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OPOF Old Point Financial

Old Point Financial Corp. operates as a bank holding company, which engages in the provision of banking services through its subsidiaries. It also involves in service bank, which offers financial services, from free checking and commercial services to home equity products. The company was founded on February 16, 1984 and is headquartered in Hampton, VA.

Company profile

Ticker
OPOF
Exchange
CEO
Robert F. Shuford
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
541265373

OPOF stock data

(
)

Calendar

30 Mar 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 120.44M 120.44M 120.44M 120.44M 120.44M 120.44M
Cash burn (monthly) 3.81M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) 719.58K
Cash used (since last report) 13.61M n/a n/a n/a n/a 2.57M
Cash remaining 106.82M n/a n/a n/a n/a 117.87M
Runway (months of cash) 28.0 n/a n/a n/a n/a 163.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Mar 21 Witt Joseph R Common Stock Buy Aquire P No No 22 50 1.1K 13,375
10 Mar 21 Shuford Robert F JR Common Stock Buy Aquire P No No 22.45 159 3.57K 32,255.723
10 Mar 21 Shuford Robert F JR Common Stock Buy Aquire P No No 22 100 2.2K 32,096.723
8 Mar 21 Shuford Robert F JR Common Stock Buy Aquire P No No 21.29 1 21.29 31,996.723
8 Mar 21 Shuford Robert F JR Common Stock Buy Aquire P No No 21.57 140 3.02K 31,995.723
8 Mar 21 Shuford Robert F JR Common Stock Buy Aquire P No No 21.54 100 2.15K 31,855.723
5 Mar 21 Shuford Robert F JR Common Stock Buy Aquire P No No 21.75 500 10.88K 31,755.723
5 Mar 21 Ralston Susan Common Stock Buy Aquire P No No 21.93 97 2.13K 2,018.178
5 Mar 21 Ralston Susan Common Stock Buy Aquire P No No 22.16 123 2.73K 1,921.178

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

30.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 19 21 -9.5%
Opened positions 1 1
Closed positions 3 5 -40.0%
Increased positions 3 5 -40.0%
Reduced positions 8 3 +166.7%
13F shares
Current Prev Q Change
Total value 28.17M 24.06M +17.1%
Total shares 1.58M 1.59M -0.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
FJ Capital Management 512K $9.71M +4.7%
PL Capital Advisors 456.22K $6.91M 0.0%
Old Point Trust & Financial Services N A 195.66K $3.71M -0.9%
Vanguard 142.62K $2.7M -0.0%
Fourthstone 101.56K $1.93M -1.0%
STT State Street 40.55K $769K -10.8%
PBMares Wealth Management 39.35K $746K 0.0%
Renaissance Technologies 30.34K $575K +1.7%
Dimensional Fund Advisors 20.01K $379K 0.0%
Geode Capital Management 14.82K $280K 0.0%
Largest transactions
Shares Bought/sold Change
Penn Capital Management 11.39K -23.19K -67.1%
FJ Capital Management 512K +23K +4.7%
STT State Street 40.55K -4.93K -10.8%
Tower Research Capital 1.49K -1.9K -56.0%
Old Point Trust & Financial Services N A 195.66K -1.74K -0.9%
Advisor 0 -1.51K EXIT
Fourthstone 101.56K -1.04K -1.0%
WFC Wells Fargo & Co. 1.68K -1K -37.3%
Benjamin F. Edwards & Company 1K +1K NEW
MS Morgan Stanley 3.77K +855 +29.4%

Financial report summary

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Management Discussion
  • Net income for 2020 was $5.4 million compared to $7.9 million in 2019. The decrease was primarily attributable to higher net interest income and non-interest income offset by increased provision for loan loss and non-interest expense.  As of December 31, 2020 return on average assets was 0.45% compared to 0.76% in 2019 and the return on average equity was 4.68% at December 31, 2020 compared to 7.33% in 2019.
  • In 2020, the Company recognized one-time pre-tax expenses of $1.1 million associated with three strategic initiatives: prepayment of FHLB advances, the ERIP, and a loss on sale of a non- or under-performing credit relationships. The impact of excluding these one-time strategic initiative expenses would be an increase of $900 thousand to net income and an increase of 8 basis points and 79 basis points to return on average assets and return on average equity, respectively.
  • During 2020, the Company experienced significant balance sheet growth. Assets as of December 31, 2020 were $1.2 billion, an increase of $171.7 million or 16.28% compared to assets as of December 31, 2019. Net loans held for investment increased $88.6 million, or 12.0% from December 31, 2019 to $826.8 million at December 31, 2020. The increase was primarily attributable to PPP loans. Securities available for sale, at fair value, increased $40.7 million from December 31, 2019 to $186.4 million at December 31, 2020, utilizing additional liquidity provided by growth in deposit accounts.
Content analysis
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