Old Point Q1 net income $1.7M, EPS $0.34; cost cuts of $5M annualized; YoY net income down 44.3%

OLD POINT FINANCIAL CORP

2024-Q1 EPS reported $0.34 revenue$20,605,000

Net income $1.7M, diluted EPS $0.34, up from Q4 2023 ($0.29) but down from Q1 2023 ($0.62).
Noninterest expense reduction initiatives targeting $5.0M annualized pre-tax savings; 12% headcount reduction saves $3.7M annually; one-time costs $345K in Q1.
Net interest margin 3.45%, flat linked quarter, down from 4.02% YoY; provision for credit losses $80K vs $1.4M prior quarter.
Non-performing assets stable at $2.2M (0.15% of assets); total assets $1.4B, deposits down $2.1M.
Liquidity $379.2M (26.2% of assets); ROE 6.4% vs 12.5% Q1 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OLD POINT FINANCIAL CORP reported first quarter ended March 31, 2024 results: net income $1.7 million, EPS $0.34 per diluted share.

Period: first quarter ended March 31, 2024
Net income: $1.7 million
EPS: $0.34 per diluted share
Result: reported results

Exact text from the filing

On April 30, 2024 Old Point Financial Corporation (the “Corporation”) issued a press release reporting its earnings and financial results for the first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001140361-24-023376

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