks 82,399 32 0.15% 18,656 111 2.40%

Federal funds sold 6 - 0.02% 1,143 6 2.38%

Other investments 3,153 43 5.56% 3,595 59 6.54%

Total earning assets 1,067,679 $ 9,897 3.73% 937,347 $ 10,208 4.37%

Allowance for loan losses (9,626) (10,331)

Other non-earning assets 116,890 104,691

Total assets $ 1,174,943 $ 1,031,707

LIABILITIES AND STOCKHOLDERS' EQUITY

Time and savings deposits:

Interest-bearing transaction accounts $ $ 3 0.02% $ $ 3 0.03% 56,465 31,050

Money market deposit accounts 300,028 283 0.38% 254,908 250 0.39%

Savings accounts 93,307 12 0.05% 87,816 22 0.10%

Time deposits 212,386 883 1.67% 232,566 947 1.63%

Total time and savings deposits 662,186 1,181 0.72% 606,340 1,222 0.81%

Federal funds purchased, repurchase

agreements and other borrowings 33,859 15 0.18% 23,070 36 0.62%

Federal Home Loan Bank advances 42,000 179 1.71% 52,747 344 2.62%

Total interest-bearing liabilities 738,045 1,375 0.75% 682,157 1,602 0.94%

Demand deposits 319,574 239,589

Other liabilities 3,982 3,481

Stockholders' equity 113,342 106,480

Total liabilities and stockholders' equity $ 1,174,943 $ 1,031,707

Net interest margin* $ 8,522 3.21% $ 8,606 3.68%



Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest * income by $49 thousand and $75 thousand for June 30, 2020 and 2019, respectively.

**Annualized

Old Point Financial Corporation and Subsidiaries

Average Balance Sheets, Net Interest Income And Rates

For the six months ended June 30,

(unaudited) 2020 2019

Interest Interest

Average Income/ Yield/ Average Income/ Yield/

(dollars in thousands) Balance Expense Rate** Balance Expense Rate**

ASSETS

Loans* $ 791,803 $ 17,776 4.51% $ 769,258 $ 17,964 4.71%

Investment securities:

Taxable 138,613 1,576 2.29% 105,676 1,268 2.42%

Tax-exempt* 15,038 283 3.78% 41,059 633 3.11%

Total investment securities 153,651 1,859 2.43% 146,735 1,901 2.61%

Interest-bearing due from banks 65,165 183 0.56% 14,319 168 2.37%

Federal funds sold 1,687 12 1.45% 1,133 13 2.38%

Other investments 3,072 89 5.85% 3,689 123 6.73%

Total earning assets 1,015,378 $ 19,919 3.94% 935,134 $ 20,169 4.35%

Allowance for loan losses (9,631) (10,396)

Other nonearning assets 109,995 103,374

Total assets $ 1,115,742 $ 1,028,112

LIABILITIES AND STOCKHOLDERS' EQUITY

Time and savings deposits:

Interest-bearing transaction $ 52,844 $ 6 0.02% $ $ 5 0.04%accounts 29,606

Money market deposit accounts 290,492 600 0.42% 253,007 477 0.38%

Savings accounts 89,956 32 0.07% 87,882 44 0.10%

Time deposits 217,756 1,855 1.71% 231,335 1,817 1.58%

Total time and savings deposits 651,048 2,493 0.77% 601,830 2,343 0.79%

Federal funds purchased, repurchase

agreements and other borrowings 21,227 37 0.35% 24,139 73 0.61%

Federal Home Loan Bank advances 40,242 413 2.06% 55,470 703 2.55%

Total interest-bearing liabilities 712,517 2,943 0.83% 681,439 3,119 0.92%

Demand deposits 286,502 237,496

Other liabilities 4,037 4,186

Stockholders' equity 112,686 104,991

Total liabilities and stockholders' $ 1,115,742 $ 1,028,112equity

Net interest margin* $ 16,976 3.36% $ 17,050 3.68%

Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest * income by $85 thousand and $160 thousand for June 30, 2020 and 2019, respectively.

**Annualized

Old Point Financial Corporation and Subsidiaries As of or for the quarter ended,

Selected Ratios (unaudited) June 30, March 31, June 30,

(dollars in thousands, except per share data) 2020 2020 2019

Earnings per common share, diluted $ 0.48 $ 0.24 $ 0.31

Return on average assets (ROA) 0.85% 0.48% 0.63%

Return on average equity (ROE) 8.85% 4.49% 6.12%

Net Interest Margin (FTE) 3.21% 3.53% 3.68%

Non-performing assets (NPAs) / total assets 0.57% 0.65% 1.21%

Annualized Net Charge Offs / average total loans 0.13% 0.15% 0.06%

Allowance for loan and lease losses / total loans 1.13% 1.27% 1.41%

Efficiency ratio (FTE) 73.75% 85.50% 78.06%

Non-Performing Assets (NPAs)

Nonaccrual loans $ 5,111 $ 5,471 $ 11,203

Loans > 90 days past due, but still accruing interest 1,655 1,255 1,222

Other real estate owned 254 236 -

Total non-performing assets $ 7,020 $ 6,962 $ 12,425

Other Selected Numbers

Loans, net $ 846,912 $ 750,550 $ 750,421

Deposits 1,011,920 902,536 847,784

Stockholders equity 115,869 110,044 107,425

Total assets 1,221,245 1,065,277 1,029,404

Loans charged off during the quarter, net of recoveries 268 291 118

Quarterly average loans 828,896 754,710 767,393

Quarterly average assets 1,174,943 1,056,540 1,031,707

Quarterly average earning assets 1,067,679 963,075 937,347

Quarterly average deposits 981,760 893,339 845,929

Quarterly average equity 113,342 112,029 106,480

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SOURCE Old Point Financial Corporation