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Old Point Financial Corporation (OPOF+22.37%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $1.5 billion, a slight increase of 0.3% from the previous year. Net loans held for investment decreased by 6.5% to $998.7 million, while total deposits rose by 2.0% to $1.3 billion.
Net income for the year was $9.5 million, up from $7.7 million in the previous year. The increase is attributed to a higher net interest income and a lower provision for credit losses.
The company reported a net interest margin of 3.54%, a slight decrease from 3.61% in 2023. Interest income increased by 8.7% due to higher levels of overnight liquidity at the Federal Reserve.
Noninterest income decreased by 3.3%, primarily due to lower mortgage banking income and other service charges, partially offset by an increase in service charges on deposit accounts.
Noninterest expenses decreased by 1.8%, with significant reductions in salaries and employee benefits due to expense reduction initiatives.
The bank's capital ratios remain strong, with a Common Equity Tier 1 Capital ratio of 12.97% and a Total Capital to Risk-Weighted Assets ratio of 13.98%.
The filing highlights the company's focus on maintaining strong asset quality and deploying capital in profitable growth initiatives to enhance long-term stockholder value.
Old Point Financial Corporation continues to emphasize customer service and technology to compete in the highly competitive financial services industry.
The company has identified potential risks related to interest rate changes, economic conditions, and competition, and continues to monitor these factors closely.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Old Point Financial Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.