Old Point Financial Corporation (NASDAQ:OPOF) announced on Tuesday that Paul M. Pickett has resigned from his roles as Chief Financial Officer & Senior Vice President/Finance and principal financial and accounting officer of the company, as well as Chief Financial Officer & Executive Vice President of The Old Point National Bank of Phoebus.
The company clarified that Pickett's resignation, effective July 26, 2024, is not due to any disagreements on operations, policies, or financial matters.
Cathy W. Liles, currently serving as the Chief Accounting Officer & Senior Vice President, will take over as Interim Chief Financial Officer. Liles, 59, brings extensive financial experience, having held similar positions at American National Bankshares (NASDAQ:AMNB) Inc. and Carter Bank & Trust, and was a partner in the accounting firm Forvis LLP (formerly Dixon Hughes Goodman). She holds CPA credentials and is a graduate of Belmont Abbey College.
The company stated that Liles’ compensation will remain unchanged during her interim role and that there are no familial or material relationships between her and any directors or executive officers of the company. Furthermore, she has no significant transactions with the company that would necessitate disclosure under SEC regulations.
Old Point Financial is actively searching for a permanent CFO and expressed gratitude to Pickett for his service and contributions to the company and its banking subsidiary. This executive transition is detailed in the company's latest 8-K filing with the Securities and Exchange Commission.
InvestingPro Insights
In light of the recent executive transition at Old Point Financial Corporation (NASDAQ:OPOF), investors might be curious about the company's financial health and market performance. According to InvestingPro data, Old Point Financial has a market capitalization of $83.75 million and a P/E ratio that stands at 12.74, indicating a reasonable valuation relative to earnings.
The company has also been able to maintain a dividend yield of 3.46%, which is a testament to its commitment to returning value to shareholders, underscored by its track record of raising dividends for 3 consecutive years and maintaining dividend payments for 27 consecutive years, as highlighted by InvestingPro Tips.
Despite a slight decline in revenue over the last twelve months, the company has remained profitable, with a gross profit equal to its revenue figure of $58.3 million. Moreover, Old Point Financial has seen a significant return over the last week, with a 1 Week Price Total Return of 9.47%. This recent uptick in share price might reflect market optimism about the company's future despite the executive shift.
For investors seeking more detailed analysis and additional InvestingPro Tips, there are 5 more tips available that could offer deeper insights into Old Point Financial's performance and potential. To explore these further, visit https://www.investing.com/pro/OPOF and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.