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Old Point Financial (OPOF)

Old Point Financial Corporation is the holding company for The Old Point National Bank of Phoebus and The Old Point Trust and Financial Services, N.A. The Banks provide a full range of banking and related financial services, including checking, savings, certificates of deposit, and loan services.

OPOF stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 158.3M 158.3M 158.3M 158.3M 158.3M 158.3M
Cash burn (monthly) 9.87M 1.59M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 43.48M 7.01M n/a n/a n/a n/a
Cash remaining 114.82M 151.29M n/a n/a n/a n/a
Runway (months of cash) 11.6 95.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Aug 22 Ralston Susan Common Stock Buy Acquire P No No 23.5 200 4.7K 5,105.568
23 Jun 22 Friedman Martin S. Common Stock Sell Dispose S Yes No 24.8 15,000 372K 497,121
27 May 22 Sarah B Golden Common Stock Buy Acquire P No No 25 79.64 1.99K 1,005.939
19 May 22 Elizabeth S Wash Common Stock Buy Acquire P No No 25.5531 200 5.11K 2,800
17 May 22 Elizabeth S Wash Common Stock Buy Acquire P No No 25.1676 200 5.03K 2,600
12 May 22 Elizabeth S Wash Common Stock Buy Acquire P No No 25.7 200 5.14K 2,400
31.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 23 25 -8.0%
Opened positions 2 5 -60.0%
Closed positions 4 2 +100.0%
Increased positions 7 6 +16.7%
Reduced positions 7 6 +16.7%
13F shares Current Prev Q Change
Total value 38.86M 37.88M +2.6%
Total shares 1.59M 1.63M -2.4%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
PL Capital Advisors 625.25K $15.32M +20.3%
FJ Capital Management 512.12K $12.55M +0.0%
Old Point Trust & Financial Services N A 191.97K $4.7M -18.2%
Vanguard 57.29K $1.4M -6.0%
PBMares Wealth Management 39.35K $964K 0.0%
Renaissance Technologies 31.04K $760K -1.9%
Geode Capital Management 20.79K $509K +1.3%
Sonen Capital 20.5K $502K 0.0%
Dimensional Fund Advisors 20.48K $502K 0.0%
STT State Street 19.95K $489K -56.6%
Largest transactions Shares Bought/sold Change
PL Capital Advisors 625.25K +105.39K +20.3%
WSTD Western Standard 0 -47.86K EXIT
Old Point Trust & Financial Services N A 191.97K -42.71K -18.2%
STT State Street 19.95K -26.05K -56.6%
Fourthstone 0 -23.95K EXIT
Vanguard 57.29K -3.65K -6.0%
FNY Investment Advisers 1.6K +1.6K NEW
HRT Financial 13.14K -1.46K -10.0%
BLK Blackrock 10.54K -990 -8.6%
Renaissance Technologies 31.04K -600 -1.9%

Financial report summary

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Risks
  • We rely substantially on deposits obtained from customers in our target markets to provide liquidity and support growth.
  • The Company’s results of operations and financial condition may be adversely affected by the COVID-19 pandemic.
Management Discussion
  • The principal source of earnings for the Company is net interest income. Net interest income is the difference between interest and fees generated by earning assets and interest expense paid to fund them. Changes in the volume and mix of interest-earning assets and interest-bearing liabilities, as well as their respective yields and rates, have a significant impact on the level of net interest income. The NIM is calculated by dividing net interest income by average earning assets, or on a fully tax-equivalent basis, tax-equivalent net interest income by average earning assets.
  • For the first quarter of 2022, net interest income was $9.6 million, an decrease of $519 thousand or 5.1% from the first quarter of 2021. The decrease was primarily due to significant growth in average earning asset balances at lower average earning yields. Lower average earning yields were in part driven by accelerated recognition of net deferred fees related to PPP forgiveness at a lower volume during the first quarter of 2022. This was partially offset by higher average interest-bearing liabilities at lower average rates.
  • The NIM was 3.14% for the quarter ended March 31, 2022 as compared to 3.58% for the first quarter of 2021. Net interest income, on a fully tax-equivalent basis, was $9.7 million for the first quarter of 2022, a decrease of $510 thousand from the 2021 comparative quarter. On a fully tax-equivalent basis, NIM was 3.16% and 3.60%, for the quarters ended March 31, 2022 and 2021, respectively. Average loan yields were lower by 52 basis points due to the lower interest rate environment which resulted in lower average yields on new loan originations, including PPP loans, which earn interest at a fixed 1%, and repricing within the existing loan portfolio. Lower levels of accelerated recognition of deferred fees and costs related to PPP forgiveness also contributed to the decrease when comparing the 2022 and 2021 quarters. Loan fees and costs related to PPP loans are deferred at time of loan origination, are amortized into interest income over the remaining terms of the loans and accelerated upon forgiveness or repayment of the PPP loans. Net PPP fees of $408 thousand and $1.6 million were recognized in first quarter of 2022 and 2021, respectively. As of March 31, 2022, unamortized net deferred PPP fees were $284 thousand. Subordinated debt interest expense also impacted the NIM for the first quarter of 2022 but not for the first quarter of 2021. High levels of liquidity invested at lower yielding short-term levels in the low interest rate environment also continue to impact the NIM. For more information about these FTE financial measures, please see “Non-GAAP Financial Measures” below.

Content analysis

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Uncertain
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