OLD POINT FINANCIAL CORPORATION 1ST QUARTER 2005
EARNINGS RELEASE
Hampton, Virginia, April 14, 2005: Old Point Financial Corporation (Nasdaq “OPOF”) announced today first quarter 2005 net income of $2.06 million as compared with $2.09 million earned in the comparable quarter in 2004. Although net income was down slightly on a quarter-to-quarter basis, net income before securities gains for the first quarter of 2005 was up by 5.7% due to significantly larger securities gains realized in the first quarter of 2004. Total assets as of March 31, 2005 were $690.7 million, up 4.5% from the previous year total of $660.8 million. Net loans increased by 6.2% to $426.9 million from $401.8 million on March 31, 2004. Total deposits as of March 31, 2005 were up 1.6%, to $517.1 million from the 2004 first quarter total of $509.1 million. Basic earnings per share for the first quarter 2005 were $0.51, or $0.50 on a fully diluted basis. Annualized return on average assets (ROA) for the first quarter of 2005 was1.19%. Return on equity (ROE) was11.88%.
"We're optimistic about 2005," said Old Point Financial Corporation Chairman and CEORobert F. Shuford. "We opened our New Town office in Williamsburg this quarter, and we’re anticipating opening our Independence office in Virginia Beach before year-end. We’re also about to launch a new checking strategy that should be very popular with consumers and will generate low-cost deposits for us."
Old Point Financial Corporationis the parent company ofOld Point National Bank, a locally owned and managed community bank serving Hampton Roads with a 17-branch network extending from Chesapeake through James City County, andOld Point Trust & 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
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| Old Point Financial Corporation | | |
| Consolidated Balance Sheets | | |
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| Assets |
| | 31-Mar-05 | 31-Mar-04 |
| Cash and due from banks | $ 15,676 | $ 17,201 |
| Federal Funds Sold | 14,184 | 22,060 |
| Cash and cash equivalents | 29,860 | 39,261 |
| Investments: |
| Securities available for sale, at market | 195,323 | 181,261 |
| Securities to be held to maturity | 3,525 | 11,589 |
| Loans, net of allowance | 426,902 | 401,828 |
| Bank Premises and Equipment | 19,212 | 14,260 |
| Other Assets | 15,909 | 12,587 |
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| Total assets | $ 690,731 | $ 660,786 |
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| Liabilities |
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| Noninterest-bearing deposits | $ 106,566 | $ 121,775 |
| Savings deposits | 195,707 | 182,107 |
| Time deposits | 214,792 | 205,251 |
| Total Deposits | 517,065 | 509,133 |
| Federal funds purchased, repurchase | 52,960 | 32,127 |
| agreements and other borrowings |
| Federal Home Loan Bank Advances | 50,000 | 50,000 |
| Accrued expenses and other liabilities | 2,171 | 3,507 |
| |
| Total liabilities | $ 622,196 | $ 594,767 |
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| Stockholders' equity |
| Common stock, $5.00 par value | 20,081 | 19,951 |
| 2005 2004 |
| Shares Authorized 10,000,000 10,000,000 |
| Shares Outstanding 4,016,144 3,990,151 | |
| Additional paid-in capital | 14,153 | 12,872 |
| Retained earnings | 36,190 | 31,410 |
| Accumulated other comprehensive income(loss) | (1,889) | 1,786 |
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| Total stockholders' equity | 68,535 | 66,019 |
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| Total liabilities and stockholders' equity | $ 690,731 | $ 660,786 |
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| Old Point Financial Corporation | | | | | |
| Consolidated Statements of Earnings | | | | | |
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| | 3 Months | | 3 Months | |
| | | Ended | | Ended | |
| | | 31-Mar-05 | | 31-Mar-04 | |
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| | (dollars in thousands, | |
| | except per share amounts) | |
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|---|
| Interest Income |
| |
| Interest and fees on loans | | $ 6,754 | | $ 6,439 | |
| Interest on federal funds sold | | 35 | | 43 | |
| Interest on securities | |
| Taxable | | 1,375 | | 1,173 | |
| Exempt from Federal income tax | | 444 | | 495 | |
| Dividends and interest on all other securities | | 55 | | 31 | |
| Total interest and dividend income | | 8,663 | | 8,181 | |
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| Interest Expense | |
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| Interest on savings deposits | | 322 | | 235 | |
| Interest on time deposits | | 1,485 | | 1,353 | |
| Interest on federal funds purchased and | | 224 | | 66 | |
| securities sold under agreement to repurchase | |
| Interest on FHLB advances | | 584 | | 540 | |
| Total interest expense | | 2,615 | | 2,194 | |
| |
| Net interest income | | 6,048 | | 5,987 | |
| Provision for loan losses | | 225 | | 150 | |
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| Net interest income after provision for | | 5,823 | | 5,837 | |
| loan losses | |
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| Noninterest Income | |
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| Income from fiduciary activities | | 717 | | 671 | |
| Service charges on deposit accounts | | 1,072 | | 748 | |
| Other service charges, commissions and fees | | 498 | | 407 | |
| Income from bank owned life insurance | | 123 | | 111 | |
| Security gains(losses) | | 5 | | 152 | |
| Other operating income | | 91 | | 59 | |
| Total noninterest income | | 2,506 | | 2,148 | |
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| Noninterest Expense | |
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| Salaries and employee benefits | | 3,411 | | 3,209 | |
| Occupancy and equipment | | 757 | | 743 | |
| Postage and courier | | 118 | | 100 | |
| Service fees | | 129 | | 92 | |
| Data processing | | 147 | | 151 | |
| Customer development | | 132 | | 89 | |
| Employee professional development | | 115 | | 111 | |
| Other | | 689 | | 634 | |
| Total noninterest expenses | | 5,498 | | 5,129 | |
| |
| Income before income taxes | | 2,831 | | 2,856 | |
| Income tax expense | | 774 | | 764 | |
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| Net income | | $ 2,057 | | $ 2,092 | |
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| Per Share | |
| Based on weighted average number of common | | 4,015,377 | | 3,983,561 | |
| shares outstanding | |
| Basic earnings per share | | $ 0.51 | | $ 0.53 | |
| Diluted Earnings per share | | $ 0.50 | | $ 0.51 | |
| Cash Dividends Declared | | $ 0.16 | | $ 0.15 | |
