Old Point Financial Corporation reported net income of $2.4 million for the third quarter of 2024, resulting in diluted earnings per common share of $0.47. This represents a substantial increase compared to net income of $1.4 million and diluted EPS of $0.27 in the third quarter of 2023.
The company's total assets stood at $1.5 billion as of September 30, 2024, with total deposits increasing by $52.4 million, or 4.3%, from December 31, 2023, to $1.3 billion. Net interest income for the quarter was $12.3 million, an increase of $884 thousand, or 7.7%, from the third quarter of 2023, with the net interest margin at 3.56%.
Old Point finalized its cost-saving initiatives in the third quarter, incurring $997 thousand in one-time costs, which are projected to reduce noninterest expenses by approximately $5.0 million on an annualized pre-tax basis going forward. Non-performing assets totaled $2.7 million, or 0.18% of total assets, and the company recognized a provision for credit losses of $282 thousand during the quarter.
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