Wow, look at Old Point showing off with its growth, but those sneaky loan losses and expenses are just waiting to rain on their parade

Old Point(OPOF) 2023Q1 Earnings Summary

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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 provided by operating activities decreased from $4,532,000 to $3,501,000. 3. Net cash used in investing activities increased from -$30,765,000 to -$51,163,000. 4. Noninterest expense increased by $1.5 million (13.6%) from Q1 2022 to Q1 2023. 5. Provision for credit losses for Q1 2023 increased compared to Q1 2022. In summary, Old Point Financial Corporation (OPOF) showed positive growth in net income, assets, and stockholders' equity in Q1 2023 compared to the previous year. However, there were increases in provision for loan losses and noninterest expenses, which could impact future performance. For more information, you can read the original text of Old Point's financial report: https://www.sec.gov/Archives/edgar/data/740971/000114036123024656/brhc20052832_10q.htm
Old Point(OPOF) 2023Q1 Earnings Summary

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