Old Point Financial (OPOF) 8-K Old Point Financial Corporation 3RD Quarter 2004

October 15, 2004

OLD POINT FINANCIAL CORPORATION 3RD QUARTER 2004

EARNINGS RELEASE

Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today third quarter, 2004, earnings of $2.09 million, up by 7% from the comparable quarter in 2003. Earnings for the nine months ending September 30, 2004, are $6.49 million, up 11% from the previous year.

Net interest income after provision for loan losses for the quarter was up by 6% from the same quarter in 2003, and also for the year. Total Assets as of September 30, 2004, are $692.02 million, up 16% over 2003. Net Loans rose to $424.56 million, up by 10%, and Deposits increased to $521.79 million, up by 11% from the previous year.

"We have been pleased with the growth of our loans and deposits over the last year," saidRobert F. Shuford, Chairman and President of Old Point Financial Corporation, "And despite preparing for the opening of three new offices within the next seven months - in the NewTown area of Williamsburg, on Independence Boulevard in Virginia Beach, and in the Eagle Harbor area of Isle of Wight - we have still been able to post record earnings."

Return on Average Assets (ROA) for year-to-date 2004 is 1.31%, and Return on Average Equity (ROE) is 13.21%. Basic net income per share for the nine months ending September 30, 2004, is $1.63, a 10% increase over the first nine months of 2003. On a fully diluted basis, income per share is $1.59.

Old Point Financial Corporation (Nasdaq Small Cap "OPOF")is the parent company ofOld Point National Bank, a locally owned and managed community bank serving Hampton Roads with a 16-branch network extending from Chesapeake through James City County, andOld Point Trust and Financial Services, N.A., a wealth management services provider.

For more information contact: Lani Chisman Davis, Marketing Director, 757-728-1286

Unaudited
Old Point Financial Corporation
Consolidated Balance Sheets
Dollars in thousands, except per share data
Assets	30-Sep-04		30-Sep-03
Cash and due from banks	$	19,482	$	14,383
Federal funds sold		17,986		3,699
Cash and cash equivalents		37,469		18,082
Investments:
Securities available for sale		188,202		152,786
Securities to be held to maturity		9,224		12,715
Trading account securities		0		0
Loans, net of allowance for loan losses of		424,561		385,935
$4,671 and $4,860
Foreclosed assets		0		26
Bank premises and equipment, net		17,710		13,585
Other assets:		14,855		12,927
Total Assets	$	692,021	$	596,056

Liabilities	30-Sep-04		30-Sep-03
Noninterest-bearing deposits	$	110,010	$	98,836
Savings deposits		195,765		167,480
Time deposits		216,019		202,481
Total deposits		521,794		468,797
Federal funds purchased and securities sold		38,049		22,107
under agreement to repurchase
Federal Home Loan Bank advances		60,000		40,000
Interest-bearing demand notes issued to the United		1,238		569
States Treasury and other liabilities for borrowed money
Other liabilities		3,080		3,243
Total Liabilities		624,161		534,716
Stockholders' Equity
Common stock, $5.00 par value		20,026		19,852
2004               2003
Shares Authorized      10,000,000    10,000,000
Shares Outstanding      4,005,172      3,970,493
Surplus		13,600		12,261
Undivided profits		33,741		29,022
Unrealized gain/(loss) on securities		493		205
Total stockholders' equity		67,860		61,340
Total Liabilities and Stockholders' Equity	$	692,021	$	596,056

Unaudited
Old Point Financial Corporation
Consolidated Statements of Earnings
Dollars in thousands, except per share data
Interest Income		3 Months Ended		3 Months Ended		9 Months Ended		9 Months Ended
		30-Sep-04		30-Sep-03		30-Sep-04		30-Sep-03
Interest and fees on loans	$	6,704	$	6,547	$	19,540	$	19,980
Interest on federal funds sold		45		24		107		118
Interest on securities
Taxable		1,292		1,023		3,805		3,097
Exempt from Federal income tax		461		538		1,432		1,658
Dividends and Interest on all other securities		42		33		106		95
Total interest income		8,544		8,165		24,990		24,948
Interest Expense
Interest on savings deposits		261		235		735		820
Interest on time deposits		1,409		1,514		4,164		4,914
Interest on federal funds purchased and		86		51		220		170
securities sold under agreement to repurchase
Interest on FHLB advances		587		512		1,673		1,512
Interest on demands notes (note balances)		(4)		4		3		12
issued to the United States Treasury and on other
borrowed money
Total Interest expense		2,339		2,316		6,795		7,428
Net Interest Income		6,205		5,849		18,195		17,520
Provision for loan losses		300		300		650		900
Net interest income after provision for loan losses		5,905		5,549		17,545		16,620
Other Income
Income from fiduciary activities		622		604		1,934		1,673
Service charges on deposits		1,174		743		3,199		2,187
Other service charges, commissions and fees		411		274		1,191		950
Other operating income		196		285		584		777
Security gains(losses)		12		15		211		45
Trading account income		0		0		0		0
Total Other income		2,415		1,921		7,119		5,632
Other Expenses
Salaries and employee benefits		3,346		3,058		9,813		8,962
Occupancy expense of bank premises		355		310		1,015		920
Furniture and equipment expense		407		408		1,213		1,229
Other operating expenses		1,324		1,106		3,766		3,363
Total other expenses		5,432		4,882		15,807		14,474
Income before taxes		2,888		2,588		8,857		7,778
Applicable income taxes		795		624		2,365		1,920
Net Income		2,093		1,964		6,492		5,858
Per Share
Based on weighted average number of common		4,001,129		3,967,134		3,993,011		3,954,717
shares outstanding
Basic Earnings per share	$	0.52	$	0.50	$	1.63	$	1.48
Diluted Earnings per share	$	0.51	$	0.48	$	1.59	$	1.44
Cash Dividends Declared	$	0.16	$	0.15	$	0.46	$	0.39