Old Point Financial Corporation reported net income of $2.2 million for the first quarter of 2025, resulting in diluted earnings per common share of $0.42. This represents a 25.7% increase in net income compared to $1.7 million, or $0.34 per diluted share, in the first quarter of 2024.
The company's net interest income grew by 4.1% year-over-year to $12.0 million, and the net interest margin improved to 3.63% in Q1 2025 from 3.45% in Q1 2024. Noninterest income saw a significant boost, increasing by $625 thousand compared to Q1 2024, primarily due to a $656 thousand gain on the repurchase and retirement of subordinated notes.
Operational efficiency improved as noninterest expense decreased by 2.0% year-over-year to $12.4 million, leading to an adjusted efficiency ratio of 78.3%, down from 85.8% in Q1 2024. Non-performing assets increased to $4.2 million, or 0.29% of total assets, and the provision for credit losses rose to $717 thousand, mainly due to an increase in the specific reserve for one commercial real estate relationship.
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