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Old Point Reports Third Quarter 2019 Results

HAMPTON, Va., Oct. 23, 2019 /PRNewswire/ -- Old Point Financial Corporation (the Company or Old Point) (OPOF) reported net income of $2.2 million and earnings per diluted common share of $0.43 for the quarter ended September 30, 2019, as compared to net income of $1.6 million or $0.31 earnings per diluted common share for the third quarter of 2018. 

Net income for the nine months ended September 30, 2019 was $5.9 million or $1.13 earnings per diluted common share. For the comparative 2018 period, net income was $3.5 million or $0.69 earnings per diluted common share. Excluding the effect of $732 thousand in after tax merger costs, net operating earnings (non-GAAP) were $4.3 million, or $0.83 earnings per diluted common share, for the nine month period ended September 30, 2018, which reflects adjustments for certain after tax merger-related costs incurred in the acquisition of Citizens National Bank which closed on April 1, 2018.

Robert Shuford, Jr., Chairman, President, and CEO of Old Point National Bank (the Bank) said, "We are pleased to report net income of $5.9 million, or $1.13 earnings per diluted common share, for the first nine months of 2019. Our Company experienced solid revenue growth in both interest income and non-interest income, as well as expense control during the first nine months of 2019 compared to the same period in 2018. We have continued to improve overall asset quality with significant progress in non-performing asset resolution during the third quarter of 2019."

Highlights of the quarter and year to date are as follows:

  • Net interest income held steady at $8.5 million for the third and second quarters of 2019 as well as the third quarter of 2018. Net interest income year to date 2019 was $25.4 million, increasing $774 thousand or 3.1%, over the comparative 2018 period of $24.7 million.
  • Net interest margin (on a fully tax-equivalent basis) compressed to 3.58% for the third quarter of 2019 from 3.68% for the second quarter of 2019 and 3.64% for the third quarter of 2018. For the nine months ended September 30, 2019 the fully tax-equivalent net interest margin improved to 3.65% from 3.61% for the comparative 2018 period.
  • Non-performing assets (NPAs) totaled $9.1 million as of September 30, 2019, down from $12.4 million at June 30, 2019 and $17.5 million at September 30, 2018. NPAs as a percentage of total assets improved to 0.87% at September 30, 2019 which compared to 1.21% at June 30, 2019 and 1.70% at September 30, 2018.
  • Return on average assets (ROA) was 0.85% for the third quarter of 2019 compared to 0.63% in the prior quarter and 0.61% in the third quarter of 2018. For the nine months ended September 30, 2019, ROA was 0.76% compared to 0.47% for the comparative 2018 period. Net operating ROA (non-GAAP) was 0.76% for 2019 year to date compared to 0.56% for 2018 year to date.
  • Return on average equity (ROE) was 8.13% for the third quarter of 2019 compared to 6.12% in the prior quarter and 6.31% in the third quarter of 2018. ROE for the nine months ended September 30, 2019 and 2018 was 7.40% and 4.80%, respectively. Net operating ROE (non-GAAP) was 7.40% for the 2019 year to date compared to 5.80% for 2018 year to date.
  • The efficiency ratio increased to 78.57% for the third quarter of 2019 compared to 78.06% for the second quarter of 2019 but improved slightly from 78.69% in the third quarter of 2018. For the nine months ended September 30, 2019 and 2018, the efficiency ratio was 78.33% and 83.23%, respectively.

Net Interest Income

Net interest income for the third quarter of 2019 was $8.5 million, an increase of $21 thousand, or 0.3%, from the prior quarter and $48 thousand, or 0.6%, from the third quarter of 2018. For the nine months ended September 30, 2019 and 2018, net interest income increased $774 thousand or 3.1% to $25.4 million from $24.7 million.  The year-over-year and quarter-over-quarter growth was positively impacted by higher average earning asset balances and higher yields which was partially offset by higher funding costs.  The tax-equivalent net interest margin for the quarter was 3.58%, down from 3.68% in the prior quarter and 3.64% in the same period a year ago; however the tax-equivalent net interest margin for the nine months ended September 30, 2019 was 3.65% compared to 3.61% for the comparative 2018 period.

Asset Quality

Non-performing assets (NPAs) totaled $9.1 million as of September 30, 2019, down from $12.4 million at June 30, 2019 and $17.5 million at September 30, 2018. NPAs as a percentage of total assets improved to 0.87%, compared to 1.21% at June 30, 2019 and 1.70% at September 30, 2018. Non-accrual loans were $8.0 million at September 30, 2019, down from $11.2 million at June 30, 2019 and $13.0 million at September 30, 2018. Loans past due 90 days or more and still accruing interest decreased $126 thousand to $1.1 million at September 30, 2019 from $1.2 million at June 30, 2019 and decreased by $3.2 million compared to $4.3 million at September 30, 2018. Of the loans past due 90 days or more at September 30, 2019, approximately $905 thousand were government-guaranteed student loans.

The Company did not recognize any provision for loan losses during the third quarter of 2019 compared to $787 thousand for the second quarter of 2019 and $575 thousand for the third quarter of 2018.  The allowance for loan and lease losses (ALLL) was $10.6 million at September 30, 2019 compared to $10.8 million at June 30, 2019 and $10.2 million at September 30, 2018. The ALLL as a percentage of loans held for investment was 1.43% at September 30, 2019, up from 1.41% at June 30, 2019 and 1.31% at September 30, 2018. Annualized net charge offs as a percentage of average loans outstanding was 0.08% for the third quarter of 2019, 0.06% for second quarter of 2019 compared to 0.20% in the second quarter of 2018.   The Company did not recognize any provision for loan losses during the third quarter of 2019, because (i) net loans declined $20.2 million during the third quarter and (ii) one large classified relationship was upgraded to a pass rating, which caused the ratio of ALLL as a percentage of loans held for investment to increase from June 30, 2019 to September 30, 2019.   

Noninterest Income

Total noninterest income for the quarter was $3.7 million, an increase of $164 thousand from the previous quarter and an increase of $353 thousand, or 10.4% from the third quarter of 2018. Increases in other service charges, commissions and fees and fiduciary and management fees over the preceding quarter and the prior year quarter were partially offset by fluctuations in mortgage banking income and service charges on deposit accounts.  Total noninterest income for the nine months ended September 30, 2019 increased $769 thousand, or 7.7%, to $10.7 million over the comparative 2018 period and is primarily related to increases in other service charges, commissions and fees, mortgage banking income, and gain on sale of available-for-sale securities.

Noninterest Expense

Noninterest expense totaled $9.7 million for the third quarter of 2019, an increase of $188 thousand from the second quarter of 2019 and $269 thousand from the third quarter of 2018. Noninterest expense for the nine months ended September 30, 2019 and 2018 were $28.5 million and $29.1 million, respectively. Adjusting for the impact of certain after tax merger expenses of $732 thousand in 2018, adjusted noninterest expense (non-GAAP) increased $166 thousand comparing year to date 2019 (for which adjusted noninterest expense was equal to noninterest expense) to the same period in 2018. Quarter over quarter and year over year increases are related to increased salaries and employee benefits, data processing, and professional services which were partially offset by decreases in FDIC insurance for the quarterly comparative periods and occupancy and equipment expense in the yearly comparative periods.  

Balance Sheet Review

Total assets as of September 30, 2019 were $1.1 billion, a slight increase from December 31, 2018 at $1.0 billion. Net loans held for investment decreased $33.7 million, or 4.4%, from December 31, 2018 to $730.2 million.  Securities available for sale, at fair value, decreased $1.8 million from December 31, 2018 to $146.5 million at September 30, 2019.

Total deposits as of September 30, 2019 increased $21.4 million, or 2.5%, to $864.6 million from December 31, 2018. Noninterest-bearing deposits increased $5.2 million, or 2.1%, savings deposits increased $12.3 million, or 3.3%, and time deposits increased $4.0 million, or 1.8%.

The Company's total stockholders' equity at September 30, 2019 increased $7.1 million or 6.9% from December 31, 2018 to $109.1 million.  The Bank remains well capitalized with a Tier 1 Capital ratio of 11.62% at September 30, 2019 as compared to 10.90% at December 31, 2018. The Bank's leverage ratio was 9.66% at September 30, 2019 as compared to 9.34% at December 31, 2018. 

Non-GAAP Financial Measures – In addition to the Company's results presented in accordance with GAAP, this release includes certain non-GAAP financial measures including net operating earnings, net operating earnings per share, net operating ROA, net operating ROE, operating efficiency ratio, and adjusted noninterest expense.  A schedule reconciling these non-GAAP financial measures is provided at the end of this press release.  The Company uses non-GAAP financial measures in its internal analysis of financial and operating performance and the Company's management believes that they provide greater transparency regarding management's view of the Company's performance.  These non-GAAP financial measures should be read in conjunction with, and not as a substitute for, the Company's GAAP results.  In addition, because not all companies use identical calculations, the Company's presentation of its non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

Safe Harbor Statement Regarding Forward-Looking Statements - Statements in this press release 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; 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; 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 performance of the Company's dealer lending program; 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; 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, 2018. 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 (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, Senior Vice President/Chief Financial Officer 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

September 30,

December 31,

(dollars in thousands, except share data)

2019

2018


(unaudited)


Assets






Cash and due from banks

$               31,897

$               19,915

Interest-bearing due from banks

58,591

20,000

Federal funds sold

719

2,302

  Cash and cash equivalents

91,207

42,217

Securities available-for-sale, at fair value

146,486

148,247

Restricted securities, at cost

3,351

3,853

Loans held for sale

1,578

479

Loans, net

730,198

763,898

Premises and equipment, net

36,361

36,738

Bank-owned life insurance

27,355

26,763

Goodwill

1,650

1,650

Other real estate owned, net

-

83

Core deposit intangible, net

374

407

Other assets

12,035

13,848

Total assets

$         1,050,595

$         1,038,183




Liabilities & Stockholders' Equity






Deposits:



  Noninterest-bearing deposits

$             251,419

$             246,265

  Savings deposits

380,178

367,915

  Time deposits

232,973

228,964

 Total deposits

864,570

843,144

Federal funds purchased and other short-term borrowings

-

-

Overnight repurchase agreements

23,732

25,775

Federal Home Loan Bank advances

47,000

60,000

Other borrowings

2,100

2,550

Accrued expenses and other liabilities

4,130

4,708

  Total liabilities

941,532

936,177




Commitments and contingencies






Stockholders' equity:



Common stock, $5 par value, 10,000,000 shares authorized; 5,199,169 and 5,184,289 shares outstanding (includes 19,933 and 13,689 of nonvested restricted stock, respectively)

25,896

25,853

Additional paid-in capital

20,876

20,698

Retained earnings

61,625

57,611

Accumulated other comprehensive income(loss), net

666

(2,156)

  Total stockholders' equity

109,063

102,006

Total liabilities and stockholders' equity

$         1,050,595

$         1,038,183

 

 

Old Point Financial Corporation and Subsidiaries






Consolidated Statements of Income (unaudited)

Three Months Ended

Nine Months Ended

(dollars in thousands, except per share data)

Sep. 30, 2019

Jun. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018







Interest and Dividend Income:






Loans, including fees

$             8,972

$             9,075

$             8,865

$           26,909

$           25,448

Due from banks

257

111

68

425

94

Federal funds sold

10

6

5

23

15

Securities:






  Taxable

770

648

510

2,038

1,503

  Tax-exempt

146

234

291

646

937

Dividends and interest on all other securities

53

59

64

176

192

  Total interest and dividend income

10,208

10,133

9,803

30,217

28,189







Interest Expense:






Checking and savings deposits

291

275

164

817

409

Time deposits

1,012

947

774

2,829

2,088

Federal funds purchased, securities sold under






  agreements to repurchase and other borrowings

32

36

41

105

93

Federal Home Loan Bank advances

321

344

320

1,024

931

  Total interest expense

1,656

1,602

1,299

4,775

3,521

Net interest income

8,552

8,531

8,504

25,442

24,668

Provision for loan losses

-

787

749

1,013

1,849

Net interest income after provision for loan losses

8,552

7,744

7,755

24,429

22,819







Noninterest Income:






Fiduciary and asset management fees

949

929

904

2,837

2,803

Service charges on deposit accounts

1,001

1,028

1,095

3,082

3,043

Other service charges, commissions and fees

1,047

1,026

873

2,998

2,668

Bank-owned life insurance income

201

198

202

591

584

Mortgage banking income

204

302

240

722

617

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

286

-

-

312

120

Gain on acquisition of Old Point Mortgage

-

-

-

-

-

Other operating income

49

90

70

184

122

  Total noninterest income

3,737

3,573

3,384

10,726

9,957







Noninterest Expense:






Salaries and employee benefits

5,991

5,927

5,608

17,617

17,020

Pension termination settlement

-

-

-

-

-

Occupancy and equipment

1,484

1,405

1,557

4,282

4,521

Data processing

460

420

317

1,243

993

Customer development

137

151

143

450

460

Professional services

652

560

482

1,726

1,507

Employee professional development

181

230

195

597

595

Other taxes

146

149

134

445

446

ATM and other losses

57

53

103

172

357

Loss (gain) on other real estate owned

-

-

-

(2)

86

Merger expenses

-

-

48

-

644

Other operating expenses

588

613

840

1,965

2,432

  Total noninterest expense

9,696

9,508

9,427

28,495

29,061

Income before income taxes

2,593

1,809

1,712

6,660

3,715

Income tax expense

361

183

115

775

184

Net income

$             2,232

$             1,626

$             1,597

$             5,885

$             3,531







Basic Earnings per Share:






Weighted average shares outstanding 

5,198,634

5,202,166

5,182,181

5,195,912

5,127,090

Net income per share of common stock

$                0.43

$                0.31

$                0.31

$                1.13

$                0.69







Diluted Earnings per Share:






Weighted average shares outstanding 

5,198,656

5,202,196

5,182,181

5,195,962

5,127,113

Net income per share of common stock

$                0.43

$                0.31

$                0.31

$                1.13

$                0.69







Cash Dividends Declared per Share:

$                0.12

$                0.12

$                0.11

$                0.36

$                0.33

 

 

Old Point Financial Corporation and Subsidiaries





Average Balance Sheets, Net Interest Income And Rates













For the quarter ended September 30,

(unaudited)

2019

2018



Interest



Interest



Average

Income/

Yield/

Average

Income/

Yield/

(dollars in thousands)

Balance

Expense

Rate**

Balance

Expense

Rate**

ASSETS







Loans*

$    750,908

$   8,986

4.75%

$    777,179

$   8,880

4.53%

Investment securities:







  Taxable

126,055

770

2.42%

94,674

510

2.14%

  Tax-exempt*

21,117

185

3.48%

47,458

368

3.08%

Total investment securities

147,172

955

2.57%

142,132

878

2.45%

Interest-bearing due from banks

48,997

257

2.08%

13,389

68

2.01%

Federal funds sold

1,688

10

2.12%

950

5

2.09%

Other investments

3,433

53

6.13%

3,869

75

7.69%

Total earning assets

952,198

$ 10,261

4.27%

937,519

$   9,906

4.19%

Allowance for loan losses

(10,951)



(10,184)



Other non-earning assets

104,939



103,231



Total assets

$ 1,046,186



$ 1,030,566










LIABILITIES AND STOCKHOLDERS' EQUITY







Time and savings deposits:







Interest-bearing transaction accounts

$      33,320

$          3

0.04%

$      28,001

$          2

0.03%

Money market deposit accounts

257,627

266

0.41%

243,556

140

0.23%

Savings accounts

86,133

22

0.10%

88,345

22

0.10%

Time deposits

234,841

1,012

1.71%

235,443

774

1.30%

Total time and savings deposits

611,921

1,303

0.84%

595,345

938

0.63%

Federal funds purchased, repurchase







  agreements and other borrowings

22,114

32

0.57%

32,800

41

0.50%

Federal Home Loan Bank advances

48,924

321

2.61%

60,000

320

2.12%

Total interest-bearing liabilities

682,959

1,656

0.96%

688,145

1,299

0.75%

Demand deposits

250,634



238,592



Other liabilities

3,647



3,382



Stockholders' equity

108,946



100,447



Total liabilities and stockholders' equity

$ 1,046,186



$ 1,030,566



Net interest margin


$   8,605

3.58%


$   8,607

3.64%








*Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $53 thousand and


 $92 thousand, respectively.







**Annualized





 

 

Old Point Financial Corporation and Subsidiaries





Average Balance Sheets, Net Interest Income And Rates













For the nine months ended September 30,

(unaudited)

2019

2018



Interest



Interest



Average

Income/

Yield/

Average

Income/

Yield/

(dollars in thousands)

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS







Loans*

$    763,074

$ 26,949

4.72%

$    767,101

$ 25,492

4.44%

Investment securities:







  Taxable

112,543

2,038

2.42%

94,907

1,503

2.12%

  Tax-exempt*

34,339

818

3.17%

51,717

1,186

3.07%

Total investment securities

146,882

2,856

2.60%

146,624

2,689

2.45%

Interest-bearing due from banks

26,005

425

2.19%

6,481

94

1.94%

Federal funds sold

1,320

23

2.28%

1,164

15

1.72%

Other investments

3,603

176

6.52%

4,160

210

6.75%

Total earning assets

940,884

$ 30,429

4.32%

925,530

$ 28,500

4.12%

Allowance for loan losses

(10,583)



(10,052)



Other nonearning assets

103,901



98,819



Total assets

$ 1,034,202



$ 1,014,297










LIABILITIES AND STOCKHOLDERS' EQUITY







Time and savings deposits:







Interest-bearing transaction accounts

$      30,858

$          8

0.03%

$      28,159

$          8

0.04%

Money market deposit accounts

254,564

743

0.39%

238,520

347

0.19%

Savings accounts

87,292

66

0.10%

87,596

54

0.08%

Time deposits

232,517

2,829

1.63%

227,914

2,088

1.22%

Total time and savings deposits

605,231

3,646

0.81%

582,189

2,497

0.57%

Federal funds purchased, repurchase







  agreements and other borrowings

23,456

105

0.60%

30,442

93

0.41%

Federal Home Loan Bank advances

53,264

1,024

2.57%

68,223

931

1.82%

Total interest-bearing liabilities

681,951

4,775

0.94%

680,854

3,521

0.69%

Demand deposits

241,924



231,916



Other liabilities

4,003



3,243



Stockholders' equity

106,324



98,284



Total liabilities and stockholders' equity

$ 1,034,202



$ 1,014,297



Net interest margin


$ 25,654

3.65%


$ 24,979

3.61%








*Computed on a fully tax-equivalent basis using a 21% rate, adjusting interest income by $212 thousand and

 $311 thousand, respectively.







**Annualized





 

 

Old Point Financial Corporation and Subsidiaries

As of or for the quarter ended,

Selected Ratios (unaudited)

September 30,

June 30,

September 30,

(dollars in thousands, except per share data)

2019

2019

2018





Earnings per common share, diluted

$                 0.43

$                 0.31

$                 0.31

Return on average assets (ROA)

0.85%

0.63%

0.61%

Return on average equity (ROE)

8.13%

6.12%

6.31%

Net Interest Margin (FTE)

3.58%

3.68%

3.64%

Non-performing assets (NPAs) / total assets

0.87%

1.21%

1.70%

Annualized Net Charge Offs / average total loans

0.08%

0.06%

0.20%

Allowance for loan losses / total loans

1.43%

1.41%

1.31%

Efficiency ratio (FTE)

78.57%

78.06%

78.69%





Non-Performing Assets (NPAs)




  Nonaccrual loans

$               7,998

$             11,203

$             13,009

  Loans > 90 days past due, but still accruing interest

1,096

1,222

4,314

  Other real estate owned

-

-

133

  Total non-performing assets

$               9,094

$             12,425

$             17,456





Other Selected Numbers




  Loans, net

$          730,198

$          750,421

$          769,204

  Deposits

864,570

847,784

841,311

  Stockholders equity

109,063

107,425

99,575

  Total assets

1,050,595

1,029,404

1,025,440

  Loans charged off during the quarter, net of recoveries

145

118

391

  Quarterly average loans

750,908

767,393

777,179

  Quarterly average assets

1,046,186

1,031,707

1,030,566

  Quarterly average earning assets

952,198

937,347

937,519

  Quarterly average deposits

862,555

845,929

833,937

  Quarterly average equity

108,946

106,480

100,447

 

 

Reconciliations of GAAP Measures to Non-GAAP Measures(unaudited)






Three Months Ended


Six Months Ended


Sep. 30, 2019

Jun. 30, 2019

Sep. 30, 2018


Sep. 30, 2019

Sep. 30, 2018








Net income (GAAP)

$         2,232

$         1,626

$         1,597


$         5,885

$         3,531

Plus: Merger-related costs, excluding severance (after tax)

-

-

48


-

644

         Merger-related severance costs (after tax)

-

-

-


-

88

Net operating earnings (non-GAAP)

$         2,232

$         1,626

$         1,645


$         5,885

$         4,263








Weighted average shares outstanding (assuming dilution)

5,198,656

5,202,196

5,182,181


5,195,962

5,127,113

Earnings per share (GAAP)

$           0.43

$           0.31

$           0.31


$           1.13

$           0.69

Net operating earnings per share (non-GAAP)

0.43

0.31

0.32


1.13

0.83








Average assets

$   1,046,186

$   1,031,707

$   1,030,566


$   1,034,202

$   1,014,297

ROA (GAAP)

0.85%

0.63%

0.61%


0.76%

0.47%

Net operating ROA (non-GAAP)

0.85%

0.63%

0.63%


0.76%

0.56%








Average stockholders equity

$     108,946

$     106,480

$     100,447


$     106,324

$       98,284

ROE (GAAP)

8.13%

6.12%

6.31%


7.40%

4.80%

Net operating ROE (non-GAAP)

8.13%

6.12%

6.50%


7.40%

5.80%








Efficiency ratio (FTE)

78.57%

78.06%

78.69%


78.33%

83.23%

Operating efficiency ratio (FTE)

78.57%

78.06%

78.29%


78.33%

81.13%

 

Old Point Financial Corporation (

 

 

Cision

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