Old Point(OPOF) 2023Q1 Earnings Summary
@AI Earnings:
Bullish Points: 1. Net income for Q1 2023 increased to $3,083,000 compared to $2,031,000 in Q1 2022. 2. Total assets and stockholders' equity increased from December 31, 2022, to March 31, 2023. 3. Net loans held for investment grew by 5.2% from December 31, 2022, and 27.5% from March 31, 2022. 4. Return on average equity (ROE) increased to 12.5% for Q1 2023, compared to 11.0% for Q4 2022 and 7.0% for Q1 2022. 5. Net interest margin (NIM) increased to 4.02% in Q1 2023, compared to 3.14% in Q1 2022. 6. Nonperforming assets decreased from December 2022 to March 2023. 7. The Bank's capital ratios as of March 31, 2023, were well above the recommended regulatory minimum levels. Bearish Points: 1. Provision for loan losses increased from $101,000 in Q1 2022 to $376,000 in Q1 2023. 2. Net cash pr