OPOF Old Point Financial Corporation

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.