Old Point Financial posts $1.04 million profit

By Tom Shean
The Virginian-Pilot
© October 26, 2011

Old Point Financial Corp., parent of Hampton-based Old Point National Bank, said Tuesday that its net income for the third quarter was flat. Old Point earned $1.04 million, or 21 cents a share, for the July-through-September quarter, matching the year-ago period.

The company benefited from a sharp falloff in its quarterly provision for loan losses, which dropped to $600,000 from $1.5 million. Old Point's net interest income, fell 7 percent to $7.37 million, partly from a decline in loan volume, while income from fees and other non-interest sources fell 6 percent to $3.2 million. It reduced its nonperforming assets partly by selling $13.4 million of loans in the second and third quarters. Assets at the end of September totaled $852.6 million, down4 percent from a year earlier.

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