Old Point Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Announces Loans Charge Off for the Fourth Quarter Ended December 31, 2018
January 01, 2019 at 02:57 am IST
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Old Point Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2018. For the quarter, the company announced net interest income of $8,602,000 compared to $7,665,000 for the same period a year ago. Net income was $1,388,000 or $0.27 per basic share compared to net loss of $2,889,000 or $0.58 per basic share for the same period a year ago. Net operating earnings were $1,400,000 compared to $781,000 a year ago.
For the full year, the company announced net interest income of $33,288,000 compared to $29,922,000 for the same period a year ago. Net income was $4,919,000 or $0.96 per basic share compared to net loss of $29,000 or $0.01 per basic share for the same period a year ago. Net operating earnings were $5,662,000 compared to $3,278,000 a year ago.
Loans charged off during the quarter, net of recoveries during the fourth quarter totaled $1,132,000, compared to $738,000 a year ago.
Old Point Financial Corporation is a holding company of the Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (the Wealth). The Bank serves individual and commercial customers in the Hampton Roads region of Virginia. It has over 14 branch offices, serving the Hampton Roads localities of Hampton, Newport News, Norfolk, Virginia Beach, Chesapeake, Williamsburg/James City County, York County, and Isle of Wight County. The Bank offers a full range of deposit and loan products to its retail and commercial customers, including mortgage loan products offered through Old Point Mortgage. It offers insurance products through Old Point Insurance, LLC in partnership with Morgan Marrow Company. The Wealth offers a full range of services for individuals and businesses, including retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services.
Old Point Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Announces Loans Charge Off for the Fourth Quarter Ended December 31, 2018