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Old Point Releases First Quarter 2021 Results


Old Point Releases First Quarter 2021 Results
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HAMPTON, Va., April 27, 2021 /PRNewswire/  Old Point Financial Corporation (the Company or Old Point) (NASDAQ OPOF ) reported net income of $3.0 million, which represents an increase of $1.8 million, or 141%, as compared to net income of $1.3 million for the first quarter of 2020. Earnings per diluted common share was $0.58 and $0.24 for the quarters ended March 31, 2021 and 2020, respectively.
Robert Shuford, Jr., Chairman, President, and CEO of the Company and Old Point National Bank (the Bank) said,  Old Point is pleased to report a solid first quarter performance as we, along with our surrounding communities, begin to emerge from the unprecedented uncertainties of 2020.  In the first quarter of 2021, we began to experience lift from the strategic initiates executed in late 2020, funded over 300 second-round PPP loans in addition to successfully navig ....

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First BanCorp. : Announces Earnings for the Quarter Ended March 31, 2021


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Net income of $61.2 million, or $0.28 per diluted share, for the first quarter of 2021, compared to $50.1 million, or $0.23 per diluted share, for the fourth quarter of 2020. The net income for the first quarter of 2021 and fourth quarter of 2020 included the following items of note:
- Provision for credit losses was a net benefit of $15.3 million ($9.5 million after-tax, or an increase of $0.04 per diluted share) for the first quarter of 2021, compared to an expense of $7.7 million ($4.8 million after-tax, or a decrease of $0.02 per diluted share) for the fourth quarter of 2020. The reserve release in the first quarter of 2021 was primarily due to positive changes in the outlook of macroeconomic assumptions to which the reserve is correlated. ....

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