Old Point Financial Corporation reported record net income of $9.5 million for the full year ended December 31, 2024, with diluted earnings per common share of $1.88. This marks a significant increase from net income of $7.7 million and diluted EPS of $1.54 in the prior year.
For the fourth quarter of 2024, net income was $2.9 million, or $0.57 per diluted share, compared to $1.5 million, or $0.29 per diluted share, in the fourth quarter of 2023. The company's total deposits increased by $24.5 million, or 2.0%, to $1.3 billion for the full year 2024, primarily driven by large commercial and municipal customers.
Noninterest expense for the full year decreased by $898 thousand, or 1.8%, compared to 2023, largely due to a 12% reduction in employee headcount from cost savings initiatives. Non-performing assets remained stable at $2.7 million, or 0.19% of total assets, at year-end 2024, with a provision for credit losses of $90 thousand in the fourth quarter.
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