OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
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This amended report on Form 8-K updates and amends the
prior Form 8-K filed on January 27, 2017.
On January 27, 2017 Old Point Financial Corporation (the
Company) issued a press release reporting its earnings and financial results for the year ended December 31, 2016. Subsequent to the issuance of the press release, the Company was notified by its employee benefits administrator that the premiums paid by the Company were in excess of actual medical claims paid, which resulted in an overpayment by the Company of $286 thousand for 2016. Also subsequent to the issuance of the press release, the Company received updated information on the collectibility of a problem loan. Based on this updated information, the Company increased its provision for loan losses by $80 thousand.
As a result of these subsequent events, the Company reduced
its salaries and employee benefits expense by $286 thousand and increased its provision for loan losses by $80 thousand for the year ended December 31, 2016. Net income increased $128 thousand to $3.8 million or $0.77 per diluted share, compared to the results previously reported. On the revised balance sheet as of December 31, 2016, net loans decreased $80 thousand, while total assets and total stockholders’ equity both increased $129 thousand when compared to the previously reported results.
Based on the above changes to 2016 data, a copy of the
revised consolidated balance sheets as of December 31, 2016 and 2015 and the revised consolidated statements of income for the years ended December 31, 2016 and 2015 are furnished as Exhibit 99.1 and incorporated by reference into this Item 2.02. |
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(d)
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Exhibits
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Exhibit 99.1 Consolidated balance sheets as of December 31,
2016 and 2015 and consolidated statements of income for the years ended December 31, 2016 and 2015 |
About OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF)
Old Point Financial Corporation 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 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. The Trust is a nationally chartered trust company and is wealth management services provider. OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF) Recent Trading Information
OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF) closed its last trading session 00.00 at 28.45 with 3,787 shares trading hands.
