| Unaudited | ||||||||
|---|---|---|---|---|---|---|---|---|
| Old Point Financial Corporation | ||||||||
| Consolidated Balance Sheet | ||||||||
| Dollars in thousands, except per share data | ||||||||
| Assets | 30-Sep-03 | 30-Sep-02 | ||||||
| Cash and due from banks | $ | 14,133 | $ | 12,644 | ||||
| Interest bearing balances due from banks | $ | 250 | $ | 307 | ||||
| Investments: | ||||||||
| Securities available for sale, at market | 152,786 | 101,192 | ||||||
| Securities to be held to maturity | 12,715 | 33,361 | ||||||
| Trading Account Securities | 0 | 0 | ||||||
| Federal Funds Sold | 3,699 | 20,886 | ||||||
| Loans (total) | 390,796 | 372,875 | ||||||
| Less reserve for loan losses | 4,860 | 4,539 | ||||||
| Net loans | 385,936 | 368,336 | ||||||
| Bank Premises and Equipment | 13,585 | 13,363 | ||||||
| Other Real Estate Owned | 190 | 1,496 | ||||||
| Other Assets | 12,762 | 10,534 | ||||||
| Total Assets | $ | 596,056 | $ | 562,119 | ||||
| Liabilities | 30-Sep-03 | 30-Sep-02 | ||||||
|---|---|---|---|---|---|---|---|---|
| Noninterest-bearing deposits | $ | 98,836 | $ | 88,469 | ||||
| Savings deposits | 167,480 | 150,060 | ||||||
| Time Deposits | 202,481 | 203,444 | ||||||
| Total Deposits | 468,797 | 441,973 | ||||||
| Federal funds purchased and securities sold | 22,107 | 24,327 | ||||||
| under agreement to repurchase | ||||||||
| Federal Home Loan Bank Advances | 40,000 | 30,000 | ||||||
| Interest-bearing demand notes issued to the | 569 | 6,000 | ||||||
| United States Treasury and other liabilities | ||||||||
| for borrowed money | ||||||||
| Other liabilities | 3,243 | 2,917 | ||||||
| Total Liabilities | 534,716 | 505,217 | ||||||
| Stockholders' Equity | ||||||||
| Common stock, $5.00 par value | 19,852 | 13,084 | ||||||
| 2003 2002 | ||||||||
| Shares Authorized 10,000,000 10,000,000 | ||||||||
| Shares Outstanding 3,970,493 3,925,238 | ||||||||
| Surplus | 12,261 | 10,953 | ||||||
| Undivided profits | 29,022 | 30,983 | ||||||
| Unrealized gain/(loss) on securities | 205 | 1,882 | ||||||
| Total stockholders' equity | 61,340 | 56,902 | ||||||
| Total liabilities and stockholders' equity | $ | 596,056 | $ | 562,119 | ||||
| Old Point Financial Corporation | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Statements of Earnings | ||||||||||||||
| Interest Income | 3 Mos Ended | 3 Mos Ended | 9 Mos Ended | 9 Mos Ended | ||||||||||
| 30-Sep-03 | 30-Sep-02 | 30-Sep-03 | 30-Sep-02 | |||||||||||
| Interest and Fees on loans | $ | 6,547 | $ | 6,934 | $ | 19,980 | $ | 20,357 | ||||||
| Interest on federal funds sold | 24 | 75 | 118 | 166 | ||||||||||
| Interest on securities | ||||||||||||||
| Taxable | 1,056 | 1,050 | 3,192 | 3,235 | ||||||||||
| Exempt from Federal income tax | 538 | 580 | 1,658 | 1,762 | ||||||||||
| Total interest on securities | 1,594 | 1,630 | 4,850 | 4,997 | ||||||||||
| Interest on trading account | 0 | 0 | 0 | 0 | ||||||||||
| Total interest income | 8,165 | 8,639 | 24,948 | 25,520 | ||||||||||
| Interest Expense | ||||||||||||||
| Interest on savings deposits | 235 | 408 | 820 | 1,234 | ||||||||||
| Interest on time deposits | 1,514 | 2,051 | 4,914 | 6,412 | ||||||||||
| Interest on federal funds purchased and | 51 | 99 | 170 | 299 | ||||||||||
| securities sold under agreement to repurchase | ||||||||||||||
| Interest on Federal Home Loan Bank advances | 512 | 437 | 1,512 | 1,200 | ||||||||||
| Interest on demands notes (note balances) | 4 | 8 | 12 | 23 | ||||||||||
| issued to the United States Treasury and on | ||||||||||||||
| other borrowed money | ||||||||||||||
| Total Interest expense | 2,316 | 3,003 | 7,428 | 9,168 | ||||||||||
| Net Interest Income | 5,849 | 5,636 | 17,520 | 16,352 | ||||||||||
| Provision for loan losses | 300 | 600 | 900 | 1,300 | ||||||||||
| Net interest income after provision for loan | 5,549 | 5,036 | 16,620 | 15,052 | ||||||||||
| losses | ||||||||||||||
| Other Income | ||||||||||||||
| Income from fiduciary activities | 604 | 603 | 1,673 | 1,701 | ||||||||||
| Service charges on demand deposits | 743 | 721 | 2,187 | 2,150 | ||||||||||
| Other service charges, commissions and fees | 274 | 247 | 950 | 816 | ||||||||||
| Other operating income | 285 | 214 | 777 | 619 | ||||||||||
| Security gains(losses) | 15 | 3 | 45 | 12 | ||||||||||
| Trading account income | 0 | 0 | 0 | 0 | ||||||||||
| Total Other income | 1,921 | 1,788 | 5,632 | 5,298 | ||||||||||
| Other Expenses | ||||||||||||||
| Salaries and employee benefits | 3,058 | 2,799 | 8,962 | 8,104 | ||||||||||
| Occupancy expense of bank premises | 310 | 284 | 920 | 854 | ||||||||||
| Furniture and equipment expense | 408 | 408 | 1,229 | 1,229 | ||||||||||
| Other operating expenses | 1,106 | 1,048 | 3,363 | 3,271 | ||||||||||
| Total other expenses | 4,882 | 4,539 | 14,474 | 13,458 | ||||||||||
| Income before taxes | 2,588 | 2,285 | 7,778 | 6,892 | ||||||||||
| Applicable income taxes | 624 | 554 | 1,920 | 1,691 | ||||||||||
| Net Income | 1,964 | 1,731 | 5,858 | 5,201 | ||||||||||
| Per Share | ||||||||||||||
| Based on weighted average number of common | 3,967,134 | 2,612,201 | 3,954,717 | 2,606,263 | ||||||||||
| shares outstanding | ||||||||||||||
| Basic Earnings per share | $ | 0.50 | $ | 0.44 | $ | 1.48 | $ | 1.33 | ||||||
| Diluted Earnings per share | $ | 0.48 | $ | 0.43 | $ | 1.44 | $ | 1.30 | ||||||
| Cash Dividends Declared | $ | 0.15 | $ | 0.12 | $ | 0.39 | $ | 0.33 | ||||||