Old Point Financial Corporation (NASDAQ: OPOF) reported its financial results for the three and nine months ended September 30, 2024, showing notable growth in net income and total assets compared to the previous fiscal period. The company’s total assets increased to $1.5 billion, up $31.6 million or 2.2% from $1.446 billion as of December 31, 2023. Total deposits rose by $52.4 million, a 4.3% increase, reaching $1.283 billion.
For the third quarter of 2024, Old Point Financial achieved net income of $2.4 million, a significant increase of 74.9% from $1.4 million in Q3 2023. For the nine months ended September 30, 2024, net income was $6.6 million, up 6.1% from $6.2 million in the same period last year. Basic and diluted earnings per share for Q3 2024 were $0.47, compared to $0.27 in Q3 2023. The return on average equity (ROE) improved to 8.39% from 5.25% year-over-year.
Total interest and dividend income for the third quarter of 2024 was $18.5 million, up from $17.2 million in Q3 2023. Net interest income for the same period increased to $12.3 million, a 7.7% rise from $11.4 million in the prior year. However, net interest income for the nine months ended September 30, 2024, decreased slightly to $36.0 million from $36.3 million in 2023, attributed to higher average interest-bearing liabilities at elevated rates.
The company’s provision for credit losses decreased to $282,000 in Q3 2024 from $505,000 in Q3 2023, reflecting improved credit quality. Non-performing assets remained stable at $2.7 million, representing 0.18% of total assets, unchanged from the previous year.
Strategically, Old Point Financial continues to focus on enhancing its liquidity, which stood at $497.7 million as of September 30, 2024, up from $342.5 million at the end of 2023. The company’s total stockholders' equity increased to $115.5 million, an 8.1% rise from $106.8 million, primarily due to net income and reduced unrealized losses on available-for-sale securities.
The bank's capital ratios remain robust, exceeding the Basel III minimums, and it has maintained a stable deposit base as a key source of liquidity. The company has not reported any significant layoffs or acquisitions during this period, focusing instead on organic growth and operational efficiency.
About OLD POINT FINANCIAL CORP
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