Old Point Financial Corporation reported its financial results for the second quarter and first half of 2025, revealing a net income of $1.2 million, or $0.24 per diluted share, a significant decrease from $2.5 million, or $0.50 per diluted share, in the same period of 2024. For the six months ending June 30, 2025, net income totaled $3.4 million, down from $4.2 million in the prior year. The company's total assets decreased to $1.4 billion, a decline of $48 million or 3.3% from the end of 2024, while net loans held for investment slightly decreased by 0.4% to $994.3 million.
The company experienced a decline in total deposits, which fell by $46.2 million, or 3.7%, from December 31, 2024. Noninterest-bearing deposits decreased by $12.5 million, while savings deposits increased by $17.5 million. The net interest margin (NIM) improved to 3.70% for the second quarter, compared to 3.62% in the same quarter of 2024, driven by higher average yields on loans and lower deposit costs. Net interest income for the second quarter was $12.2 million, a slight increase from the previous year.
Operationally, Old Point Financial is preparing for a merger with TowneBank, which has been approved by shareholders and is pending regulatory approvals. The merger agreement stipulates that shareholders can choose between cash or stock in the new entity. The completion of the merger is subject to customary closing conditions, including regulatory approvals and the absence of legal restraints.
In terms of credit quality, the allowance for credit losses (ACL) increased to $12.1 million, reflecting a provision for credit losses of $468,000 in the second quarter. Non-performing assets rose to $3.3 million, representing 0.24% of total assets, an increase from 0.19% at the end of 2024. The company continues to monitor its loan portfolio closely, particularly in light of economic uncertainties that could impact credit quality.
Looking ahead, Old Point Financial aims to enhance its earnings through strategic growth initiatives while maintaining strong asset quality. The company is focused on improving its liquidity position, which stood at $455.7 million as of June 30, 2025, representing 32.5% of total assets. Management remains cautious about the economic environment and its potential impact on future performance, particularly regarding interest rates and credit quality.
About OLD POINT FINANCIAL CORP
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