Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$0.24 (vs US$0.50 in 2Q 2024) Second quarter 2025 results: EPS: US$0.24 (down from US$0.50 in 2Q 2024). Revenue: US$15.0m (down 2.4% from 2Q 2024). Net income: US$1.24m (down 51% from 2Q 2024). Profit margin: 8.3% (down from 17% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 01
First quarter dividend of US$0.14 announced Dividend of US$0.14 is the same as last year. Ex-date: 9th June 2025 Payment date: 30th June 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 7.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 28
Old Point Financial Corporation Announces Quarterly Cash Dividend, Payable on June 30, 2025 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on June 30, 2025 to shareholders of record as of June 9, 2025. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $39.01 on May 23, 2025, the annual dividend yield is approximately 1.4%. Reported Earnings • Apr 04
Full year 2024 earnings released: EPS: US$1.88 (vs US$1.54 in FY 2023) Full year 2024 results: EPS: US$1.88 (up from US$1.54 in FY 2023). Revenue: US$60.9m (up 2.4% from FY 2023). Net income: US$9.51m (up 23% from FY 2023). Profit margin: 16% (up from 13% in FY 2023). Net interest margin (NIM): 3.55% (down from 3.62% in FY 2023). Cost-to-income ratio: 80.2% (down from 81.0% in FY 2023). Non-performing loans: 0.07% (down from 0.18% in FY 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 03
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 42% to US$36.82. The fair value is estimated to be US$29.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years, while earnings per share has been flat. Announcement • Apr 03
TowneBank (NasdaqGS:TOWN) signed a definitive agreement and plan of merger to acquire Old Point Financial Corporation (NasdaqCM:OPOF) for approximately $200 million. TowneBank (NasdaqGS:TOWN) signed a definitive agreement and plan of merger to acquire Old Point Financial Corporation (NasdaqCM:OPOF) for approximately $200 million on April 2, 2025. Under the terms of the agreement, shareholders of Old Point will elect to receive either $41.00 in cash or 1.1400 shares of TowneBank common stock for each share of Old Point outstanding common stock. This corresponds to an aggregate transaction value of approximately $203 million, based on Old Point common stock currently outstanding. Old Point shareholders will have the right to elect cash or stock consideration so long as the total stock consideration issued represents between 50% and 60% of the total consideration paid. In consideration of the transaction, extensive due diligence was performed by the management teams of TowneBank and Old Point. The transaction is expected to close in the second half of 2025 and is subject to customary conditions, including regulatory approval, as well as the approval of Old Point’s shareholders. The definitive agreement was approved by the boards of directors of Old Point and TowneBank.
Piper Sandler & Co. served as the financial advisor and Wachtell, Lipton, Rosen & Katz served as lead legal counsel with Williams Mullen as local counsel to TowneBank in the transaction. Keefe, Bruyette & Woods served as the financial advisor and Troutman Pepper Locke LLP served as legal counsel to Old Point in the transaction. Declared Dividend • Feb 23
Fourth quarter dividend of US$0.14 announced Dividend of US$0.14 is the same as last year. Ex-date: 5th March 2025 Payment date: 28th March 2025 Dividend yield will be 1.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
Old Point Financial Corporation Declares Quarterly Cash Dividend on Common Stock, Payable on March 28, 2025 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on March 28, 2025 to shareholders of record as of March 5, 2025. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $29.73 on February 18, 2025, the annual dividend yield is approximately 1.9%. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$29.50, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 12x in the Banks industry in the US. Total returns to shareholders of 31% over the past three years. Reported Earnings • Jan 31
Full year 2024 earnings released: EPS: US$1.88 (vs US$1.54 in FY 2023) Full year 2024 results: EPS: US$1.88 (up from US$1.54 in FY 2023). Revenue: US$60.9m (up 2.4% from FY 2023). Net income: US$9.51m (up 23% from FY 2023). Profit margin: 16% (up from 13% in FY 2023). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Announcement • Jan 31
Old Point Financial Corporation Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2024 Old Point Financial Corporation announced net charge-offs for the fourth quarter ended December 31, 2024. Quarterly annualized net charge-offs as a percentage of average loans outstanding were 0.16% for the fourth quarter of 2024, compared to 0.18% for the third quarter of 2024 and 0.39% for the fourth quarter of 2023. Buy Or Sell Opportunity • Dec 18
Now 21% undervalued Over the last 90 days, the stock has risen 33% to US$23.36. The fair value is estimated to be US$29.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years, while earnings per share has been flat. Declared Dividend • Nov 25
Third quarter dividend of US$0.14 announced Dividend of US$0.14 is the same as last year. Ex-date: 4th December 2024 Payment date: 27th December 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 21
Old Point Financial Corporation Announces Quarterly Dividend, Payable on December 27, 2024 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on December 27, 2024 to shareholders of record as of December 4, 2024. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $20.30 on November 19, 2024, the annual dividend yield is approximately 2.76%. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: US$0.47 (vs US$0.27 in 3Q 2023) Third quarter 2024 results: EPS: US$0.47 (up from US$0.27 in 3Q 2023). Revenue: US$15.5m (up 7.6% from 3Q 2023). Net income: US$2.38m (up 75% from 3Q 2023). Profit margin: 15% (up from 9.5% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Declared Dividend • Aug 25
Second quarter dividend of US$0.14 announced Dividend of US$0.14 is the same as last year. Ex-date: 4th September 2024 Payment date: 27th September 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 22
Old Point Financial Corporation Declares Quarterly Cash Dividend, Payable on September 27, 2024 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on September 27, 2024 to shareholders of record as of September 4, 2024. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $18.39 on August 20, 2024, the annual dividend yield is approximately 3.05%. Reported Earnings • Jul 28
Second quarter 2024 earnings released: EPS: US$0.50 (vs US$0.36 in 2Q 2023) Second quarter 2024 results: EPS: US$0.50 (up from US$0.36 in 2Q 2023). Revenue: US$15.3m (flat on 2Q 2023). Net income: US$2.53m (up 40% from 2Q 2023). Profit margin: 17% (up from 12% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • May 26
First quarter dividend of US$0.14 announced Dividend of US$0.14 is the same as last year. Ex-date: 5th June 2024 Payment date: 28th June 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 23
Old Point Financial Corporation Announces Quarterly Dividend, Payable on June 28, 2024 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on June 28, 2024 to shareholders of record as of June 5, 2024. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $14.81on May 21, 2024, the annual dividend yield is approximately 3.8%. New Risk • May 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 17% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (US$70.8m market cap). Announcement • May 01
Old Point Financial Corporation Declares Dividends for the First Quarter of 2024 Old Point Financial Corporation declared dividends of $0.14 per share for the first quarter of 2024. The dividend represents a payout ratio of 41.1% of earnings per share for the first quarter of 2024. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 8 highly experienced directors. Independent Director Castleberry Golden was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 27
Upcoming dividend of US$0.14 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 29 March 2024. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (3.1%). Declared Dividend • Feb 25
Fourth quarter dividend of US$0.14 announced Dividend of US$0.14 is the same as last year. Ex-date: 5th March 2024 Payment date: 29th March 2024 Dividend yield will be 3.4%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 9.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 22
Old Point Financial Corporation Declares Quarterly Cash Dividend, Payable on March 29, 2024 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on March 29, 2024 to shareholders of record as of March 6, 2024. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $17.10 on February 20, 2024, the annual dividend yield is approximately 3.3%. Buy Or Sell Opportunity • Feb 07
Now 21% undervalued Over the last 90 days, the stock has risen 3.5% to US$17.10. The fair value is estimated to be US$21.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: US$1.54 (vs US$1.80 in FY 2022) Full year 2023 results: EPS: US$1.54 (down from US$1.80 in FY 2022). Revenue: US$59.5m (up 5.9% from FY 2022). Net income: US$7.73m (down 15% from FY 2022). Profit margin: 13% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.62% (no change from 3.62% in FY 2022). Cost-to-income ratio: 81.0% (up from 78.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 31
Old Point Financial Corporation Declares Dividend for the Fourth Quarter of 2023 Old Point Financial Corporation announced for the fourth quarter of 2023, the Company declared dividends of $0.14 per share, an increase of 7.7% over dividends of $0.13 per share declared in the fourth quarter of 2022. The dividend represents a payout ratio of 47.6% of earnings per share for the fourth quarter of 2023 and 36.4% cumulatively for the year ended December 31, 2023. Announcement • Jan 16
Old Point Financial Corporation, Annual General Meeting, May 28, 2024 Old Point Financial Corporation, Annual General Meeting, May 28, 2024, at 18:00 US Eastern Standard Time. Location: Hampton Roads Convention Center, 1610 Coliseum Dr, VA 23666 Hampton United States Announcement • Dec 27
Old Point Financial Corporation, The Old Point National Bank of Phoebus, Old Point Trust & Financial Services, N.A. Announces Retirement of Arthur D. Greene from Board of Directors, Effective December 31, 2023 Old Point Financial Corporation announced that Dr. Arthur D. Greene is retiring from the Boards of Directors of the Company and its wholly-owned subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (the Wealth Company) effective as of December 31, 2023. Dr. Greene joined the Boards of Directors of the Company, Bank, and the Wealth Company in 1994 and currently serves on the Company's Executive, Audit, and Nominating and Corporate Governance Committees. Throughout his service, Dr. Greene served as Lead Independent Director for the Company for 14 years, the Lead Independent Director for the Wealth Company for 2 years, and the Chairman of the Board of the Wealth Company for 5 years. Buying Opportunity • Dec 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be US$21.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 17%. Upcoming Dividend • Nov 28
Upcoming dividend of US$0.14 per share at 3.3% yield Eligible shareholders must have bought the stock before 05 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (5.0%). In line with average of industry peers (3.6%). Buying Opportunity • Nov 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.1%. The fair value is estimated to be US$21.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 17%. Announcement • Nov 23
Old Point Financial Corporation Declares Quarterly Dividend, Payable on December 29, 2023 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on December 29, 2023 to shareholders of record as of December 6, 2023. This dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $17.75 on November 21, 2023, the annual dividend yield is approximately 3.15%. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: US$0.27 (vs US$0.51 in 3Q 2022) Third quarter 2023 results: EPS: US$0.27 (down from US$0.51 in 3Q 2022). Revenue: US$14.4m (flat on 3Q 2022). Net income: US$1.36m (down 46% from 3Q 2022). Profit margin: 9.5% (down from 18% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Oct 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be US$21.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 15%. Announcement • Oct 19
Old Point Financial Corporation and The Old Point National Bank of Phoebus Appoints Mr. Paul Pickett, as Chief Financial Officer, Effective October 24, 2023 On October 18, 2023, Old Point Financial Corporation announced that the Company’s Board of Directors appointed Mr. Paul Pickett, age 55, to the position of Chief Financial Officer. The Old Point National Bank of Phoebus effective October 24, 2023. He will also serve as the Company’s Principal Financial and Accounting Officer. Mr. Pickett most recently served as Chief Financial Officer for First Region Bancshares Inc., which is headquartered in Richlands, Virginia and is the parent company of First Sentinel Bank and First Sentinel Financial Services. Prior to joining First Regions in 2020, he served as Chief Financial Officer of Odyssey Engines, LLC, a multistate aviation holding company for three years. Mr. Pickett spent 26 years in public accounting prior to those roles, working with community banks and bank holding companies of various sizes and complexity. Mr. Pickett holds his Bachelor of Business Administration in Accounting from Radford University and is a Certified Public Accountant. The material terms of Mr. Pickett’s compensation will include an initial base annual salary of $225,000, subject to annual performance reviews, and participation in the Company’s short- and long-term incentive plans. Information about the Company’s short- and long-term incentive plans is set forth in the Company’s proxy statement for its 2023 annual meeting of stockholders. Mr. Pickett will also be eligible to participate in the Bank’s employee benefit plans and programs on terms offered to similarly situated employees. Announcement • Sep 09
Elizabeth T. Beale Notifies Old Point Financial Corporation of Her Decision to Resign as Senior Vice President/Finance and Principal Financial and Accounting Officer on July 5, 2023, Elizabeth T. Beale notified Old Point Financial Corporation of her decision to resign as Senior Vice President/Finance and principal financial and accounting officer of the Company and as Chief Financial Officer & Executive Vice President of the Bank. Ms. Beale remained with the Company in those roles until September 4, 2023, on which date her resignation from the Company and the Bank was effective. On September 1, 2023, in consideration of Ms. Beale’s contributions and dedicated service to the Company and the Bank, the Compensation and Benefits Committee of the Company’s Board of Directors accelerated the vesting (to such resignation date) of 984 shares of restricted stock held by Ms. Beale that otherwise would have vested on May 3, 2024, and 916 shares of restricted stock held by Ms. Beale that otherwise would have vested on May 3, 2025. Ms. Beale’s resignation was not the result of any disagreement with the Company or Bank on any matter relating to the Company’s or Bank’s operations, policies, practices, financial disclosures, accounting practices or internal controls. Upcoming Dividend • Aug 29
Upcoming dividend of US$0.14 per share at 3.2% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (3.7%). Announcement • Aug 17
Old Point Financial Corporation Declares Quarterly Dividend, Payable on September 29, 2023 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on September 29, 2023 to shareholders of record as of September 6, 2023. This dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $18.62 on August 15, 2023, the dividend yield is approximately 3.0%. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$0.36 (vs US$0.37 in 2Q 2022) Second quarter 2023 results: EPS: US$0.36 (down from US$0.37 in 2Q 2022). Revenue: US$15.3m (up 15% from 2Q 2022). Net income: US$1.80m (down 4.8% from 2Q 2022). Profit margin: 12% (down from 14% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$18.85, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 8x in the Banks industry in the US. Total returns to shareholders of 34% over the past three years. Upcoming Dividend • May 30
Upcoming dividend of US$0.14 per share at 3.5% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of American dividend payers (5.2%). In line with average of industry peers (3.7%). Announcement • May 28
Old Point Financial Corporation Approves to Elect Sarah B. Castleberry as Director Old Point Financial Corporation at it's AGM approved to elect Sarah B. Castleberry as director. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to US$18.66, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 8x in the Banks industry in the US. Total returns to shareholders of 29% over the past three years. Announcement • May 18
Old Point Financial Corporation Declares Quarterly Dividend, Payable on June 30, 2023 Old Point Financial Corporation declared a quarterly cash dividend of $0.14 per share on its common stock to be paid on June 30, 2023 to shareholders of record as of June 7, 2023. This dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $15.00 on May 16, 2023, the dividend yield is approximately 3.7%. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to US$17.21, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 8x in the Banks industry in the US. Total returns to shareholders of 8.4% over the past three years. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: US$1.80 (vs US$1.61 in FY 2021) Full year 2022 results: EPS: US$1.80 (up from US$1.61 in FY 2021). Revenue: US$56.2m (up 6.3% from FY 2021). Net income: US$9.11m (up 7.9% from FY 2021). Profit margin: 16% (in line with FY 2021). Net interest margin (NIM): 3.62% (up from 3.26% in FY 2021). Cost-to-income ratio: 78.4% (down from 80.0% in FY 2021). Non-performing loans: 0.20% (up from 0.18% in FY 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 28
Upcoming dividend of US$0.14 per share at 1.9% yield Eligible shareholders must have bought the stock before 07 March 2023. Payment date: 31 March 2023. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (3.0%). Announcement • Feb 18
Russell Smith Evans, Jr. Notifies Old Point Financial Corporation of His Intention to Retire from the Boards of Director On February 13, 2023, Russell Smith Evans, Jr. notified Old Point Financial Corporation of his intention to retire from the Boards of Directors of the Company and its wholly-owned national bank subsidiary, The Old Point National Bank of Phoebus (the “Bank”), effective as of the Company’s 2023 Annual Meeting of Shareholders. Mr. Evans’ decision to retire is not a result of any disagreement between Mr. Evans and the Company on any matter relating to the Company’s or the Bank’s operations, policies or practices or any other matter. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$1.80 (vs US$1.61 in FY 2021) Full year 2022 results: EPS: US$1.80 (up from US$1.61 in FY 2021). Revenue: US$56.2m (up 6.3% from FY 2021). Net income: US$9.11m (up 7.9% from FY 2021). Profit margin: 16% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 16% share price gain to US$27.95, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 10x in the Banks industry in the US. Total returns to shareholders of 5.9% over the past three years. Upcoming Dividend • Nov 29
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 06 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.9%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: US$0.51 (vs US$0.36 in 3Q 2021) Third quarter 2022 results: EPS: US$0.51 (up from US$0.36 in 3Q 2021). Revenue: US$14.5m (up 11% from 3Q 2021). Net income: US$2.54m (up 33% from 3Q 2021). Profit margin: 18% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Nov 18
Old Point Financial Corporation Declares Quarterly Dividend, Payable on December 30, 2022 Old Point Financial Corporation declared a quarterly cash dividend of $0.13 per share on its common stock to be paid on December 30, 2022 to shareholders of record as of December 7, 2022. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: US$0.51 (vs US$0.36 in 3Q 2021) Third quarter 2022 results: EPS: US$0.51 (up from US$0.36 in 3Q 2021). Revenue: US$14.5m (up 11% from 3Q 2021). Net income: US$2.54m (up 33% from 3Q 2021). Profit margin: 18% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 21% share price gain to US$28.32, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 10x in the Banks industry in the US. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • Aug 30
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.1%). Announcement • Aug 18
Old Point Financial Corporation Declares Quarterly Dividend, to Be Paid on September 30, 2022 Old Point Financial Corporation declared a quarterly cash dividend of $0.13 per share on its common stock to be paid on September 30, 2022 to shareholders of record as of September 7, 2022. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $23.50 on August 16, 2022, the dividend yield is approximately 2.2%. Announcement • Jul 28
Old Point Financial Corporation Declares Dividend for the Second Quarter of 2022 Old Point Financial Corporation announced that for the second quarter of 2022 the company declared dividends of $0.13 per share, an increase of 8.3% over dividends of $0.12 per share declared in the second quarter of 2021. Reported Earnings • Jul 27
Second quarter 2022 earnings released: EPS: US$0.37 (vs US$0.35 in 2Q 2021) Second quarter 2022 results: EPS: US$0.37 (up from US$0.35 in 2Q 2021). Revenue: US$13.3m (up 4.8% from 2Q 2021). Net income: US$1.89m (up 2.7% from 2Q 2021). Profit margin: 14% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • May 24
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.1%). Lower than average of industry peers (3.1%). Announcement • May 19
Old Point Financial Corporation Declares Quarterly Cash Dividend, Payable on June 24, 2022 Old Point Financial Corporation declared a quarterly cash dividend of $0.13 per share on its common stock to be paid on June 24, 2022 to shareholders of record as of June 1, 2022. Reported Earnings • Apr 29
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.39 (down from US$0.58 in 1Q 2021). Revenue: US$13.1m (down 7.7% from 1Q 2021). Net income: US$2.03m (down 33% from 1Q 2021). Profit margin: 16% (down from 21% in 1Q 2021). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Apr 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$1.61 (up from US$1.03 in FY 2020). Revenue: US$52.9m (up 9.2% from FY 2020). Net income: US$8.44m (up 57% from FY 2020). Profit margin: 16% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.26% (up from 3.19% in FY 2020). Non-performing loans: 0.18% (down from 0.23% in FY 2020). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Feb 22
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 01 March 2022. Payment date: 25 March 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (3.6%). In line with average of industry peers (2.3%). Announcement • Feb 17
Old Point Financial Corporation Declares Quarterly Dividend, Payable on March 25, 2022 Old Point Financial Corporation declared a quarterly cash dividend of $0.13 per share on its common stock to be paid on March 25, 2022 to shareholders of record as of March 2, 2022. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $24.45 on February 15, 2022, the dividend yield is approximately 2.1%. Reported Earnings • Jan 30
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$1.61 (up from US$1.03 in FY 2020). Revenue: US$52.9m (up 9.2% from FY 2020). Net income: US$8.44m (up 57% from FY 2020). Profit margin: 16% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jan 29
Old Point Financial Corporation Reports Annualized Net Charge Offs for the Fourth Quarter Ended December 31, 2021 Old Point Financial Corporation reported annualized net charge offs for the fourth quarter ended December 31, 2021. Quarterly annualized net charge offs as a percentage of average loans outstanding was 0.05% for the fourth quarter of 2021, compared to 0.07% for the third quarter of 2021 and 0.22% for the fourth quarter of 2020. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. Independent Director Elizabeth Wash was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 30 December 2021. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (3.5%). In line with average of industry peers (2.3%). Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.36 (vs US$0.21 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$13.1m (up 11% from 3Q 2020). Net income: US$1.91m (up 74% from 3Q 2020). Profit margin: 14% (up from 9.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 24 September 2021. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (3.6%). In line with average of industry peers (2.4%). Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS US$0.35 (vs US$0.48 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$12.6m (up 4.2% from 2Q 2020). Net income: US$1.84m (down 26% from 2Q 2020). Profit margin: 15% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jun 28
Old Point Financial Corporation(NasdaqCM:OPOF) dropped from Russell Microcap Growth Index Old Point Financial Corporation(NasdaqCM:OPOF) dropped from Russell Microcap Growth Index Executive Departure • Jun 04
Independent Director James Chisman has left the company On the 25th of May, James Chisman's tenure as Independent Director ended. As of March 2021, James still personally held 104.80k shares (US$2.5m worth at the time). James is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.67 years, which is considered inexperienced in the Simply Wall St Risk Model. Upcoming Dividend • May 25
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 01 June 2021. Payment date: 25 June 2021. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (3.4%). In line with average of industry peers (2.1%). Announcement • May 21
Old Point Financial Corporation Declares Quarterly Dividend, Payable on June 25, 2021 Old Point Financial Corporation declared a quarterly cash dividend of $0.12 per share on its common stock to be paid on June 25, 2021 to shareholders of record as of June 2, 2021. The dividend amount is the same as the prior quarter's dividend and based on the stock's closing price of $22.60 on May 19, 2021, the dividend yield is approximately 2.1%.