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Old Point Financial Corporation's Q4 and Year-End 2024 Results

Old Point Financial Corporation (NASDAQ: OPOF) has released its financial results for the fourth quarter and full year of 2024, revealing significant growth in its net income. For the fourth quarter, the company reported net income of $2.9 million, an increase from $2.4 million in the previous quarter and up from $1.5 million in Q4 of 2023. This translated into diluted earnings per share of $0.57, compared to $0.47 and $0.29 for the prior periods, respectively.

As the company heads into 2025, its total assets stood at $1.5 billion, marking a year-over-year increase of $4.2 million. Although net loans decreased by 6.5% to $998.7 million primarily due to reductions in consumer and commercial loans, total deposits experienced a positive uptick of $24.5 million, or 2.0%, compared to the end of 2023.

Robert Shuford, Jr., Chairman and CEO, expressed confidence in the bank's achievements, stating, "Despite a challenging banking environment, we delivered record earnings in 2024. This success was due to our focus on capital preservation, asset quality, liquidity, and careful expense management."

Key Financial Metrics

• - Total Assets: $1.5 billion as of December 31, 2024
• - Total Deposits: Increased to $1.3 billion
• - Net Interest Margin (NIM): 3.52%, slightly down from the previous quarter's 3.56% but improved from 3.45% a year ago
• - Return on Average Equity (ROE): 9.96% for Q4 2024 compared to 8.39% in Q3 2024

The bank's focus on liquidity is evident with its total liquidity reaching $460 million, constituting 31.7% of its total assets. Shuford noted that the bank's strategic growth objectives and cost-saving measures implemented in 2024 will enhance its competitive edge moving forward.

Significant Enhancements and Performance

In 2024, Old Point adopted measures that successfully led to a notable growth trajectory in its financial health despite prevailing economic challenges. The company’s total stockholders’ equity saw a year-over-year increase of $7.2 million, driven by net income advancements even as it managed cash dividends and other expenditures prudently.

Focus areas for growth included a 23% overall increase in net income for the year, climbing to $9.5 million compared to $7.7 million in 2023. Below are additional highlights from Old Point's quarterly performance:

• - Net Interest Income: Slight fluctuations reflected a decrease of $58 thousand to $12.3 million but a year-on-year increase of $391 thousand from Q4 2023.
• - Non-Performing Assets: Remained stable at $2.7 million within the context of total assets, reflecting effective credit loss management.

Encouraged by previous successes and a solid foundation, Old Point Financial Corporation is poised to navigate the evolving banking landscape positively. Its strategy aims to balance growth while ensuring stability in the asset quality and liquidity fronts, essential to thriving in the current economic environment. As the bank progresses into 2025, it remains committed to its strategic objectives, focusing on shareholder value and continued operational excellence.

For a closer look at Old Point Financial's ongoing initiatives and financial performance metrics, please visit their official site or refer to their comprehensive reports available online.