Old Point Financial (OPOF) 8-K Old Point Financial Corporation Amended First Quarter 2007

Exhibit 99.1

OLD POINT FINANCIAL CORPORATION AMENDED FIRST QUARTER 2007

EARNINGS RELEASE

Hampton, Virginia, April 24, 2007:Old Point Financial Corporation (Nasdaq: OPOF) announced today that, based on information received subsequent to its April 16, 2007 press release, it has decided to not elect early adoption of FASB No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities,” effective January 2007. The decision was made after receiving additional guidance regarding early adoption, required disclosures and future implications. Early adoption of the standard would have resulted in a $489 thousand benefit to earnings in the first quarter of 2007. Without that benefit, first net quarter income was $1.92 million, a 13% increase over 2006 first quarter income of $1.69 million.

“Further discussions with our CPAs helped us decide to reverse our actions,” said Old Point Financial Corporation Chairman and CEORobert F. Shuford. “FASB 159 is a very complex accounting standard, and we felt that it was not prudent to adopt it early.”

Basic and diluted earnings per share for the first quarter 2007 are $0.48 per share, compared with first quarter 2006 earnings per share of $0.42.

For the first quarter 2007, return on assets (ROA) was .92% and return on equity (ROE) was 10.12%, compared to first quarter 2006, ROA of .90% and ROE of 9.52%.

Old Point Financial Corporationis the parent company of Old 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.,a Hampton Roads wealth management services provider.

www.oldpoint.com

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Old Point Financial Corporation and Subsidiaries

Consolidated Balance Sheet

(dollars in thousands, except for per share data)	March 31,			March 31,
	2007			2006
	(unaudited)			(unaudited)
Assets
Cash and due from banks	$	14,150		$	14,079
Federal funds sold		28,279			20,098
Cash and cash equivalents		42,429			34,177
Securities available-for-sale, at fair value		175,618			188,135
Securities held-to-maturity (fair value approximates $3,557 and $3,231)		3,532			3,223
Loans, net of allowance for loan losses of $4,950 and $4,580		577,812			517,203
Premises and equipment, net		26,179			21,475
Bank owned life insurance		10,756			9,591
Other assets		6,926			7,860
	$	843,252		$	781,664
Liabilities & Stockholders’ Equity
Deposits:
Noninterest-bearing deposits	$	98,978		$	105,884
Savings deposits		206,877			205,266
Time deposits		290,730			249,295
Total deposits		596,585			560,445
Federal funds purchased, repurchase agreements and other borrowings		52,139			52,658
Federal Home Loan Bank advances		115,000			95,000
Accrued expenses and other liabilities		3,324			2,579
Total liabilities		767,048			710,682
Stockholders’ equity:
Common stock, $5 par value, 10,000,000 shares authorized; 3,992,934 and 3,987,880 shares issued		19,965			19,939
Additional paid-in capital		14,951			14,474
Retained earnings		43,086			39,265
Accumulated other comprehensive income (loss)		(1,798	)		(2,696	)
Total stockholders' equity		76,204			70,982
	$	843,252		$	781,664

Old Point Financial Corporation and Subsidiaries

Consolidated Statements of Income

	Three Months Ended March 31,
	2007		2006
	(unaudited)
Interest and Dividend Income:
Interest and fees on loans	$	10,237	$	8,299
Interest on federal funds sold		154		52
Interest on securities:
Taxable		1,224		1,288
Tax-exempt		326		388
Dividends and interest on all other securities		126		88
Total interest and dividend income		12,067		10,115
Interest Expense:
Interest on savings and interest-bearing demand deposits		633		493
Interest on time deposits		3,312		2,279
Interest on federal funds purchased, securities sold under agreement to repurchase and other borrowings		498		408
Interest on Federal Home Loan Bank advances		1,415		984
Total interest expense		5,858		4,164
Net interest income		6,209		5,951
Provision for loan losses		300		300
Net interest income, after provision for loan losses		5,909		5,651
Noninterest Income:
Income from fiduciary activities		797		678
Service charges on deposit accounts		1,393		1,334
Other service charges, commissions and fees		585		535
Income from bank owned life insurance		148		133
Gain on available-for-sale securities, net		3		1
Other operating income		152		106
Total noninterest income		3,078		2,787
Noninterest Expense:
Salaries and employee benefits		3,902		3,712
Occupancy and equipment		899		892
Postage and courier		128		139
Service fees		75		169
Data processing		204		169
Advertising		173		142
Customer development		177		167
Employee professional development		149		132
Other		618		618
Total noninterest expenses		6,325		6,140
Income before income taxes		2,662		2,298
Income tax expenses		745		608
Net income	$	1,917	$	1,690
Basic Earnings per Share:
Average shares outstanding		3,989,413		3,994,992
Net income per share of common stock	$	0.48	$	0.42
Diluted Earnings per Share:
Average shares outstanding		4,031,355		4,056,488
Net income per share of common stock	$	0.48	$	0.42