Old Point Financial Corporation (OPOF): history, ownership, mission, how it works & makes money

A Brief History of Old Point Financial Corporation (OPOF)

Founding and Early Years

Old Point Financial Corporation was established in 1922, originating as a community bank in Hampton, Virginia. It was initially named Old Point National Bank. The bank focused on serving the local community and providing various financial services, including savings accounts, loans, and merchant banking.

Corporate Structure and Evolution

In 2001, the parent company was formed as Old Point Financial Corporation to oversee the operations of the bank and its subsidiaries. The transition allowed the bank to expand its services and improve its financial offerings.

Performance and Growth

As of 2022, Old Point Financial Corporation reported total assets of approximately $538 million. The corporation has seen steady growth over the decades, with a focus on maintaining a solid capital base and a robust net interest margin. The total equity for the company stood at about $55 million.

Financial Highlights

The financial performance of Old Point Financial Corporation over the last few years is summarized in the following table:

Branch Expansion and Community Involvement

OPOF has strategically expanded its branch network across southeastern Virginia, operating multiple locations to better serve its customers. By 2023, the corporation operated a total of 11 branches. The bank is also engaged in community service initiatives, including financial literacy programs and charitable contributions.

Stock Performance

Old Point Financial Corporation's stock is traded on the NASDAQ under the ticker symbol OPOF. As of October 2023, the stock price was approximately $16.50, with a market capitalization of around $63.5 million. The company has consistently paid dividends, with a dividend yield of about 3.0%.

Regulatory Environment

The banking environment in which Old Point Financial Corporation operates is heavily regulated. The corporation complies with various federal regulations under the oversight of the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).

Recent Developments

In recent years, OPOF has invested in technology upgrades to enhance customer experience and streamline operations. As of 2023, the bank implemented a new digital banking platform, resulting in increased customer engagement and satisfaction.

A Who Owns Old Point Financial Corporation (OPOF)

Shareholder Composition

As of the latest data, Old Point Financial Corporation (OPOF) has a diverse group of shareholders which includes both institutional and retail investors.

Major Institutional Investors

Key institutional investors play a significant role in the ownership structure of OPOF.

Executive Ownership

Leadership in Old Point Financial Corporation also holds a notable percentage of shares.

Recent Financial Performance

Old Point Financial Corporation reported the following financial figures for the most recent fiscal year:

Share Price Trends

The share price of OPOF has experienced fluctuations over the past year, with notable metrics as follows:

Old Point Financial Corporation (OPOF) Mission Statement

Corporate Overview

Old Point Financial Corporation, headquartered in Hampton, Virginia, operates primarily through its banking subsidiary, Old Point National Bank. As of October 2023, OPOF reported total assets of approximately $1.2 billion.

Mission Statement

The mission statement of Old Point Financial Corporation is to deliver exceptional financial services while fostering a culture of integrity, respect, and commitment to the communities they serve. They aim to provide their clients with personalized banking solutions that support their financial success.

Values and Goals

• Integrity: Maintaining high ethical standards.
• Customer Commitment: Putting clients first in every aspect of service.
• Community Focus: Investing in local communities for sustainable growth.
• Innovation: Continuously improving services and products.

Financial Performance

For the year ending December 31, 2022, Old Point Financial Corporation reported:

Community Engagement

Old Point Financial Corporation actively engages in community initiatives. In 2023, they allocated approximately $250,000 for community development projects.

Strategic Vision

OPOF's strategic vision involves expanding its footprint in Virginia and focusing on digital banking solutions. As of Q3 2023, digital transactions accounted for 60% of total banking activity.

Recent Achievements

• Best Bank in Customer Service: Awarded by Virginia Business Magazine in 2022.
• Loan Growth: Reported a 10% increase in loan origination year-over-year as of Q2 2023.
• Financial Literacy Programs: Launched initiatives serving over 1,500 participants in 2023.

Contact Information

For more information regarding their mission and services, Old Point Financial Corporation can be contacted at:

How Old Point Financial Corporation (OPOF) Works

Overview

Old Point Financial Corporation operates primarily through its banking subsidiary, Old Point National Bank. The company focuses on providing a range of financial services to individuals and businesses in Virginia.

Core Services

• Commercial Banking: Includes loans to businesses, commercial real estate financing, and treasury management services.
• Retail Banking: Offers checking and savings accounts, personal loans, and mortgage products.
• Investment Services: Provides wealth management, investment advice, and financial planning services.
• Insurance Products: Covers various insurance offerings, including life and property insurance.

Financial Performance

As of the end of Q2 2023, Old Point Financial reported the following financial metrics:

Revenue Streams

Old Point Financial generates revenue from various sources, primarily through:

• Interest Income: Earned from loans and other financial products.
• Non-Interest Income: Includes fees from services like asset management and transaction charges.
• Service Charges: Collected for account maintenance and overdraft fees.

Market Position

Old Point Financial Corporation holds a significant presence in the Virginia banking sector, competing with local and regional banks. It has established itself with a focus on personalized service and community involvement.

Stock Performance

The stock performance of Old Point Financial Corporation as of September 2023 is detailed below:

Community Involvement

Old Point Financial is dedicated to community development through:

• Local Sponsorships: Supporting community events and local charities.
• Financial Education Programs: Offering workshops and resources to improve financial literacy in the community.
• Small Business Support: Providing loans and resources to local entrepreneurs.

Recent Developments

As of late 2023, Old Point Financial Corporation has announced several initiatives to enhance digital banking services and improve customer experience:

• Mobile Banking App Launch: A new app designed to streamline account access and transactions.
• Cybersecurity Investments: Increased funding for security measures to protect customer information.
• Branch Expansions: Plans to open new locations in underserved areas of Virginia.

How Old Point Financial Corporation (OPOF) Makes Money

Overview of Revenue Sources

Old Point Financial Corporation (OPOF) generates revenue through a variety of sources, primarily focusing on traditional banking and financial services. The main revenue streams include interest income, non-interest income, and fees from various financial services.

Interest Income

Interest income comprises a significant portion of OPOF's revenue. As of the latest financial reports, OPOF reported an interest income of approximately $19.3 million for the year ending December 31, 2022.

The breakdown of interest income sources is as follows:

Loan Portfolio Performance

OPOF's loan portfolio is a critical component of its profitability. As of the end of 2022, the total loans held by the corporation amounted to $212 million. The loan types include:

• Commercial Loans
• Residential Mortgages
• Consumer Loans
• Construction Loans

Non-Interest Income

Non-interest income is another vital source of revenue for OPOF. This category includes fees generated from services such as:

• Service Charges on Deposit Accounts
• Loan Origination Fees
• Wealth Management Fees
• Insurance Commissions

For the fiscal year 2022, non-interest income was reported at approximately $5.8 million.

Expense Management

Efficient management of expenses is crucial for OPOF’s profitability. Total operating expenses for 2022 were reported at $17 million. The key components include:

Net Interest Margin

The net interest margin (NIM) for OPOF is a key indicator of profitability derived from its interest income relative to its interest expenses. For the year ending 2022, OPOF reported a NIM of approximately 3.2%.

Market Position and Asset Growth

Old Point Financial Corporation has maintained a stable market position with total assets reported at $290 million as of December 31, 2022. The growth in assets illustrates the corporation’s consistent performance in the financial sector.

Conclusion on Revenue Generation

Old Point Financial Corporation utilizes a diverse set of revenue streams including interest income from loans and investments, non-interest income from service fees, and effective expense management to maintain its financial health. By closely monitoring these factors, OPOF seeks to optimize its profitability and serve its clientele effectively.