Old Point Financial Corporation is a Virginia-based financial services holding company specializing in community banking and wealth management, with assets of approximately $1.5 billion and a focus on local customers.

# Old Point Financial Corporation - Company Summary

**Business Focus:**  
Old Point Financial Corporation is a financial services holding company that primarily operates through its wholly owned subsidiary, The Old Point National Bank of Phoebus. The company offers banking and financial services to individual and commercial customers in the Hampton Roads area of Virginia.

**Core Activities:**  
- Commercial and retail banking including lending, deposit, and treasury management services  
- Wealth management services through Old Point Trust & Financial Services, N.A. (referred to as “Wealth”)  

**Customer Base and Market:**  
- Serves individuals and businesses in the Hampton Roads region of Virginia, which includes Hampton, Newport News, and surrounding communities.  
- The bank maintains community-oriented banking services, focusing on local businesses and personal banking needs.

**Employees:**  
- The company employs a workforce of approximately 189 employees.

**Financial Metrics (2024):**  
- **Number of Shares Outstanding:** 5,104,313  
- **Market Value of Non-Affiliate Stock (as of June 28, 2024):** $51,967,903  
- **Total Revenue and Income:**  
  - The Company’s net income for the year ended December 31, 2024, was $9.5 million.

**Operational Details:**  
- The company’s assets were approximately $1.5 billion as of December 31, 2024.  
- The company is publicly traded on NASDAQ under the ticker symbol **OPOF** with a par value of $5.00 per share.

**Corporate Structure:**  
- The company’s governance includes a Board of Directors with eleven members, many of whom have extensive experience in banking, finance, and community service.  
- The company emphasizes strong internal controls, including internal audit functions, compliance with SEC and NASDAQ regulations, and a comprehensive executive compensation program.  

**Recent Developments:**  
- The company is in the process of merging with TowneBank, with the merger agreement entered into on April 2, 2025, which will result in the company being absorbed into TowneBank, and the subsidiary bank merging into TowneBank as well.

*Note:* The information provided is specific to the fiscal year ended December 31, 2024, and includes details about the company’s operations, governance, and financial position based on the filed 10-K.

Old Point Financial Corporation is a Virginia-based bank holding company providing a range of financial services through its subsidiaries, including The Old Point National Bank of Phoebus and Old Point Trust & Financial Services.

# Old Point Financial Corporation Overview

## General Structure
- **Incorporation Date:** February 16, 1984, in Virginia.
- **Structure:** One-bank holding company for The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (Wealth).

## Subsidiaries
- **The Old Point National Bank of Phoebus (the Bank)**
  - **Founded:** 1922
  - **Branches:** 14 located in the Hampton Roads area of Virginia, including cities such as Hampton, Newport News, Norfolk, Virginia Beach, Chesapeake, and Williamsburg.
  - **Services Offered:** Consumer, mortgage, and business banking services, including loans, deposits, and cash management.

- **Old Point Trust & Financial Services, N.A. (Wealth)**
  - **Chartered:** As a nationally chartered trust company, spun-off from the Company on April 1, 1999.
  - **Focus:** Wealth management services.

## Financial Highlights (as of December 31, 2023)
- **Assets:** $1.4 billion
- **Gross Loans:** $1.1 billion
- **Deposits:** $1.2 billion
- **Stockholders' Equity:** $106.8 million

## Human Capital
- **Total Employees:** 293 (291 full-time equivalent employees)
- **Diversity Statistics:**
  - 70% female representation among employees.
  - 25% racial and ethnic minority representation.
  - 23% of employees have been with the Company for at least 15 years.

## Customer Base
- **Target Markets:** Mainly focuses on individual customers and small-to-medium size business customers in the Hampton Roads Metropolitan Statistical Area (MSA).
- **Customer Metrics:** Specific customer numbers are not disclosed in the provided text, but the Company serves a diverse community that includes various individual and business clients.

## Business Strategy
- **Market Position:** Competes in a highly competitive financial services industry against national, regional, and community banks, credit unions, fintech companies, and other financial service providers.
- **Focus Areas:**
  - Emphasizes customer service, technology, long-term relationships, and tailored products to increase customer loyalty.
  - Continues to expand presence in business banking and fee-based services.
  
## Financial Performance (Revenue & Income)
- While specific revenue and income figures are not provided within the text, the Company signifies a focus on net interest income as a principal source of earnings.

## Risk Management
- Engages a formal structure for risk management, particularly in operations, cybersecurity, and financial stability due to extensive regulatory environment and market uncertainties.

The information presented indicates Old Point Financial Corporation operates a robust financial institution focused on serving the Hampton Roads Virginia area with a commitment to community engagement, diversity, and long-term customer relationships.

OLD POINT FINANCIAL CORP

10-K / April 30, 2025

10-K / April 1, 2024

10-K / April 30, 2025

Old Point Financial Corporation - Company Summary