Old Point Releases Third Quarter 2022 Results
Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $2.5 million and earnings per diluted common share of $0.51 for the third quarter of 2022 compared to net income of $1.9 million and earnings per diluted common share of $0.36 for the third quarter of 2021. Net income for the nine months ended September 30, 2022 and 2021 was $6.5 million, or $1.27 earnings per diluted common share, and $6.8 million, or $1.29 earnings per diluted common share, respectively
HAMPTON, Va., Oct. 27, 2022 /PRNewswire/ -- Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $2.5 million and earnings per diluted common share of $0.51 for the third quarter of 2022 compared to net income of $1.9 million and earnings per diluted common share of $0.36 for the third quarter of 2021. Net income for the nine months ended September 30, 2022 and 2021 was $6.5 million, or $1.27 earnings per diluted common share, and $6.8 million, or $1.29 earnings per diluted common share, respectively.
Robert Shuford, Jr., Chairman, President and CEO of the Company and Old Point National Bank (the Bank) said, "Old Point delivered solid core results in the third quarter with 12% growth in net interest income and a 40 basis point expansion of net interest margin on a linked quarter basis. As a result of our strategy to grow talent in lending, net loan growth during 2022 of $130 million, or 15.8%, is well diversified across loan segments. As the fourth quarter of 2022 progresses, we will continue to focus on targeted balance sheet growth that optimizes income generation, growing our deposit base while managing cost of funding, controlling non-interest expenses, and maintaining strong asset quality and capital levels."
Highlights of the third quarter and first nine months are as follows:
