January 18, 2005
OLD POINT FINANCIAL CORPORATION 4TH QUARTER 2004
EARNINGS RELEASE
Hampton, VA. Old Point Financial Corporation(Nasdaq “OPOF”) announced today 2004 net income of $8.58 million as compared to 2003 net income of $7.82 million, an annual increase of 10%. Fourth quarter income was $2.09 million, an increase of 6% from $1.97 million in the same quarter of last year. Fully diluted net income per share is $2.10 for 2004, as compared to $1.92 for 2003, an increase of 9% for the year.
Net interest income after provision for loan losses for the quarter showed a 2% increase over the same quarter in 2003, and a 5% increase for the year. Non-interest income for the fourth quarter of 2004 was 25% higher than the same quarter of 2003, and 26% on the year. Non-interest expenses were 5% higher in the fourth quarter of 2004 than the same quarter in 2003, and experienced an 8% increase for the year.
Total Assets as of December 31, 2004 were $686.28 million, an increase of 6% compared to December 31, 2003. Deposits increased by 4%, to $512.16 million, and Net Loans rose to $428.95 million, an increase of 7%.
Return on Average Assets (ROA) for 2004 was 1.28%, and Return on Average Equity (ROE) was 12.91%, compared to an ROA of 1.30% and an ROE of 12.81% in 2003.
Old Point Financial Corporation (Nasdaq SmallCap "OPOF")is the parent company ofOld Point National Bank, a locally owned and managed community bank serving Hampton Roads with a 16-branch network extending from Chesapeake through James City County, andOld Point Trust and Financial Services, N.A., a Hampton Roads wealth management services provider. www.oldpoint.com
For More Information Contact: Lani Chisman Davis, Marketing Director, 757-728-1286
Old Point Financial Corporation | ||||||||
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Consolidated Balance Sheets (Unaudited) | ||||||||
dollars in Thousands | ||||||||
Assets | 31-Dec-04 | 31-Dec-03 | ||||||
Cash and due from banks | $ | 11,595 | $ | 18,384 | ||||
Federal funds sold | 1,978 | 14,969 | ||||||
Cash and Cash Equivalents | $ | 13,573 | $ | 33,353 | ||||
Securities available for sale, at market | 201,380 | 172,860 | ||||||
Securities held to maturity, at cost | 9,424 | 12,389 | ||||||
Loans (net of allowance of $4,302 and $4,833) | 428,950 | 400,278 | ||||||
Bank premises and equipment | 18,543 | 14,163 | ||||||
Other assets | 14,405 | 12,872 | ||||||
Total Assets | $ | 686,275 | $ | 645,915 |
Liabilities | 31-Dec-04 | 31-Dec-03 | ||||||
---|---|---|---|---|---|---|---|---|
Noninterest-bearing deposits | $ | 101,527 | $ | 114,101 | ||||
Savings deposits | 199,853 | 179,668 | ||||||
Time deposits | 210,780 | 196,653 | ||||||
Total Deposits | 512,160 | 490,422 | ||||||
Federal funds purchased and securities sold | 45,769 | 38,007 | ||||||
under agreement to repurchase | ||||||||
Federal Home Loan Bank advances | 55,000 | 50,000 | ||||||
Other borrowings | 3,159 | 1,811 | ||||||
Other liabilities | 1,048 | 2,376 | ||||||
Total Liabilities | $ | 617,136 | $ | 582,616 | ||||
Stockholders' Equity | ||||||||
Common stock, $5.00 par value | 20,068 | 19,880 | ||||||
2004 2003 | ||||||||
Shares Authorized 10,000,000 10,000,000 | ||||||||
Shares Outstanding 4,013,644 3,976,019 | ||||||||
Additional paid-in capital | 14,023 | 12,433 | ||||||
Retained Earnings | 34,855 | 30,246 | ||||||
Accumulated other comprehensive income | 193 | 740 | ||||||
Total stockholders' equity | 69,139 | 63,299 | ||||||
Total liabilities and stockholders' equity | $ | 686,275 | $ | 645,915 | ||||
Old Point Financial Corporation | ||||||||||||||
Consolidated Statements of Earnings | ||||||||||||||
(Unaudited) | ||||||||||||||
Interest Income | 3 Mo Ended | 3 Mo Ended | 12 Mo Ended | 12 Mo Ended | ||||||||||
31-Dec-04 | 31-Dec-03 | 31-Dec-04 | 31-Dec-03 |
(Dollars in Thousands, except per share amounts) |
Interest and fees on loans | $ | 6,750 | $ | 6,479 | $ | 26,290 | $ | 26,459 | ||||||
Interest on federal funds sold | 66 | 47 | 173 | 165 | ||||||||||
Interest on securities | ||||||||||||||
Taxable | 1,376 | 1,176 | 5,288 | 4,368 | ||||||||||
Tax exempt | 457 | 517 | 1,888 | 2,175 | ||||||||||
Total interest on securities | 1,833 | 1,693 | 7,176 | 6,543 | ||||||||||
Total interest income | 8,649 | 8,219 | 33,639 | 33,167 | ||||||||||
Interest Expense | ||||||||||||||
Interest on savings deposits | 297 | 237 | 1,032 | 1,057 | ||||||||||
Interest on time deposits | 1,418 | 1,386 | 5,582 | 6,301 | ||||||||||
Interest on federal funds purchased and | 139 | 45 | 352 | 215 | ||||||||||
securities sold under agreement to repurchase | ||||||||||||||
and other borrowings | ||||||||||||||
Interest on FHLB advances | 590 | 542 | 2,263 | 2,054 | ||||||||||
Interest on other borrowings | 9 | 4 | 19 | 16 | ||||||||||
Total Interest expense | 2,453 | 2,214 | 9,248 | 9,643 | ||||||||||
Net Interest Income | 6,196 | 6,004 | 24,391 | 23,524 | ||||||||||
Provision for loan losses | 200 | 100 | 850 | 1,000 | ||||||||||
Net interest income after provision for loan losses | 5,996 | 5,904 | 23,541 | 22,524 | ||||||||||
Other Income | ||||||||||||||
Income from fiduciary activities | 596 | 551 | 2,530 | 2,223 | ||||||||||
Service charges on deposits | 1,149 | 755 | 4,348 | 2,942 | ||||||||||
Other service charges, commissions and fees | 332 | 312 | 1,523 | 1,263 | ||||||||||
Other operating income | 220 | 202 | 804 | 980 | ||||||||||
Net gain on available-for-sale securities | 4 | 15 | 215 | 60 | ||||||||||
Total Other income | 2,301 | 1,835 | 9,420 | 7,468 | ||||||||||
Other Expenses | ||||||||||||||
Salaries and employee benefits | 3,388 | 3,146 | 13,201 | 12,109 | ||||||||||
Occupancy expense of bank premises | 342 | 345 | 1,357 | 1,265 | ||||||||||
Furniture and equipment expense | 415 | 429 | 1,628 | 1,658 | ||||||||||
Other operating expenses | 1,220 | 1,201 | 4,986 | 4,564 | ||||||||||
Total other expenses | 5,365 | 5,121 | 21,172 | 19,596 | ||||||||||
Income before taxes | 2,932 | 2,618 | 11,789 | 10,396 | ||||||||||
Income tax expense | 844 | 651 | 3,209 | 2,571 | ||||||||||
Net Income | 2,088 | 1,967 | 8,580 | 7,825 | ||||||||||
Per Share | ||||||||||||||
Weighted average number of common shares | 4,010,421 | 3,973,279 | 3,997,388 | 3,959,396 | ||||||||||
basic | ||||||||||||||
Weighted average number of common shares | 4,098,752 | 4,083,866 | 4,086,069 | 4,080,246 | ||||||||||
diluted | ||||||||||||||
Basic earnings per share | $ | 0.52 | $ | 0.50 | $ | 2.15 | $ | 1.98 | ||||||
Diluted earnings per share | $ | 0.51 | $ | 0.48 | $ | 2.10 | $ | 1.92 | ||||||
Cash dividends declared | $ | 0.16 | $ | 0.15 | $ | 0.62 | $ | 0.54 | ||||||