Profile: Old Point Financial Corp (OPOF.OQ)
23 Apr 2019
Old Point Financial Corporation, incorporated on February 15, 1984, is a holding company that conducts all of its operations through two subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (the Trust). The Company operates in three principal business segments: the Bank, the Trust and the Parent. The Company is the parent company of Trust and the Bank. The Bank is an independent community bank. The Bank serves individual and commercial customers. The Bank had approximately 18 branch offices serving the Hampton Roads localities of Hampton, Newport News, Norfolk, Virginia Beach, Chesapeake, Williamsburg/James City County, York County and Isle of Wight County. The Bank offers a complete line of consumer, mortgage and business banking services, including loan, deposit and cash management services. The Bank offers a range of deposit and loan products to its retail and commercial customers. Products and services include retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services. The Trust is a nationally chartered trust company and wealth management services provider. Trust offers a full range of services for individuals and businesses.
The Company's loans are secured by real estate, including real estate construction loans and real estate mortgage loans (residential one- to four-family mortgages, commercial real estate loans, second mortgages and equity lines of credit). Other loans are secured by collateral that is not real estate, which may include inventory, accounts receivable, equipment or other personal property. A portion of the loan portfolio is represented by real estate mortgage loans throughout Hampton Roads. It also offers commercial loans, consumer loans and other loans. The Company's net loans amounted to approximately $560 million.
The Bank's securities are classified as available-for-sale securities and held-to-maturity securities. The Bank's available-for-sale securities include the United States Treasury securities, obligations of the United States Government agencies, obligations of state and political subdivisions, mortgage-backed securities, money market investments, corporate bonds and other marketable equity securities. The Bank's held-to-maturity securities include obligations of the United States Government agencies, obligations of state and political subdivisions and Mortgage-backed securities. The Bank's total available-for-sale securities amounted to approximately $214 million.
Sources of Funds
The Company's deposits include interest-bearing transaction accounts, money market deposit accounts, savings accounts, time deposits and demand deposits. The Company's total deposits amounted to approximately $746 million. The Company's short-term borrowing sources include federal funds purchased and overnight repurchase agreements. The Company's long-term debt consists of fixed-rate Federal Home Loan Bank (FHLB) advances.
The Company competes with Chartway Federal Credit Union, Langley Federal Credit Union and Newport News Shipbuilding Employees' Credit Union.
Old Point Financial Corp
1 W Mellen St
HAMPTON VA 23663-2305