EXHIBIT 99.1
Old Point Financial Corporation and Subsidiaries | ||||||||
Consolidated Balance Sheets | December 31, | |||||||
(dollars in thousands, except per share data) | 2016 | 2015 | ||||||
(unaudited) | ||||||||
Assets | ||||||||
Cash and due from banks | $ | 21,885 | $ | 33,514 | ||||
Interest-bearing due from banks | 1,667 | 1,064 | ||||||
Federal funds sold | 2,302 | 2,412 | ||||||
Cash and cash equivalents | 25,854 | 36,990 | ||||||
Securities available-for-sale, at fair value | 199,365 | 214,192 | ||||||
Restricted securities | 970 | 2,016 | ||||||
Loans, net of allowance for loan losses of $8,245 and $7,738 | 595,637 | 560,737 | ||||||
Premises and equipment, net | 39,324 | 41,282 | ||||||
Bank-owned life insurance | 25,206 | 24,411 | ||||||
Other real estate owned, net of valuation allowance of $1,026 and $2,549 | 1,067 | 2,741 | ||||||
Other assets | 15,543 | 14,418 | ||||||
Total assets | $ | 902,966 | $ | 896,787 | ||||
Liabilities & Stockholders' Equity | ||||||||
Deposits: | ||||||||
Noninterest-bearing deposits | $ | 228,641 | $ | 215,090 | ||||
Savings deposits | 344,452 | 321,370 | ||||||
Time deposits | 211,409 | 210,011 | ||||||
Total deposits | 784,502 | 746,471 | ||||||
Overnight repurchase agreements | 18,704 | 25,950 | ||||||
Federal Home Loan Bank advances | 0 | 25,000 | ||||||
Accrued expenses and other liabilities | 5,770 | 6,190 | ||||||
Total liabilities | 808,976 | 803,611 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Common stock, $5 par value, 10,000,000 shares authorized; | ||||||||
4,961,258 and 4,959,009 shares issued and outstanding | 24,806 | 24,795 | ||||||
Additional paid-in capital | 16,427 | 16,392 | ||||||
Retained earnings | 56,965 | 55,151 | ||||||
Accumulated other comprehensive loss, net | (4,208 | ) | (3,162 | ) | ||||
Total stockholders' equity | 93,990 | 93,176 | ||||||
Total liabilities and stockholders' equity | $ | 902,966 | $ | 896,787 |
Old Point Financial Corporation and Subsidiaries | ||||||||
Consolidated Statements of Income | ||||||||
(dollars in thousands, except per share data) | Years Ended December 31, | |||||||
2016 | 2015 | |||||||
(unaudited) | ||||||||
Interest and Dividend Income: | ||||||||
Interest and fees on loans | $ | 26,322 | $ | 25,972 | ||||
Interest on due from banks | 48 | 15 | ||||||
Interest on federal funds sold | 6 | 2 | ||||||
Interest on securities: | ||||||||
Taxable | 1,802 | 2,510 | ||||||
Tax-exempt | 1,535 | 1,663 | ||||||
Dividends and interest on all other securities | 113 | 133 | ||||||
Total interest and dividend income | 29,826 | 30,295 | ||||||
Interest Expense: | ||||||||
Interest on savings deposits | 227 | 227 | ||||||
Interest on time deposits | 2,116 | 2,144 | ||||||
Interest on federal funds purchased, securities sold under | ||||||||
agreements to repurchase and other borrowings | 25 | 30 | ||||||
Interest on Federal Home Loan Bank advances | 206 | 1,231 | ||||||
Total interest expense | 2,574 | 3,632 | ||||||
Net interest income | 27,252 | 26,663 | ||||||
Provision for loan losses | 1,930 | 1,025 | ||||||
Net interest income after provision for loan losses | 25,322 | 25,638 | ||||||
Noninterest Income: | ||||||||
Income from fiduciary activities | 3,560 | 3,617 | ||||||
Service charges on deposit accounts | 4,052 | 4,021 | ||||||
Other service charges, commissions and fees | 3,940 | 4,084 | ||||||
Income from bank-owned life insurance | 795 | 885 | ||||||
Gain on sale of available-for-sale securities, net | 522 | 76 | ||||||
Other operating income | 597 | 453 | ||||||
Total noninterest income | 13,466 | 13,136 | ||||||
Noninterest Expense: | ||||||||
Salaries and employee benefits | 19,878 | 20,747 | ||||||
Occupancy and equipment | 5,575 | 5,330 | ||||||
Data processing | 1,620 | 1,625 | ||||||
FDIC insurance | 483 | 586 | ||||||
Customer development | 612 | 584 | ||||||
Legal and audit expenses | 1,315 | 720 | ||||||
Other outside service fees | 807 | 693 | ||||||
Employee professional development | 659 | 591 | ||||||
Capital stock tax | 505 | 439 | ||||||
ATM and other losses | 477 | 452 | ||||||
Prepayment fee on Federal Home Loan Bank advance | 391 | 0 | ||||||
Loss on other real estate owned | 154 | 957 | ||||||
Other operating expenses | 2,355 | 2,362 | ||||||
Total noninterest expense | 34,831 | 35,086 | ||||||
Income before income taxes | 3,957 | 3,688 | ||||||
Income tax expense (benefit) | 160 | 54 | ||||||
Net income | $ | 3,797 | $ | 3,634 | ||||
Basic Earnings per Share: | ||||||||
Average shares outstanding | 4,959,173 | 4,959,009 | ||||||
Net income per share of common stock | $ | 0.77 | $ | 0.73 | ||||
Diluted Earnings per Share: | ||||||||
Average shares outstanding | 4,960,934 | 4,959,009 | ||||||
Net income per share of common stock | $ | 0.77 | $ | 0.73 | ||||
Cash Dividends Declared per Share: | $ | 0.40 | $ | 0.34 |