Old Point Financial (OPOF) 8-K Results of Operations and Financial Condition

Exhibit 99.1

OLD POINT FINANCIAL CORPORATION ANNOUNCES

THIRD QUARTER 2006 EARNINGS

October 13, 2006, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today that its assets rose to a record $823.1 million, a 13% increase over September 30, 2005 assets of $728.2 million. Net loans increased by 22% to $568.8 million over September 30, 2005 loans. Net income for the quarter was $1.7 million and $5.2 million for the nine months ending September 30, 2006, as compared with third quarter 2005 net income of $1.7 million and $5.6 million for the first nine months of 2005. Basic earnings per share were $0.43 for the quarter and $1.30 year-to-date. Diluted earnings per share for the same periods were $0.42 and $1.29, respectively.

Net interest income after the provision for loan loss for the quarter increased by $188 thousand, or 3% from third quarter of 2005, but year-to-date results only showed a $67 thousand increase. Net interest income after provision results were affected by the significant increases in funding costs – interest expense increased by 70%, or $2.2 million, on a same quarter basis, and by 67%, or $5.7 million, year-to-year. In addition, significant loan growth during the year necessitated an addition of $150 thousand to the loan loss provision. While short term interest rates have risen dramatically in the past twelve months, longer term rates have remained fairly stable. This compression of the yield curve has put pressure on the net interest margin.

During the third quarter of 2006, Old Point National Bank completed the purchase of two properties for future development as branches. One is an existing building in the Hilltop area of Virginia Beach and the other is a branch site in the Ghent section of Norfolk.

Return on Average Assets (ROA) for year-to-date 2006 is 0.89%, and Return on Average Equity (ROE) is 9.65%.

Old Point Financial Corporation(“OPOF” - Nasdaq SmallCap Market) is the parent company ofOld Point National Bank, a locally owned and managed community bank serving Hampton Roads with a 19-branch network extending from Chesapeake through James City County, andOld Point Trust & Financial Services, N.A., aHampton Roads wealth management services provider. Web:www.oldpoint.com

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

Unaudited

Old Point Financial Corporation

Consolidated Balance Sheets

(in thousands, except per share data)

	30-Sep-06		30-Sep-05
Assets
Cash and due from banks	$	14,331	$	18,968
Federal Funds Sold		4,409		7,022
Cash & Cash Equivalents		18,740		25,990
Investments:
Securities available for sale, at fair value		186,763		194,883
Securities held to maturity (fair value approximates $3,449 and $3,161)		3,423		3,115
Loans net of allowance for loan losses of $4,625 & $4,245		568,807		466,162
Premises and equipment, net		26,496		20,569
Bank owned life insurance		10,466		9,661
Other Assets		8,443		7,866
Total Assets	$	823,138	$	728,246
	30-Sep-06		30-Sep-05
Liabilities
Deposits:
Noninterest-bearing deposits	$	101,292	$	112,673
Savings deposits		195,454		190,650
Time Deposits		272,495		227,664
Total Deposits		569,241		530,987
Federal funds purchased, repurchase agreements and other borrowings		62,408		54,001
Federal Home Loan Bank Advances		115,000		70,000
Accrued expenses and other liabilities		2,939		2,079
Total Liabilities		749,588		657,067
Stockholders’ Equity
Common stock, $5.00 par value		19,961		20,081

	2006	2005
Shares Authorized	10,000,000	10,000,000
Shares Issued	3,992,155	4,016,290

Additional paid-in capital		14,719			14,160
Retained earnings		41,147			38,437
Accumulated other comprehensive loss		(2,277	)		(1,499	)
Total stockholders’ equity		73,550			71,179
Total liabilities and stockholders’ equity	$	823,138		$	728,246

Unaudited

Old Point Financial Corporation

Consolidated Statements of Income

(in thousands, except per share data)

Interest and Dividend Income	3 Months Ended 30-Sep-06		3 Months Ended 30-Sep-05		9 Months Ended 30-Sep-06		9 Months Ended 30-Sep-05
Interest and fees on loans	$	9,822	$	7,324	$	27,126	$	20,987
Interest on federal funds sold		102		124		235		210
Interest on securities
Taxable		1,276		1,309		3,842		3,997
Tax exempt		350		428		1,105		1,298
Dividends and interest on all other securities		113		50		292		155
Total interest income		11,663		9,235		32,600		26,647
Interest Expense
Interest on savings deposits		608		370		1,673		1,034
Interest on time deposits		2,937		1,805		7,742		4,888
Interest on federal funds purchased, securities sold under agreement to repurchase and other borrowings		496		291		1,369		793
Interest on FHLB advances		1,405		740		3,543		1,875
Total Interest expense		5,446		3,206		14,327		8,590
Net interest income		6,217		6,029		18,273		18,057
Provision for loan losses		300		300		900		750
Net interest income after provision for loan losses		5,917		5,729		17,373		17,307
Noninterest Income
Income from fiduciary activities		653		659		1,992		2,072
Service charges on deposit accounts		1,338		1,285		4,064		3,543
Other service charges, commissions and fees		462		456		1,715		1,355
Income from bank owned life insurance		140		130		407		377
Gain on available-for-sale securities, net		5		1		7		10
Other operating income		115		143		341		374
Total noninterest income		2,713		2,674		8,526		7,731
Other Expenses
Salaries and employee benefits		3,830		3,690		11,367		10,665
Occupancy and equipment		861		818		2,639		2,320
Supplies		131		127		386		361
Postage and courier		116		123		385		357
Service fees		264		195		633		472
Data processing		196		156		551		450
Marketing		168		218		499		469
Customer development		171		148		465		413
Employee professional development		171		128		462		408
Other		380		483		1,387		1,451
Total noninterest expenses		6,288		6,086		18,774		17,366
Income before income taxes		2,342		2,317		7,125		7,672
Income tax expense		631		596		1,918		2,040
Net Income		1,711		1,721		5,207		5,632
Basic Earnings per Share
Average shares outstanding		3,992,082		4,016,070		3,991,905		4,015,866
Net income per share of common stock	$	0.43	$	0.43	$	1.30	$	1.40
Diluted Earnings per share
Average shares outstanding		4,047,316		4,090,201		4,050,926		4,096,010
Net income per share of common stock	$	0.42	$	0.42	$	1.29	$	1.38
Cash Dividends Declared	$	0.18	$	0.17	$	0.52	$	0.49