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| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | |
| | |
Old Point
Common Stock |
| |
Citizens National
Common Stock |
| |
Equivalent Market
Value Per Share of Citizens National(1) |
| |||||||||
October 27, 2017
|
| | | $ | 32.00 | | | | | $ | 4.44(2) | | | | | $ | 5.52 | | |
January 29, 2018
|
| | | $ | 29.33 | | | | | $ | 5.10(3) | | | | | $ | 5.24 | | |
| | |
Nine Months Ended
September 30, (unaudited) |
| |
Twelve Months Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
|
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||||
| | |
(dollars in thousands except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
RESULTS OF OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Interest income
|
| | | $ | 24,354 | | | | | $ | 22,236 | | | | | $ | 29,826 | | | | | $ | 30,295 | | | | | $ | 30,289 | | | | | $ | 29,823 | | | | | $ | 32,580 | | |
Interest expense
|
| | | | 2,098 | | | | | | 1,934 | | | | | | 2,574 | | | | | | 3,632 | | | | | | 3,849 | | | | | | 4,680 | | | | | | 5,774 | | |
Net interest income
|
| | | | 22,256 | | | | | | 20,302 | | | | | | 27,252 | | | | | | 26,663 | | | | | | 26,440 | | | | | | 25,143 | | | | | | 26,806 | | |
Provision for loan losses
|
| | | | 2,925 | | | | | | 1,300 | | | | | | 1,930 | | | | | | 1,025 | | | | | | 600 | | | | | | 1,300 | | | | | | 2,400 | | |
Net interest income after provision for loan losses
|
| | | | 19,331 | | | | | | 19,002 | | | | | | 25,322 | | | | | | 25,638 | | | | | | 25,840 | | | | | | 23,843 | | | | | | 24,406 | | |
Noninterest income
|
| | | | 10,615 | | | | | | 10,278 | | | | | | 13,466 | | | | | | 13,136 | | | | | | 12,644 | | | | | | 12,773 | | | | | | 14,959 | | |
Noninterest expenses
|
| | | | 27,092 | | | | | | 26,265 | | | | | | 34,831 | | | | | | 35,086 | | | | | | 34,172 | | | | | | 33,105 | | | | | | 34,183 | | |
Income before income taxes
|
| | | | 2,854 | | | | | | 3,015 | | | | | | 3,957 | | | | | | 3,688 | | | | | | 4,312 | | | | | | 3,511 | | | | | | 5,182 | | |
Income tax expense (benefit)
|
| | | | (6) | | | | | | 113 | | | | | | 160 | | | | | | 54 | | | | | | 196 | | | | | | 348 | | | | | | 995 | | |
Net income
|
| | | $ | 2,860 | | | | | $ | 2,902 | | | | | $ | 3,797 | | | | | $ | 3,634 | | | | | $ | 4,116 | | | | | $ | 3,163 | | | | | $ | 4,187 | | |
FINANCIAL CONDITION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 954,497 | | | | | $ | 905,756 | | | | | $ | 902,966 | | | | | $ | 896,787 | | | | | $ | 876,280 | | | | | $ | 864,288 | | | | | $ | 907,499 | | |
Securities available for sale, at fair
value |
| | | | 164,112 | | | | | | 162,219 | | | | | | 199,365 | | | | | | 214,192 | | | | | | 139,346 | | | | | | 155,639 | | | | | | 329,456 | | |
Loans held for investment, net of deferred fees and costs
|
| | | | 700,996 | | | | | | 593,920 | | | | | | 603,882 | | | | | | 568,475 | | | | | | 535,994 | | | | | | 500,699 | | | | | | 471,133 | | |
Allowance for loan losses
|
| | | | 8,951 | | | | | | 7,780 | | | | | | 8,245 | | | | | | 7,738 | | | | | | 7,075 | | | | | | 6,831 | | | | | | 7,324 | | |
Deposits
|
| | | | 782,445 | | | | | | 764,497 | | | | | | 784,502 | | | | | | 746,471 | | | | | | 716,654 | | | | | | 725,405 | | | | | | 753,816 | | |
Total borrowings
|
| | | | 68,885 | | | | | | 38,239 | | | | | | 18,704 | | | | | | 50,950 | | | | | | 67,816 | | | | | | 56,586 | | | | | | 62,226 | | |
Total liabilities
|
| | | | 856,856 | | | | | | 809,289 | | | | | | 808,976 | | | | | | 803,611 | | | | | | 787,783 | | | | | | 783,527 | | | | | | 818,199 | | |
Stockholders' equity
|
| | | | 97,641 | | | | | | 96,467 | | | | | | 93,990 | | | | | | 93,176 | | | | | | 88,497 | | | | | | 80,761 | | | | | | 89,300 | | |
PERTINENT RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets
|
| | | | 0.41% | | | | | | 0.44% | | | | | | 0.43% | | | | | | 0.41% | | | | | | 0.47% | | | | | | 0.36% | | | | | | 0.48% | | |
Return on average equity
|
| | | | 3.97% | | | | | | 4.07% | | | | | | 3.99% | | | | | | 4.02% | | | | | | 4.81% | | | | | | 3.73% | | | | | | 4.76% | | |
Net interest margin (FTE)
|
| | | | 3.67% | | | | | | 3.67% | | | | | | 3.66% | | | | | | 3.56% | | | | | | 3.57% | | | | | | 3.23% | | | | | | 3.40% | | |
Efficiency ratio
|
| | | | 82.42% | | | | | | 85.89% | | | | | | 85.54% | | | | | | 88.16% | | | | | | 87.43% | | | | | | 87.31% | | | | | | 81.85% | | |
Tier 1 capital (to risk weighted assets)
|
| | | | 10.98% | | | | | | 12.50% | | | | | | 13.39% | | | | | | 13.78% | | | | | | 14.36% | | | | | | 14.50% | | | | | | 15.64% | | |
Total capital (to risk weighted assets)
|
| | | | 12.08% | | | | | | 13.58% | | | | | | 14.51% | | | | | | 14.89% | | | | | | 15.44% | | | | | | 15.58% | | | | | | 16.89% | | |
Leverage ratio
|
| | | | 9.54% | | | | | | 10.04% | | | | | | 10.68% | | | | | | 10.93% | | | | | | 10.75% | | | | | | 10.37% | | | | | | 10.08% | | |
Tangible common equity/tangible
assets |
| | | | 10.23% | | | | | | 10.65% | | | | | | 10.41% | | | | | | 10.39% | | | | | | 10.10% | | | | | | 9.34% | | | | | | 9.84% | | |
Cash dividends declared
|
| | | $ | 0.33 | | | | | $ | 0.30 | | | | | $ | 0.40 | | | | | $ | 0.34 | | | | | $ | 0.26 | | | | | $ | 0.22 | | | | | $ | 0.20 | | |
Book value
|
| | | $ | 19.49 | | | | | $ | 19.45 | | | | | $ | 18.94 | | | | | $ | 18.79 | | | | | $ | 17.85 | | | | | $ | 16.29 | | | | | $ | 18.01 | | |
| | |
Nine Months Ended
September 30, (unaudited) |
| |
Twelve Months Ended December 31,
|
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2017
|
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2016
|
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2016
|
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2015
|
| |
2014
|
| |
2013
|
| |
2012
|
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| | |
(dollars in thousands except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Asset Quality | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonaccrual loans
|
| | | $ | 10,212 | | | | | $ | 8,550 | | | | | $ | 7,159 | | | | | $ | 4,582 | | | | | $ | 5,570 | | | | | $ | 11,324 | | | | | $ | 10,632 | | |
OREO
|
| | | $ | — | | | | | $ | 1,141 | | | | | $ | 1,067 | | | | | $ | 2,741 | | | | | $ | 5,106 | | | | | $ | 6,415 | | | | | $ | 6,574 | | |
ALL/total outstanding loans
|
| | | | 1.28% | | | | | | 1.31% | | | | | | 1.37% | | | | | | 1.36% | | | | | | 1.32% | | | | | | 1.36% | | | | | | 1.55% | | |
Nonaccrual loans/total loans
|
| | | | 1.46% | | | | | | 1.44% | | | | | | 1.19% | | | | | | 0.81% | | | | | | 1.04% | | | | | | 2.26% | | | | | | 2.26% | | |
ALL/nonaccrual loans
|
| | | | 87.65% | | | | | | 90.99% | | | | | | 115.17% | | | | | | 168.88% | | | | | | 127.02% | | | | | | 60.32% | | | | | | 68.89% | | |
NPAs/total outstanding loans
|
| | | | 2.02% | | | | | | 2.07% | | | | | | 1.84% | | | | | | 1.88% | | | | | | 2.20% | | | | | | 3.65% | | | | | | 3.75% | | |
Net charge-offs/total average loans
|
| | | | 0.34% | | | | | | 0.22% | | | | | | 0.24% | | | | | | 0.06% | | | | | | 0.07% | | | | | | 0.38% | | | | | | 0.75% | | |
Provision/total average loans
|
| | | | 0.45% | | | | | | 0.22% | | | | | | 0.33% | | | | | | 0.18% | | | | | | 0.12% | | | | | | 0.28% | | | | | | 0.50% | | |
Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share, basic
|
| | | $ | 0.57 | | | | | $ | 0.59 | | | | | $ | 0.77 | | | | | $ | 0.73 | | | | | $ | 0.83 | | | | | $ | 0.64 | | | | | $ | 0.84 | | |
Earnings per share, diluted
|
| | | $ | 0.57 | | | | | $ | 0.59 | | | | | $ | 0.77 | | | | | $ | 0.73 | | | | | $ | 0.83 | | | | | $ | 0.64 | | | | | $ | 0.84 | | |
Cash dividends paid per share
|
| | | $ | 0.33 | | | | | $ | 0.30 | | | | | $ | 0.40 | | | | | $ | 0.34 | | | | | $ | 0.26 | | | | | $ | 0.22 | | | | | $ | 0.20 | | |
Market value per share
|
| | | $ | 32.40 | | | | | $ | 20.66 | | | | | $ | 25.00 | | | | | $ | 17.16 | | | | | $ | 15.00 | | | | | $ | 12.82 | | | | | $ | 11.05 | | |
Book value per share
|
| | | $ | 19.49 | | | | | $ | 19.45 | | | | | $ | 18.94 | | | | | $ | 18.79 | | | | | $ | 17.85 | | | | | $ | 16.29 | | | | | $ | 18.01 | | |
Tangible book value per share
|
| | | $ | 19.49 | | | | | $ | 19.45 | | | | | $ | 18.94 | | | | | $ | 18.79 | | | | | $ | 17.85 | | | | | $ | 16.29 | | | | | $ | 18.01 | | |
Price to earnings ratio, diluted
|
| | | | 42.63 | | | | | | 26.26 | | | | | | 32.47 | | | | | | 23.51 | | | | | | 18.07 | | | | | | 20.03 | | | | | | 13.15 | | |
Price to book value ratio
|
| | | | 1.66 | | | | | | 1.06 | | | | | | 1.32 | | | | | | 0.91 | | | | | | 0.84 | | | | | | 0.79 | | | | | | 0.61 | | |
Dividend payout ratio
|
| | | | 57.89% | | | | | | 50.85% | | | | | | 51.95% | | | | | | 46.58% | | | | | | 31.33% | | | | | | 34.38% | | | | | | 23.81% | | |
Weighted average shares outstanding, basic
|
| | | | 4,985,135 | | | | | | 4,959,009 | | | | | | 4,959,173 | | | | | | 4,959,009 | | | | | | 4,959,009 | | | | | | 4,959,009 | | | | | | 4,959,009 | | |
Weighted average shares outstanding, diluted
|
| | | | 4,997,231 | | | | | | 4,959,009 | | | | | | 4,960,934 | | | | | | 4,959,009 | | | | | | 4,959,009 | | | | | | 4,959,009 | | | | | | 4,959,009 | | |
| | |
Nine Months Ended
September 30, (unaudited) |
| |
Twelve Months Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
|
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||||
| | |
(dollars in thousands except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
RESULTS OF OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 1,990 | | | | | $ | 2,021 | | | | | $ | 2,669 | | | | | $ | 2,838 | | | | | $ | 2,993 | | | | | $ | 2,895 | | | | | $ | 2,916 | | |
Interest expense
|
| | | | 264 | | | | | | 290 | | | | | | 380 | | | | | | 436 | | | | | | 495 | | | | | | 638 | | | | | | 776 | | |
Net interest income
|
| | | | 1,726 | | | | | | 1,731 | | | | | | 2,289 | | | | | | 2,402 | | | | | | 2,498 | | | | | | 2,257 | | | | | | 2,140 | | |
Provision for loan losses
|
| | | | 5 | | | | | | — | | | | | | — | | | | | | — | | | | | | 50 | | | | | | 491 | | | | | | 88 | | |
Net interest income after provision for loan losses
|
| | | | 1,721 | | | | | | 1,731 | | | | | | 2,289 | | | | | | 2,402 | | | | | | 2,448 | | | | | | 1,766 | | | | | | 2,052 | | |
Noninterest income
|
| | | | 80 | | | | | | 99 | | | | | | 148 | | | | | | 144 | | | | | | 154 | | | | | | 203 | | | | | | 205 | | |
Noninterest expenses
|
| | | | 1,747 | | | | | | 1,688 | | | | | | 2,292 | | | | | | 2,317 | | | | | | 2,312 | | | | | | 2,303 | | | | | | 2,014 | | |
Income (loss) before income taxes
|
| | | | 54 | | | | | | 142 | | | | | | 145 | | | | | | 229 | | | | | | 290 | | | | | | (334) | | | | | | 243 | | |
Income tax expense (benefit)
|
| | | | 19 | | | | | | — | | | | | | (778) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net income (loss)
|
| | | $ | 35 | | | | | $ | 142 | | | | | $ | 923 | | | | | $ | 229 | | | | | $ | 290 | | | | | $ | (334) | | | | | $ | 243 | | |
FINANCIAL CONDITION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 50,009 | | | | | $ | 51,982 | | | | | $ | 50,826 | | | | | $ | 54,927 | | | | | $ | 55,623 | | | | | $ | 54,225 | | | | | $ | 55,053 | | |
Securities available for sale, at fair value
|
| | | | 3,588 | | | | | | 5,239 | | | | | | 4,096 | | | | | | 4,618 | | | | | | 4,984 | | | | | | 7,453 | | | | | | 9,924 | | |
Loans held for investment
|
| | | | 43,276 | | | | | | 41,536 | | | | | | 39,385 | | | | | | 40,344 | | | | | | 43,861 | | | | | | 42,959 | | | | | | 40,213 | | |
Allowance for loan losses
|
| | | | 645 | | | | | | 660 | | | | | | 657 | | | | | | 648 | | | | | | 661 | | | | | | 801 | | | | | | 530 | | |
Deposits
|
| | | | 41,918 | | | | | | 44,697 | | | | | | 42,873 | | | | | | 47,901 | | | | | | 48,836 | | | | | | 47,917 | | | | | | 47,974 | | |
Total liabilities
|
| | | | 42,109 | | | | | | 44,817 | | | | | | 42,996 | | | | | | 48,006 | | | | | | 48,938 | | | | | | 48,035 | | | | | | 48,120 | | |
Stockholders' equity
|
| | | | 7,900 | | | | | | 7,165 | | | | | | 7,830 | | | | | | 6,921 | | | | | | 6,685 | | | | | | 6,190 | | | | | | 6,933 | | |
PERTINENT RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets
|
| | | | 0.09% | | | | | | 0.35% | | | | | | 1.74% | | | | | | 0.41% | | | | | | 0.52% | | | | | | (0.59)% | | | | | | 0.45% | | |
Return on average equity
|
| | | | 0.59% | | | | | | 2.67% | | | | | | 12.99% | | | | | | 3.31% | | | | | | 4.46% | | | | | | (4.88)% | | | | | | 3.53% | | |
Net interest margin
|
| | | | 4.89% | | | | | | 4.44% | | | | | | 4.52% | | | | | | 4.56% | | | | | | 4.77% | | | | | | 4.13% | | | | | | 4.15% | | |
Efficiency ratio
|
| | | | 96.73% | | | | | | 92.24% | | | | | | 94.05% | | | | | | 91.01% | | | | | | 87.18% | | | | | | 93.62% | | | | | | 85.88% | | |
Tier 1 capital (to risk weighted assets)
|
| | | | 16.70% | | | | | | 16.61% | | | | | | 18.51% | | | | | | 17.02% | | | | | | 15.57% | | | | | | 15.78% | | | | | | 16.41% | | |
Total capital (to risk weighted assets)
|
| | | | 17.96% | | | | | | 17.86% | | | | | | 19.77% | | | | | | 18.28% | | | | | | 16.82% | | | | | | 17.04% | | | | | | 17.66% | | |
Leverage ratio
|
| | | | 15.22% | | | | | | 13.39% | | | | | | 14.65% | | | | | | 12.55% | | | | | | 11.99% | | | | | | 11.45% | | | | | | 12.20% | | |
Tangible common equity/tangible
assets |
| | | | 15.80% | | | | | | 13.78% | | | | | | 15.41% | | | | | | 12.60% | | | | | | 12.02% | | | | | | 11.42% | | | | | | 12.59% | | |
| | |
Nine Months Ended
September 30, (unaudited) |
| |
Twelve Months Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
|
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||||
| | |
(dollars in thousands except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Asset Quality | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonaccrual loans
|
| | | $ | 162 | | | | | $ | 182 | | | | | $ | 162 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,375 | | | | | $ | 679 | | |
OREO
|
| | | $ | 167 | | | | | $ | 196 | | | | | $ | 167 | | | | | $ | 439 | | | | | $ | 675 | | | | | $ | 470 | | | | | $ | 556 | | |
ALL/total outstanding loans
|
| | | | 1.49% | | | | | | 1.59% | | | | | | 1.67% | | | | | | 1.61% | | | | | | 1.51% | | | | | | 1.86% | | | | | | 1.32% | | |
Nonaccrual loans/total loans
|
| | | | 0.37% | | | | | | 0.44% | | | | | | 0.41% | | | | | | —% | | | | | | —% | | | | | | 3.20% | | | | | | 1.69% | | |
ALL/nonaccrual loans
|
| | | | 398.15% | | | | | | 362.64% | | | | | | 405.56% | | | | | | —% | | | | | | —% | | | | | | 58.25% | | | | | | 78.06% | | |
NPAs/total outstanding loans
|
| | | | 0.76% | | | | | | 0.91% | | | | | | 0.84% | | | | | | 1.09% | | | | | | 1.54% | | | | | | 4.29% | | | | | | 3.07% | | |
Net (recoveries) charge-offs/total average
loans |
| | | | 0.06% | | | | | | (0.04)% | | | | | | (0.02)% | | | | | | 0.03% | | | | | | 0.42% | | | | | | 0.52% | | | | | | 0.27% | | |
Provision/total average loans
|
| | | | 0.03% | | | | | | —% | | | | | | —% | | | | | | —% | | | | | | 0.11% | | | | | | 1.16% | | | | | | 0.22% | | |
Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings (loss) per share, basic and diluted
|
| | | $ | 0.03 | | | | | $ | 0.13 | | | | | $ | 0.64 | | | | | $ | 0.16 | | | | | $ | 0.20 | | | | | $ | (0.23) | | | | | $ | 0.17 | | |
Market value per share
|
| | | $ | 5.18 | | | | | $ | 3.24 | | | | | $ | 3.25 | | | | | $ | 2.50 | | | | | $ | 1.95 | | | | | $ | 2.10 | | | | | $ | 0.78 | | |
Book value per share
|
| | | $ | 5.48 | | | | | $ | 4.97 | | | | | $ | 5.43 | | | | | $ | 4.80 | | | | | $ | 4.64 | | | | | $ | 4.30 | | | | | $ | 4.75 | | |
Tangible book value per share
|
| | | $ | 5.48 | | | | | $ | 4.97 | | | | | $ | 5.43 | | | | | $ | 4.80 | | | | | $ | 4.64 | | | | | $ | 4.30 | | | | | $ | 4.81 | | |
Price to earnings ratio
|
| | | | 172.67 | | | | | | 24.92 | | | | | | 5.08 | | | | | | 15.63 | | | | | | 9.75 | | | | | | (9.13) | | | | | | 4.59 | | |
Price to book value ratio
|
| | | | 0.95 | | | | | | 0.65 | | | | | | 0.60 | | | | | | 0.52 | | | | | | 0.42 | | | | | | 0.49 | | | | | | 0.16 | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 1,440,727 | | | | | | 1,440,727 | | | | | | 1,440,727 | | | | | | 1,440,727 | | | | | | 1,440,727 | | | | | | 1,440,727 | | | | | | 1,460,354 | | |
| | |
Old Point
Common Stock |
| |
Citizens National
Common Stock |
| ||||||||||||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Dividends
|
| |
High
|
| |
Low
|
| |
Dividends
|
| ||||||||||||||||||
2018 | | | | | | | | ||||||||||||||||||||||||||||||
First Quarter (through January 29, 2018)
|
| | | $ | 30.40 | | | | | $ | 28.21 | | | | | | — | | | | | $ | 5.14 | | | | | $ | 5.05 | | | | | | — | | |
2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 30.43 | | | | | $ | 24.40 | | | | | $ | 0.11 | | | | | $ | 3.59 | | | | | $ | 3.20 | | | | | | — | | |
Second Quarter
|
| | | $ | 33.88 | | | | | $ | 28.93 | | | | | $ | 0.11 | | | | | $ | 5.90 | | | | | $ | 3.24 | | | | | | — | | |
Third Quarter
|
| | | $ | 34.82 | | | | | $ | 29.61 | | | | | $ | 0.11 | | | | | $ | 4.55 | | | | | $ | 4.00 | | | | | | — | | |
Fourth Quarter
|
| | | $ | 34.64 | | | | | $ | 26.03 | | | | | $ | 0.11 | | | | | $ | 5.27 | | | | | $ | 4.20 | | | | |||||
2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 20.25 | | | | | $ | 17.38 | | | | | $ | 0.10 | | | | | $ | 2.62 | | | | | $ | 2.40 | | | | | | — | | |
Second Quarter
|
| | | $ | 20.50 | | | | | $ | 18.50 | | | | | $ | 0.10 | | | | | $ | 2.53 | | | | | $ | 2.40 | | | | | | — | | |
Third Quarter
|
| | | $ | 21.45 | | | | | $ | 18.30 | | | | | $ | 0.10 | | | | | $ | 3.22 | | | | | $ | 2.35 | | | | | | — | | |
Fourth Quarter
|
| | | $ | 26.00 | | | | | $ | 19.34 | | | | | $ | 0.10 | | | | | $ | 3.60 | | | | | $ | 3.00 | | | | | | — | | |
2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 15.44 | | | | | $ | 14.85 | | | | | $ | 0.08 | | | | | $ | 2.29 | | | | | $ | 1.90 | | | | | | — | | |
Second Quarter
|
| | | $ | 15.75 | | | | | $ | 14.83 | | | | | $ | 0.08 | | | | | $ | 2.09 | | | | | $ | 1.95 | | | | | | — | | |
Third Quarter
|
| | | $ | 16.00 | | | | | $ | 14.71 | | | | | $ | 0.09 | | | | | $ | 3.00 | | | | | $ | 1.99 | | | | | | — | | |
Fourth Quarter
|
| | | $ | 19.00 | | | | | $ | 15.40 | | | | | $ | 0.09 | | | | | $ | 2.78 | | | | | $ | 2.44 | | | | | | — | | |
| | |
Old Point
Common Stock |
| |
Citizens National
Common Stock |
| |
Equivalent Market
Value Per Share of Citizens National(1) |
| |||||||||
October 27, 2017
|
| | | $ | 32.00 | | | | | $ | 4.44(2) | | | | | $ | 5.52 | | |
January 29, 2018
|
| | | $ | 29.33 | | | | | $ | 5.10(3) | | | | | $ | 5.24 | | |
| | |
Proposed
Transaction Multiples |
| |
Selected
Transactions Median |
| |
Selected
Transactions 25th Percentile |
| |
Selected
Transactions 75th Percentile |
| ||||||||||||
Transaction Value/Tangible Book Value
|
| | |
|
101%
|
| | | | | 105% | | | | | | 94% | | | | | | 114% | | |
Transaction Value/Assets
|
| | |
|
16.6%
|
| | | | | 11.2% | | | | | | 9.9% | | | | | | 19.3% | | |
Core Deposit Premium
|
| | |
|
0.3%
|
| | | | | 1.0% | | | | | | (0.7)% | | | | | | 1.8% | | |
| | |
Proposed
Merger Consideration |
| |
Implied
Price Per Share Median |
| |
Implied Price
Per Share 25th Percentile |
| |
Implied Price
Per Share 75th Percentile |
| ||||||||||||
Transaction Value/Tangible Book Value
|
| | |
$
|
5.52
|
| | | | $ | 5.74 | | | | | $ | 5.14 | | | | | $ | 6.25 | | |
Transaction Value/Assets
|
| | |
$
|
5.52
|
| | | | $ | 3.72 | | | | | $ | 3.30 | | | | | $ | 6.39 | | |
Core Deposit Premium
|
| | |
$
|
5.52
|
| | | | $ | 5.64 | | | | | $ | 5.35 | | | | | $ | 5.77 | | |
| | |
Proposed
Transaction Multiples |
| |
Selected
Companies Median |
| |
Selected
Companies 25th Percentile |
| |
Selected
Companies 75th Percentile |
| ||||||||||||
Transaction Value/Tangible Book Value
|
| | |
|
101%
|
| | | | | 95% | | | | | | 85% | | | | | | 102% | | |
| | |
Proposed
Merger Consideration |
| |
Implied
Price Per Share Median |
| |
Implied Price
Per Share 25th Percentile |
| |
Implied Price
Per Share 75th Percentile |
| ||||||||||||
Transaction Value/Tangible Book Value
|
| | |
$
|
5.52
|
| | | | $ | 5.18 | | | | | $ | 4.66 | | | | | $ | 5.57 | | |
| | |
Proposed
Merger Consideration |
| |
Implied
Value Per Share Midpoint |
| |
Implied Value
Per Share Minimum |
| |
Implied Value
Per Share Maximum |
| ||||||||||||
Terminal Value Based on TBV Multiple
|
| | |
$
|
5.52
|
| | | | $ | 4.45 | | | | | $ | 4.12 | | | | | $ | 4.80 | | |
Terminal Value Based on P/E Multiple
|
| | |
$
|
5.52
|
| | | | $ | 3.74 | | | | | $ | 3.54 | | | | | $ | 3.96 | | |
| | |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| ||||||||||||||||||
Tangible assets
|
| | | $ | 58,958 | | | | | $ | 66,000 | | | | | $ | 71,280 | | | | | $ | 76,982 | | | | | $ | 83,131 | | | | | $ | 89,792 | | |
Intangible assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total assets
|
| | | | 58,958 | | | | | | 66,000 | | | | | | 71,280 | | | | | | 76,982 | | | | | | 83,131 | | | | | | 89,792 | | |
Net income
|
| | | | 60 | | | | | | 150 | | | | | | 240 | | | | | | 297 | | | | | | 360 | | | | | | 432 | | |