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New Balance v5

Updates to New Balance v5

  • The 5th iteration of the New Balance continues the brand’s popular workout series. This trainer comes in both men’s and women’s options to accommodate everyday athletic endeavors of both. It is a versatile workout shoe which can be sported for gym sessions, fitness classes, walking, and light jogging.
  • Stylewise, the shoe bears a strong resemblance to its predecessor. In fact, the upper has not undergone any changes, except that multiple perforations have been added throughout the unit for better breathability. Aside from that, the trainer still employs leather for a secure foothold and additional overlays for enhanced support in the key areas.
  • The shoe uses the same full-length foam midsole unit for responsive and consistent cushioning. However, in this version, its upper edges have been extended upwards to create additional support on both sides of the forefoot and around the heel.
  • The bottom of the platform has been made flat, eliminating the curve under the midfoot which was present in the previous iterations of the shoe. This construction is meant to deliver a more stable underfoot support.
  • The outsole design has been fully revamped. The new lug pattern is supposed to improve traction while the updated flex grooves serve to make the forefoot more flexible.

Size and fit

The New Balance v5 is available in both male and female variations. Gentlemen can choose between US sizes and 18 while the ladies’ option is offered in US sizes 5 to Just like most New Balance training shoes, this model can be purchased in a variety of width profiles. Men’s width profiles include D - Medium, 2E - Wide, and 4E - Extra Wide, while women’s widths range from 2A - Narrow to B - Medium and D - Wide. The leather material is designed to hold the foot firmly, while the lace-up closure allows wearers to adjust the tightness of the fit. A pull-tab is added at the back to assist in putting the trainer on.

Outsole

The underside of the New Balance v5 is lined with rubber. This layer is made to be durable to protect the platform against abrasion. It also has a grippy nature and a geometrical tread pattern to deliver traction on gym floors and other training surfaces. The rubber is claimed to be non-marking which implies that it doesn’t leave undesirable scuff marks on floors.

The outsole slightly protrudes up on the lateral side to form a supportive outrigger. It contributes to the stability during side-to-side movements. The unit also extends up at the front to cover the toes and keep them protected against bumps.

A deepening can be seen at the bottom of the sole. This piece has been carved out intentionally to reduce the overall weight of the shoe.

Midsole

A full-length foam unit is responsible for keeping the underfoot cushioned and supported. It is created to be durable to withstand the repeated impact of regular workouts. At the same time, it is lightweight and flexible to provide a comfortable in-shoe experience.

The cushioning in the heel section is amplified by the brand’s proprietary Abzorb technology. It is a blend of the lightweight and responsive foam and the hard-wearing Dupont Engage Isoprene rubber. This component is capable of resisting compression better and longer than the standard EVA foam used in most shoes. The Abzorb heel pad also protects the wearer’s feet and legs against the harmful effect of the impact.

Besides cushioning, the midsole also contributes to lateral support. Its edges protrude upwards around the heel and on both sides of the forefoot, creating supportive barriers. They do not let the foot slide around during multi-directional movements.

Upper

Just like its predecessors, the 5th edition of the New Balance utilizes leather for its upper unit. While the material is not as flexible and stretchy as mesh, it can benefit the wearer with a firm and secure foothold. Additional leather overlays are placed around the heel and at the toes to reinforce structure and support. The tightness can be customized through the lace-up closure. 

Inside, the footwear is kept fresh and aerated with the help of perforations throughout the leather, the breathable mesh tongue, and the mesh lining. A pleasant in-shoe experience is also enhanced by the padded collar and tongue.

The style, materials, and technologies of the New Balance v5 make it very similar to another popular workout shoe from the brand, the New Balance Both shoes have gathered positive user reviews and are offered at the same price point.

Nicholas Rizzo
Nicholas Rizzo

Nick combines 10+ years of experience in the health and fitness industry and a background in the sciences in his role as the Fitness Research Director. During his competitive powerlifting years his PRs have him sitting in the top 2% of bench presses ( lbs), top 3% of squats ( lbs) and top 6% of deadlifts ( lbs) for his weight and age. His work has been featured on Bodybuilding.com, LiveStrong, Healthline, WebMD, WashingtonPost, and many more. Along the way, collaborating with industry leaders like Michael Yessis, Mark Rippetoe, Carlo Buzzichelli, Dave Tate, Ray Williams, and Joel Seedman.

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Sours: https://runrepeat.com/new-balancev5

Old Point Releases Third Quarter Results and Announces Share Repurchase Program

Published: Oct. 26, at PM EDT

HAMPTON, Va., Oct. 26, /PRNewswire/ -- Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $ million and earnings per diluted common share of $ for the quarter ended September 30, , as compared to net income of $ million and earnings per diluted common share of $ for the third quarter of Net income for the nine months ended September 30, and was $ million, or $ earnings per diluted common share, and $ million, or $ earnings per diluted common share, respectively.

"Old Point continues to execute on strategic initiatives while maintaining strong asset quality, liquidity, and capital levels," said Robert Shuford, Jr., Chairman, President, and CEO of the Company and Old Point National Bank (the Bank). "We are focused on growing earning assets, enhancing fee income, controlling operating expenses, and improving efficiencies while investing in people and technology. Top line revenues continue to show strong performance, increasing % year over year. Efficiencies of scale provided though the implementation of our digital and technology roadmap are allowing us to redeploy resources, fueling the organic and strategic growth of the Company. We, like the communities we serve, have encountered, and still face pandemic-related challenges, but we have grown stronger, and more resilient, and we believe we are well positioned for improving economic conditions."

Highlights of the quarter are as follows:

  • Total assets were $ billion at September 30, , growing $ million or % from December 31,
  • Net loans grew $ million from December 31, PPP loans outstanding at September 30, were $ million compared to $ million at December 31, Excluding the decline in PPP loans outstanding, net loans held for investment (non-GAAP) grew $ million, or %, from December 31, to September 30,
  • Deposits grew $ million to $ billion at September 30, from December 31,
  • Non-performing assets (NPAs) decreased to $ million at September 30, compared to $ million at December 31, and $ million as of September 30, NPAs as a percentage of total assets was % at September 30, , which compared to % at December 31, and % at September 30,
  • Average earning assets year to date grew $ million, or %, to $ billion as of September 30, compared to $ billion as of September 30,
  • Book value per share and tangible book value per share (non-GAAP) at September 30, increased %, over June 30, and % and %, respectively from September 30,
  • Net interest income was $ million for the third quarter of , increasing from $ million for the prior quarter and $ million for the third quarter of
  • Net interest margin improved to % for the third quarter of from % for the second quarter of and % for the third quarter of

For more information about financial measures that are not calculated in accordance with GAAP, please see "Non-GAAP Financial Measures" and "Reconciliation of Certain Non-GAAP Financial Measures" below.

Share Repurchase Program
The Company's Board of Directors has authorized a share repurchase program to repurchase up to 10% of the Company's issued and outstanding common stock through November 30, Repurchases under the program may be made through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rule 10b and/or Rule 10b under the Securities Exchange Act of , as amended, and shares repurchased will be returned to the status of authorized and unissued shares of common stock. The timing, number and purchase price of shares repurchased under the program, if any, will be determined by management in its discretion and will depend on a number of factors, including the market price of the shares as a percentage of tangible book value, general market and economic conditions, applicable legal requirements and other conditions, and there is no assurance that the Company will purchase any shares under the program.

Balance Sheet and Asset Quality
Total assets of $ billion as of September 30, increased by $ million from December 31, Net loans held for investment increased $ million, or % from December 31, to $ million at September 30, The change in net loans held for investment was primarily attributed to a decline of $ million in the PPP loan segment due to forgiveness of $ million of PPP loans, partially offset by new PPP originations of $ million. Loans held for investment, excluding PPP, grew %, or $ million, driven by loan growth in the following segments: commercial real estate of $ million, construction, land development, and other land loans of $ million, and automobile of $ million. Securities available for sale, at fair value, increased $ million from December 31, to $ million at September 30, , as additional liquidity provided by growth in deposit accounts was deployed in the Company's investment portfolio.

Total deposits of $ billion as of September 30, increased $ million, or %, from December 31, Noninterest-bearing deposits increased $ million, or %, savings deposits increased $ million, or %, and time deposits decreased $ million, or %. Liquidity continues to be impacted by record cumulative levels of consumer savings, government stimulus, and PPP loan related deposits. Key strategies continue to be expanding the low cost deposit base and re-pricing to reduce interest expense and buffer NIM compression during this low rate environment.

The Company's total stockholders' equity at September 30, increased $ million or % from December 31, to $ million. The Bank remains well capitalized with a Tier 1 Capital ratio of % at September 30, as compared to % at December 31, The Bank's leverage ratio was % at September 30, as compared to % at December 31,

On July 14, , the Company completed the issuance of $ million in aggregate principal amount of subordinated notes due in in a private placement transaction. The subordinated notes initially bear interest at a fixed rate of % for five years and at the three month SOFR plus basis points, resetting quarterly, thereafter. The notes were structured to qualify as Tier 2 capital for regulatory purposes, and the proceeds will be used for general corporate purposes.

NPAs totaled $ million as of September 30, compared to $ million as of June 30, and down from $ million at September 30, NPAs as a percentage of total assets decreased to %, compared to % at June 30, and % at September 30, Non-accrual loans decreased to $ thousand from $ million at June 30, and $ million at September 30, Loans past due 90 days or more and still accruing interest decreased $56 thousand to $ thousand at September 30, from $ thousand at June 30, and increased slightly from $ thousand at September 30, Of the loans past due 90 days or more at September 30, , approximately $ thousand were government-guaranteed student loans.

The Company recognized a provision for loan losses of $ thousand during third quarter of The company did not recognize a provision for loan losses during the second quarter of and recognized $ thousand during the third quarter of The higher provision expense during the third quarter of was driven primarily by the downgrade of one commercial relationship. The allowance for loan and lease losses (ALLL) was $ million at September 30, compared to $ million at June 30, and $ million at September 30, The ALLL as a percentage of loans held for investment was % at September 30, compared to % at June 30, and September 30, Excluding PPP loans, the ALLL as a percentage of loans held for investment was % at September 30, , % at June 30, , and % at September 30, The slight increase in the ALLL as a percentage of loans held for investment at September 30, compared to the linked quarter was primarily attributable to an increase in loans held for investment, excluding PPP loans, and the downgrade of one commercial relationship, partially offset by slight improvement in qualitative factors related to the COVID pandemic. Quarterly annualized net charge offs as a percentage of average loans outstanding was % for the third quarter of , compared to % for the second quarter of and % for the third quarter of As of September 30, , asset quality remains very strong with no significant changes in the overall credit quality of the loan portfolio. Management will continue to monitor both macro and micro challenges to the economic recovery, including the impacts of new COVID variants, related government stimulus efforts, supply chain disruption, and employment levels, which may be delaying signs of credit deterioration. If there are further challenges to the economic recovery, elevated levels of risk within the loan portfolio may require additional increases in the allowance for loan losses. Low levels of past dues, NPAs, and year-over-year quantitative historical loss rates continue to demonstrate improvement.

The Company has made loan modifications under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), enacted on March 27, , and subsequently amended by the Consolidated Appropriations Act , which provided that certain loan modifications that were (1) related to COVID and (2) for loans that were not more than 30 days past due as of December 31, are not required to be designated as TDRs. At September 30, , the Company had no such loan modifications, down from $54 thousand as of June 30, and $ million as of March 31,

Net Interest Income
Net interest income was $ million for the third quarter of , an increase of $ thousand, or % from the prior quarter, primarily driven by accelerated recognition of deferred fees and costs related to PPP forgiveness at a higher volume during the third quarter of , prepayment penalties collected on one commercial relationship, and an increase in securities income, partially offset by subordinated debt interest expense. Compared to the third quarter of , net interest income improved by $ million, or %. The movement from the prior-year comparative quarter was due to significantly higher balances in average earning assets and accelerated recognition of deferred fees and costs related to PPP forgiveness partially offset by higher average interest bearing liabilities at lower average rates. For the nine months ended September 30, , net interest income was $ million compared to $ million for the prior year comparative period, an increase of $ million, or %.

The Net Interest Margin (NIM) for the third quarter of was %, an increase from % for the linked quarter and % for the prior year quarter. On a fully tax-equivalent basis (FTE), NIM increased to % for the third quarter of , up from % for the second quarter of and % for the third quarter of Average loan yields were higher for the third quarter of compared to the same period of due to accelerated recognition of deferred fees and costs related to PPP forgiveness and the collection of prepayment penalties. Loan fees and costs related to PPP loans are deferred at time of loan origination, are amortized into interest income over the remaining term of the loans and are accelerated upon forgiveness or repayment of the PPP loans. Net PPP fees of $ thousand were recognized in the third quarter of compared to $ thousand in the linked quarter. As of September 30, , unrecognized net PPP fees were $ million. While high levels of liquidity invested at lower yielding short-term levels in the low interest rate environment also continue to impact the NIM, the Company believes the balance sheet is well positioned for an eventual rise in interest rates. For more information about these FTE financial measures, please see "Non-GAAP- Financial Measures" and "Reconciliation of Certain Non-GAAP Financial Measures," below.

Noninterest Income
Total noninterest income for the third quarter of was $ million, an increase of $68 thousand from the previous quarter and a decrease of $51 thousand from the third quarter of The increase in noninterest income during the third quarter of , compared to the linked quarter, was driven by increases in service charges on deposit accounts and mortgage banking income related to pipeline volume fluctuations which were partially offset by decreases in fiduciary and asset management fees and other service charges, commissions and fees. Although fiduciary and asset management fees and service charges on deposit accounts other service charges increased compared to the prior year quarter, these increases were offset by lower mortgage banking income, resulting in a slight decline in noninterest income for the third quarter of when compared to the prior year quarter. Noninterest income for the nine months ended September 30, was $ million, an increase of $ thousand or %, compared to $ million for the nine months ended September 30,

Noninterest Expense
Noninterest expense totaled $ million and $ million for the second and third quarters of , respectively, compared to $ million for the third quarter of The increase over the prior year quarter is primarily driven by (i) increased data processing expense related to implementation and transition of bank-wide technology enhancements; (ii) increased professional services; and (iii) other operating expenses primarily related to FDIC assessments and bank franchise tax. Salary and benefit expense decreased compared to the prior year quarter primarily due to decreased salary expense related to the early retirement incentive plan and decreased overtime levels. Noninterest expense increased $ million, or %, to $ million for the nine months ended September 30, compared to $ million for the prior year comparative period. The drivers of the year over year increase are higher salary and employee benefits related to lower levels of PPP deferred cost recognition and increased data processing expense related to bank-wide technology enhancements.

As part of the Company's roadmap for implementing bank-wide technology and efficiency initiatives, during , the Company has fully implemented a new loan origination system and a new online appointment scheduling solution as well as completing an ATM upgrade project. During the fourth quarter, the Company expects to finalize implementation of a new deposit origination platform and a new online account opening solution. The Company is also on track to complete upgrades to critical infrastructure software related to imaging and to implement a new data analytics solution and teller system during the fourth quarter of The Company continues to focus on balance sheet repositioning through disposition of under-utilized real estate and branch optimization, as well as digital initiatives that complement this repositioning. The Company has also benefited from the early retirement transitions to redeploy resources in highly skilled and experienced relationship officers as well as officers with expertise in creating efficiencies through improvements in operations and technology.

Non-GAAP Financial Measures
In reporting the results of the quarter ended September 30, , the Company has provided supplemental financial measures on a tax-equivalent or an adjusted basis. These non-GAAP financial measures are a supplement to GAAP, which is used to prepare the Company's financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company's non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. The Company uses the non-GAAP financial measures discussed herein in its analysis of the Company's performance. The Company's management believes that these non-GAAP financial measures provide additional understanding of ongoing operations and enhance comparability of results of operations with prior periods presented without the impact of items or events that may obscure trends in the Company's underlying performance. A reconciliation of the non-GAAP financial measures used the Company to evaluate and measure the Company's performance to the most directly comparable GAAP financial measures is presented below.

Safe Harbor Statement Regarding Forward-Looking Statements - Statements in this press release, including without limitation, statements made in Mr. Shuford's quotations, which use language such as "believes," "expects," "plans," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" and similar expressions, may constitute forward-looking statements. These forward-looking statements are based on the beliefs of Old Point's management, as well as estimates and assumptions made by, and information currently available to, management. These statements are inherently uncertain, and there can be no assurance that the underlying estimates or assumptions will prove to be accurate. Actual results could differ materially from historical results or those anticipated by such statements. Forward-looking statements in this release may include, without limitation: statements regarding strategic business initiatives, including digital and technological strategies and balance sheet repositioning and branch initiatives, and the future financial impact of those initiatives; future financial performance; future financial conditions and loan demand; performance of the investment and loan portfolios; impacts of the COVID pandemic and the ability of the Company to manage those impacts; revenue generation, efficiency initiatives and expense controls; deposit growth; levels and sources of liquidity; future levels of charge-offs or net recoveries; and levels of or changes in interest rates.

S. Government, including policies of the U.S. Treasury and the Federal Reserve Board and any changes associated with the current administration; the quality or composition of the loan or securities portfolios; changes in the volume and mix of interest-earning assets and interest-bearing liabilities; the effects of management's investment strategy and strategy to manage the net interest margin; the U.S. Government's guarantee of repayment of student or small business loans purchased by Old Point; the level of net charge-offs on loans; deposit flows; competition; demand for financial services in Old Point's market area; technology; implementation of new technologies; the Company's ability to develop and maintain secure and reliable electronic systems; any interruption or breach of security in the Company's information systems or those of the Company's third party vendors or other service providers; cyber threats, attacks and events; reliance on third parties for key services; the use of inaccurate assumptions in management's modeling systems; the real estate market; accounting principles, policies and guidelines; changes in management; and other factors detailed in Old Point's publicly filed documents, including its Annual Report on Form K for the year ended December 31,  These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on such statements, which speak only as of date of the release.

Old Point Financial Corporation (Nasdaq: OPOF) is the parent company of Old Point National Bank and Old Point Trust & Financial Services, N.A., which serve the Hampton Roads and Richmond regions of Virginia as well as operate a mortgage loan production office in Charlotte, North Carolina. Old Point National Bank is a locally owned and managed community bank which offers a wide range of financial services from checking, insurance, and mortgage products to comprehensive commercial lending and banking products and services. Old Point Trust is the largest wealth management services provider headquartered in Hampton Roads, Virginia, offering local asset management by experienced professionals. Additional information about the company is available at oldpoint.com.

For more information, contact Laura Wright, Vice President/Marketing Director, at [email protected] or ()

Old Point Financial Corporation and Subsidiaries

Consolidated Balance Sheets

September 30,

December 31,

(dollars in thousands, except share data)


(unaudited)


Assets






Cash and due from banks

$             14,

$            21,

Interest-bearing due from banks

,

98,

Federal funds sold

5

Cash and cash equivalents

,

,

Securities available-for-sale, at fair value

,

,

Restricted securities, at cost

1,

1,

Loans held for sale

5,

14,

Loans, net

,

,

Premises and equipment, net

32,

33,

Premises and equipment, held for sale

-

Bank-owned life insurance

29,

28,

Goodwill

1,

1,

Core deposit intangible, net

Other assets

13,

12,

Total assets

$       1,,

$      1,,




Liabilities & Stockholders' Equity






Deposits:



Noninterest-bearing deposits

$           ,

$         ,

Savings deposits

,

,

Time deposits

,

,

Total deposits

1,,

1,,

Overnight repurchase agreements

4,

6,

Federal Reserve Bank borrowings

28,

Long term borrowings

29,

1,

Accrued expenses and other liabilities

5,

5,

Total liabilities

1,,

1,,




Stockholders' equity:



Common stock, $5 par value, 10,, shares authorized; 5,, and 5,, shares outstanding (includes 39, and 29, of nonvested restricted stock, respectively)

26,

25,

Additional paid-in capital

21,

21,

Retained earnings

70,

65,

Accumulated other comprehensive income, net

2,

4,

Total stockholders' equity

,

,

Total liabilities and stockholders' equity

$       1,,

$      1,,

Old Point Financial Corporation and Subsidiaries

Consolidated Statements of Income (unaudited)

Three Months Ended


Nine Months Ended

(dollars in thousands, except per share data)

Sep. 30,

Jun. 30,

Sep. 30,


Sep. 30,

Sep. 30,








Interest and Dividend Income:







Loans, including fees

$            9,

$           8,

$            8,


$         28,

$         26,

Due from banks

68

52

41


Federal funds sold

-

-

-


-

12

Securities:







Taxable


2,

2,

Tax-exempt


Dividends and interest on all other securities

16

11

47


57

Total interest and dividend income

10,

9,

9,


31,

29,








Interest Expense:







Checking and savings deposits


Time deposits


1,

2,

Federal funds purchased, securities sold under







agreements to repurchase and other borrowings

3

7

69


33

Long term borrowings

-

-


-

Federal Home Loan Bank advances

-

-


-

Total interest expense

1,


2,

4,

Net interest income

9,

9,

8,


29,

25,

Provision for loan losses

-


Net interest income after provision for loan losses

9,

9,

8,


28,

24,








Noninterest Income:







Fiduciary and asset management fees

1,

1,


3,

2,

Service charges on deposit accounts


2,

2,

Other service charges, commissions and fees

1,

1,

1,


3,

3,

Bank-owned life insurance income


Mortgage banking income


2,

1,

Gain on sale of available-for-sale securities, net

-

-

1


-

Gain on sale of fixed assets

-

-

-


-

Other operating income

82

67


Total noninterest income

3,

3,

3,


11,

10,








Noninterest Expense:







Salaries and employee benefits

6,

6,

6,


19,

18,

Occupancy and equipment

1,

1,

1,


3,

3,

Data processing

1,

1,


3,

2,

Customer development

78

69

82


Professional services


1,

1,

Employee professional development


Other taxes


ATM and other losses

68

17

75


(Gain) on other real estate owned

-

-

(22)


-

(22)

Other operating expenses


2,

2,

Total noninterest expense

10,

10,

10,


32,

29,

Income before income taxes

2,

2,

1,


7,

5,

Income tax expense

61


1,

Net income

$            1,

$           1,

$            1,


$            6,

$            4,








Basic Earnings per Share:







Weighted average shares outstanding 

5,,

5,,

5,,


5,,

5,,

Net income per share of common stock

$              

$            

$              


$              

$              








Diluted Earnings per Share:







Weighted average shares outstanding 

5,,

5,,

5,,


5,,

5,,

Net income per share of common stock

$              

$            

$              


$              

$              








Cash Dividends Declared per Share:

$              

$            

$              


$              

$              

Old Point Financial Corporation and Subsidiaries

Average Balance Sheets, Net Interest Income And Rates









For the quarters ended September 30,

(unaudited)



Interest



Interest



Average

Income/

Yield/

Average

Income/

Yield/

(dollars in thousands)

Balance

Expense

Rate**

Balance

Expense

Rate**

ASSETS







Loans*

$    ,

$   9,

%

$    ,

$  8,

%

Investment securities:







Taxable

,

%

,

%

Tax-exempt*

32,

%

19,

%

Total investment securities

,

1,

%

,

%

Interest-bearing due from banks

,

68

%

,

41

%

Federal funds sold

1,

-

%

5

-

%

Other investments

1,

16

%

3,

46

%

Total earning assets

1,,

$ 10,

%

1,,

$  9,

%

Allowance for loan losses

(9,)



(9,)



Other non-earning assets

97,



,



Total assets

$ 1,,



$ 1,,










LIABILITIES AND STOCKHOLDERS' EQUITY







Time and savings deposits:







Interest-bearing transaction accounts

$      72,

$          3

%

$      54,

$         3

%

Money market deposit accounts

,

%

,

%

Savings accounts

,

12

%

99,

13

%

Time deposits

,

%

,

%

Total time and savings deposits

,

%

,

1,

%

Federal funds purchased, repurchase







agreements and other borrowings

10,

3

%

48,

69

%

Long term borrowings

25,

%

-

-

%

Federal Home Loan Bank advances

-

-

%

40,

%

Total interest-bearing liabilities

,

%

,

1,

%

Demand deposits

,



,



Other liabilities

5,



7,



Stockholders' equity

,



,



Total liabilities and stockholders' equity

$ 1,,



$ 1,,



Net interest margin*


$   9,

%


$  8,

%








*Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income

  by $62 thousand and $49 thousand for September 30, and , respectively.

**Annualized

Old Point Financial Corporation and Subsidiaries

Average Balance Sheets, Net Interest Income And Rates









For the nine months ended September 30,

(unaudited)



Interest



Interest



Average

Income/

Yield/

Average

Income/

Yield/

(dollars in thousands)

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS







Loans*

$    ,

$ 28,

%

$    ,

$ 26,

%

Investment securities:







Taxable

,

2,

%

,

2,

%

Tax-exempt*

31,

%

16,

%

Total investment securities

,

3,

%

,

2,

%

Interest-bearing due from banks

,

%

81,

%

Federal funds sold

-

%

1,

12

%

Other investments

1,

57

%

3,

%

Total earning assets

1,,

$ 31,

%

1,,

$ 29,

%

Allowance for loan losses

(9,)



(9,)



Other nonearning assets

,



,



Total assets

$ 1,,



$ 1,,










LIABILITIES AND STOCKHOLDERS' EQUITY







Time and savings deposits:







Interest-bearing transaction accounts

$      70,

$        10

%

$      53,

$          9

%

Money market deposit accounts

,

%

,

%

Savings accounts

,

34

%

93,

44

%

Time deposits

,

1,

%

,

2,

%

Total time and savings deposits

,

2,

%

,

3,

%

Federal funds purchased, repurchase







agreements and other borrowings

17,

33

%

30,

%

Long term borrowings

8,

%

-

-

%

Federal Home Loan Bank advances

-

-

%

40,

%

Total interest-bearing liabilities

,

2,

%

,

4,

%

Demand deposits

,



,



Other liabilities

6,



5,



Stockholders' equity

,



,



Total liabilities and stockholders' equity

$ 1,,



$ 1,,



Net interest margin*


$ 29,

%


$ 25,

%








*Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income

 by $ thousand and $ thousand for September 30, and , respectively.

**Annualized

Old Point Financial Corporation and Subsidiaries

As of or for the quarters ended,


For the nine months ended,

Selected Ratios (unaudited)

September 30,

June 30,

September 30,


September 30,

September 30,

(dollars in thousands, except per share data)


Earnings per common share, diluted

$            

$          

$            


$            

$            

Return on average assets (ROA)

%

%

%


%

%

Return on average equity (ROE)

%

%

%


%

%

Net Interest Margin (FTE) (non-GAAP)

%

%

%


%

%

Efficiency ratio

%

%

%


%

%

Efficiency ratio (FTE) (non-GAAP)

%

%

%


%

%

Book value per share




Tangible Book Value per share (non-GAAP)




Non-performing assets (NPAs) / total assets

%

%

%




Annualized Net Charge Offs / average total loans

%

%

%




Allowance for loan and lease losses / total loans

%

%

%











Non-Performing Assets (NPAs)







Nonaccrual loans

$              

$        1,

$           4,




Loans > 90 days past due, but still accruing interest




Other real estate owned

-

-




Total non-performing assets

$           1,

$        2,

$           5,











Other Selected Numbers







Loans, net

$      ,

$   ,

$      ,




Deposits

1,,

1,,

1,,




Stockholders' equity

,

,

,




Total assets

1,,

1,,

1,,




Loans charged off during the quarter, net of recoveries

81




Quarterly average loans

,

,

,




Quarterly average assets

1,,

1,,

1,,




Quarterly average earning assets

1,,

1,,

1,,




Quarterly average deposits

1,,

1,,

1,,




Quarterly average equity

,

,

,




Old Point Financial Corporation and Subsidiaries

Reconciliation of Certain Non-GAAP Financial Measures(unaudited)

(dollars in thousands, except per share data)

Three Months Ended


Nine Months Ended


Sep. 30,

Jun. 30,

Sep. 30,


Sep. 30,

Sep. 30,








Fully Taxable Equivalent Net Interest Income







Net interest income (GAAP)

$          9,

$          9,

$          8,


$        29,

$        25,

FTE adjustment

62

63

49


Net interest income (FTE) (non-GAAP)

$          9,

$          9,

$          8,


$        29,

$        25,

Noninterest income (GAAP)

3,

3,

3,


11,

10,

Total revenue (FTE) (non-GAAP)

$        13,

$       12,

$        12,


$        40,

$        36,

Noninterest expense (GAAP)

10,

10,

10,


32,

29,








Average earning assets

$  1,,

$  1,,

$  1,,


$  1,,

$  1,,

Net interest margin

%

%

%


%

%

Net interest margin (FTE) (non-GAAP)

%

%

%


%

%








Efficiency ratio

%

%

%


%

%

Efficiency ratio (FTE) (non-GAAP)

%

%

%


%

%








Tangible Book Value Per Share







Total Stockholders Equity (GAAP)

$     ,

$     ,

$     ,




Less goodwill

1,

1,

1,




Less core deposit intangible




Tangible Stockholders Equity (non-GAAP)

$     ,

$     ,

$     ,











Shares issued and outstanding

5,,

5,,

5,,











Book value per share

$          

$          

$          




Tangible book value per share (non-GAAP)

$          

$          

$          












Sep. 30,

Jun. 30,

Sep. 30,


Dec. 31,


ALLL as a Percentage of Loans Held for Investment







Loans held for investment  (net of deferred fees and costs) (GAAP)

$     ,

$     ,

$     ,


$      ,


Less PPP originations

36,

60,

,


85,


Loans held for investment, (net of deferred fees and costs), excluding PPP (non-GAAP)

$     ,

$     ,

$     ,


$      ,









ALLL

$          9,

$          9,

$          9,


$          9,









ALLL as a Percentage of Loans Held for Investment

%

%

%


%


ALLL as a Percentage of Loans Held for Investment, net of PPP originations

%

%

%


%


Old Point Financial Corporation (Nasdaq: OPOF) is the parent company of Old Point National Bank

View original content to download multimedia:

SOURCE Old Point Financial Corporation

The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.

Sours: https://www.wkyt.com/prnewswire//10/26/old-point-releases-third-quarterresults-announces-share-repurchase-program/
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LAKE MARY, Fla., Oct. 27, /PRNewswire/ -- FARO® (Nasdaq: FARO), a global leader of 3D measurement, imaging, and realization solutions for the 3D Metrology, AEC (Architecture, Engineering & Construction), and Public Safety Analytics markets, today announced its financial results for the third quarter ended September 30,

FARO logo. (PRNewsFoto/FARO Technologies, Inc.)

"Demand remained strong in the third quarter, while customer COVID-related logistical challenges shifted some orders into the fourth quarter," stated Michael Burger, President and Chief Executive Officer. "As we focus on the growth drivers ahead, we are encouraged by the customer response to our new products, namely our next generation Quantum Max ScanArm and our Holobuilder photogrammetry products which are on track to double over the next year."

Mr. Burger continued, "Looking ahead, we continue to see strong fourth quarter demand indicators and as revenue returns to pre-pandemic levels, we look forward to demonstrating the operating leverage we have built into the business over the past two years."

Third Quarter Financial Summary
Total sales were $ million for third quarter representing a 4% sequential quarterly decrease when compared to $ million in the second quarter , and a 12% increase when compared with total sales of $ million for third quarter The sequential sales decrease was driven both by typical seasonal softness in European markets as well as pandemic related logistical constraints on behalf of our customers while the year over year growth was primarily a result of pandemic related softness in the prior year period. Similarly, new order bookings of $ million decreased 9% sequentially compared to $ million in the second quarter and increased 12% when compared to $ million for the third quarter

Gross margin was % for the third quarter , as compared to % for the same prior year period. Non-GAAP gross margin was % for the third quarter compared to % for the third quarter The annual increase in gross margin was primarily a result of higher volume compared to the prior year period.

Operating expenses were $ million for the third quarter , compared to $ million for the same prior year period. Non-GAAP operating expenses were $ million for the third quarter compared to $ million for the third quarter

Net loss was $ million, or $ per share, for the third quarter , as compared to a net loss of $ million, or $ per share, for the third quarter Non-GAAP net loss was approximately $ thousand, or $ per share, for the third quarter compared to Non-GAAP net loss of $ million, or $ per share, for the third quarter

Adjusted EBITDA was $ million, or % of Non-GAAP total sales, for the third quarter of compared to Adjusted EBITDA of approximately $ thousand, or % of Non-GAAP total sales, for the third quarter of

The Company's cash and short-term investments decreased $ million to $ million as of the end of the third quarter of due primarily to inventory purchases to increase inventory safety stock levels. The Company remained debt-free.

* A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. An additional explanation of these measures is included below under the heading "Non-GAAP Financial Measures".

Conference Call
The Company will host a conference call to discuss these results on Wednesday, October 27, at p.m. ET. Interested parties can access the conference call by dialing () (U.S.) or +1 () (International) and using the passcode FARO. A live webcast will be available in the Investor Relations section of FARO's website at: https://www.faro.com/about-faro/investor-relations/events

A replay webcast will be available in the Investor Relations section of the company's web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About FARO
For 40 years, FARO has provided industry-leading technology solutions that enable customers to quickly and easily measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision and immediacy. For more information, visit http://www.faro.com

Non-GAAP Financial Measures
This press release contains information about our financial results that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures, including non-GAAP total sales, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP other expense (income), net, non-GAAP net income (loss) and non-GAAP net income (loss) per share, exclude the GSA sales adjustment (as defined in the tables below), the impact of purchase accounting intangible amortization expense, stock-based compensation, imputed interest expense recorded related to the GSA Matter, restructuring charges, and other tax adjustments, and are provided to enhance investors' overall understanding of our historical operations and financial performance.

In addition, we present Adjusted EBITDA, which is calculated as net loss before interest expense, net, income tax benefit and depreciation and amortization, excluding other expense (income), net, stock-based compensation, the GSA sales adjustment, and restructuring charges, as measures of our operating profitability. The most directly comparable GAAP measure to Adjusted EBITDA is net loss. We also present Adjusted EBITDA margin, which is calculated as Adjusted EBITDA as a percent of Non-GAAP total sales.

Management believes that these non-GAAP financial measures provide investors with relevant period-to-period comparisons of our core operations using the same methodology that management employs in its review of the Company's operating results. These financial measures are not recognized terms under GAAP and should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP.

These non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company's financial performance. These non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. The financial statement tables that accompany this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of that are subject to risks and uncertainties, such as statements about demand for and customer acceptance of FARO's products, FARO's product development and product launches, the anticipated benefits of FARO's acquisition of Holobuilder, FARO's growth, strategic and restructuring plans and initiatives, including but not limited to the additional restructuring charges expected to be incurred in connection with our restructuring plan and the timing and amount of cost savings and other benefits expected to be realized from the restructuring plan and other strategic initiatives, and FARO's growth potential and profitability. Statements that are not historical facts or that describe the Company's plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as "is," "will" and similar expressions or discussions of FARO's plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.

Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward- looking statements include, but are not limited to:

  • the Company's ability to realize the intended benefits of its undertaking to transition to a company that is reorganized around functions to improve the efficiency of its sales organization and to improve operational effectiveness;

  • the Company's ability to successfully integrate the acquired Holobuilder business, operations, assets and personnel;

  • the Company's inability to successfully execute its new strategic plan and restructuring plan, including but not limited to additional impairment charges and/or higher than expected severance costs and exit costs, and its inability to realize the expected benefits of such plans;

  • the Company's inability to realize the anticipated benefits of its partnership with Sanmina and to successfully transition its manufacturing operations to Sanmina's production facility;

  • the Company's potential loss of future government sales and potential impacts on customer and supplier relationships and on the Company's reputation that may result from the GSA matter;

  • development by others of new or improved products, processes or technologies that make the Company's products less competitive or obsolete;

  • the Company's inability to maintain its technological advantage by developing new products and enhancing its existing products;

  • declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions;

  • the effect of the COVID pandemic, including on our business operations, as well as its impact on general economic and financial market conditions;

  • the impact of fluctuations in foreign exchange rates; and

  • other risks detailed in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form K for the year ended December 31, that was filed on February 17,

Forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law.

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

Six Months Ended

(in thousands, except share and per share data)

September 30,

September 30,

September 30,

September 30,

Sales

Product

$

57,

$

48,

$

,

$

,

Service

21,

22,

64,

63,

Total sales

79,

70,

,

,

Cost of Sales

Product

25,

22,

75,

66,

Service

11,

12,

33,

34,

Total cost of sales

36,

34,

,

,

Gross Profit

42,

36,

,

,

Operating Expenses

Selling, general and administrative

33,

30,

,

96,

Research and development

12,

10,

36,

31,

Restructuring costs

1,

3,

14,

Total operating expenses

47,

41,

,

,

Loss from operations

(5,)

(4,)

(12,)

(33,)

Other (income) expense

Interest expense, net

5

54

Other expense (income), net

()

()

Loss before income tax benefit

(5,)

(4,)

(11,)

(34,)

Income tax benefit

(1,)

(1,)

(3,)

(7,)

Net loss

$

(3,)

$

(3,)

$

(8,)

$

(26,)

Net loss per share - Basic

$

()

$

()

$

()

$

()

Net loss per share - Diluted

$

()

$

()

$

()

$

()

Weighted average shares - Basic

18,,

17,,

18,,

17,,

Weighted average shares - Diluted

18,,

17,,

18,,

17,,

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

September 30,
(unaudited)

December 31,

ASSETS

Current assets:

Cash and cash equivalents

$

,

$

,

Accounts receivable, net

58,

64,

Inventories, net

55,

47,

Prepaid expenses and other current assets

28,

26,

Total current assets

,

,

Non-current assets:

Property, plant and equipment, net

22,

23,

Operating lease right-of-use assets

23,

26,

Goodwill

80,

57,

Intangible assets, net

24,

13,

Service and sales demonstration inventory, net

31,

31,

Deferred income tax assets, net

46,

47,

Other long-term assets

2,

2,

Total assets

$

,

$

,

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

16,

$

14,

Accrued liabilities

26,

42,

Income taxes payable

3,

Current portion of unearned service revenues

38,

39,

Customer deposits

4,

2,

Lease liabilities

5,

5,

Total current liabilities

91,

,

Unearned service revenues - less current portion

21,

21,

Lease liabilities - less current portion

19,

22,

Deferred income tax liabilities

Income taxes payable - less current portion

9,

11,

Other long-term liabilities

1,

1,

Sours: https://finance.yahoo.com/news/faro-announces-third-quarterhtml

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