---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-24-023376"
form_type: "8-K"
ticker: null
cik: "0000740971"
company_name: "OLD POINT FINANCIAL CORP"
filed_at: "2024-04-30T23:59:59+00:00"
generated_at: "2026-06-03T05:01:46.976763+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-24-023376
- form_type: 8-K
- cik: 0000740971
- company_name: OLD POINT FINANCIAL CORP
- filed_at: 2024-04-30T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/740971/000114036124023376/0001140361-24-023376-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/740971/000114036124023376/ef20027850_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-023376
- JSON: https://secwatch.observer/filing/0001140361-24-023376.json
- Plain text: https://secwatch.observer/filing/0001140361-24-023376.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/740971/000114036124023376/0001140361-24-023376-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.