Old Point Financial (OPOF) 8-K Second Quarter and First Half 2007 Earnings

Exhibit 99.1

OLD POINT FINANCIAL CORPORATION ANNOUNCES

SECOND QUARTER AND FIRST HALF 2007 EARNINGS

July 18, 2007, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today net income of $2.0 million, or $0.50 per diluted share, for the quarter ended June 30, 2007, up $221 thousand, or 12.2% from the second quarter of 2006. Results for the six months ended June 30, 2007 were $3.9 million in net income, or $0.98 per diluted share, up 12.8% from $3.5 million reported for the first half of 2006.

Assets as of June 30, 2007 totaled $812.2 million, 1.9% higher than June 30, 2006 assets of $797.0 million. “As we have used maturing investments to pay down our Federal Home Loan Bank (FHLB) advances, our asset growth has slowed somewhat,” saidRobert F. Shuford, President, Chairman and CEO of Old Point Financial Corporation. “Loan growth continues to be steady, however, and our asset quality remains good.” Net loans grew to $585.0 million, a 7.4% increase over 2006 total net loans of $544.9 million. Deposits for the period increased to $598.3 million, or up 7.5% over June 30, 2006 deposits of $556.8 million.

Non-performing Assets (NPAs) as a percentage of total assets are at .38% as of June 30, 2007. On June 30, 2007, NPAs totaled $3.1 million. The June 2007 total consisted of $1.3 million in restructured debt, $164 thousand in nonaccrual loans, $165 thousand in a former branch site, $240 thousand in foreclosed property and $1.2 million in loans still accruing interest but past due 90 days or more. $880 thousand of the loans still accruing interest but past due 90 days or more were matured loans as of the end of the quarter. These loans have since been renewed and are current. The $1.3 million in restructured debt is current and paying as agreed.

Other items of note for the second quarter of 2007:

Net interest income after provision for loan losseswas $6.3 million, up 8.1% or $472 thousand over the second quarter in 2006. For the first half of 2007, net interest income after provision for loan losses totaled $12.2 million, up $731 thousand, or 6.4%, over the six months ended June 30, 2006.

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Total non interest income for the second quarter was $3.1 million, up 3.6% or $108 thousand higher than the comparable quarter of 2006. For the first six months of 2007, noninterest income was $6.2 million, up 6.9%, or $400 thousand over the first half of 2006.

Noninterest expensesincreased by $229 thousand on a quarter-to-quarter comparison, or 3.6%, and $414 thousand, or 3.3%, on a year-to-year basis.

Net interest margin (NIM)for the second quarter 2007 was 3.45% as compared to 3.45% for the second quarter of 2006. However, it is to be noted that the margin improved from the 3.27% net interest margin reported for the first quarter of 2007.

Dividends declared for 2007 year-to-date have been $0.36 per share, up $0.02, or 5.9% from year-to-date 2006.

Return on Average Assets (ROA) for year-to-date 2007 is 0.95%, and Return on Average Equity (ROE) is 10.32%.

Old Point Financial Corporation(“OPOF”-Nasdaq) 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., a Hampton Roads wealth management services provider. Web:www.oldpoint.com

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

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Old Point Financial Corporation

Consolidated Balance Sheets

in thousands, except per share data

Assets
			30-Jun-07			30-Jun-06
Cash and due from banks			$	14,562		$	17,594
Federal funds sold				7,873			5,451
Cash and cash equivalents				22,435			23,045
Securities available-for-sale, at fair value				157,080			186,065
Securities held-to-maturity (fair value approximates $3,644 and $3,308)				3,632			3,323
Loans, net of allowance for loan losses of $5,089 and $4,549				585,026			544,905
Premises and equipment, net				25,963			21,478
Bank owned life insurance				10,905			10,325
Other assets				7,150			7,879
Total Assets			$	812,191		$	797,020
Liabilities & Stockholders’ Equity
Deposits:
Noninterest-bearing deposits			$	97,545		$	97,952
Savings deposits				203,638			200,145
Time deposits				297,165			258,712
Total deposits				598,348			556,809
Federal funds purchased, repurchase agreements and other borrowings				43,955			51,186
Federal Home Loan Bank advances				90,000			115,000
Accrued expenses and other liabilities				2,810			2,438
Total Liabilities				735,113			725,433
Stockholders’ Equity
Common stock, $5.00 par value
	2007	2006
Shares Authorized	10,000,000	10,000,000
Shares Issued	3,979,111	3,991,305		19,896			19,956
Additional paid in capital				15,273			14,620
Retained earnings				43,598			40,265
Accumulated other comprehensive income (loss)				(1,689	)		(3,254	)
Total Stockholders’ Equity				77,078			71,587
Total Liabilities and Stockholders’ Equity			$	812,191		$	797,020

Old Point Financial Corporation

Consolidated Statements of Earnings

in thousands, except per share data

Interest Income	3 Months Ended		3 Months Ended		6 Months Ended		6 Months Ended
	30-Jun-07		30-Jun-06		30-Jun-07		30-Jun-06
Interest and fees on loans	$	10,469	$	9,005	$	20,707	$	17,304
Interest on federal funds sold		144		81		297		133
Interest on securities
Taxable		1,151		1,277		2,375		2,566
Exempt from federal income tax		321		367		648		755
Dividends and interest on all other securities		96		92		221		179
Total interest income		12,181		10,822		24,248		20,937
Interest Expense
Interest on savings deposits		661		571		1,293		1,065
Interest on time deposits		3,343		2,527		6,655		4,806
Interest on federal funds purchased , securities sold under agreement to repurchase and other borrowings		479		464		978		872
Interest on Federal Home Loan Bank advances		1,220		1,154		2,635		2,138
Total interest expense		5,703		4,716		11,561		8,881
Net Interest Income		6,478		6,106		12,687		12,056
Provision for loan losses		200		300		500		600
Net interest income after provision for loan losses		6,278		5,806		12,187		11,456
Noninterest Income
Income from fiduciary activities		783		661		1,580		1,339
Service charges on deposit accounts		1,450		1,392		2,843		2,725
Other service charges, commissions and fees		582		718		1,167		1,253
Income from bank owned life insurance		148		134		296		267
Gain on available-for-sale securities, net		0		1		3		2
Other operating income		170		119		323		226
Total noninterest income		3,133		3,025		6,212		5,812
Noninterest Expense
Salaries and employee benefits		4,040		3,825		7,942		7,537
Occupancy and equipment		889		886		1,788		1,777
Postage and courier		127		129		255		268
Service fees		91		201		166		369
Data processing		220		186		423		355
Advertising		203		189		376		331
Customer development		163		127		339		295
Employee professional development		176		160		326		291
Other		665		642		1,284		1,262
Total noninterest expenses		6,574		6,345		12,899		12,485
Income before income taxes		2,837		2,486		5,499		4,783
Income tax expense		810		680		1,555		1,287
Net Income		2,027		1,806		3,944		3,496
Basic Earnings Per Share
Average shares outstanding		3,991,871		3,988,674		3,990,649		3,991,815
Net income per share of common stock	$	0.51	$	0.45	$	0.99	$	0.88
Diluted Earnings per share
Average shares outstanding		4,025,297		4,049,006		4,028,333		4,052,729
Net income per share of common stock	$	0.50	$	0.45	$	0.98	$	0.86
Cash Dividends Declared	$	0.18	$	0.17	$	0.36	$	0.34

Selected Ratios

	3 Months Ended			3 Months Ended			6 Months Ended		6 Months Ended
	30-Jun-07			30-Jun-06			30-Jun-07		30-Jun-06
Net Interest Margin		3.45	%		3.45	%	3.36	%	3.47	%
	6 Months Ended			6 Months Ended
	30-Jun-07			30-Jun-06
NPAs/Total Assets		0.38	%		0.10	%
Net Charge Offs/Total Loans		0.07	%		0.18	%
Allowance for Loan Losses/Total Loans		0.86	%		0.83	%
Non-Performing Assets (NPAs)	$	3,076		$	778
Composition of NPAs(000):
Nonperfoming Loans	$	164		$	257
Loans > 90 days past due, but still accruing interest	$	1,181		$	356
Restructured Loans	$	1,326		$	0
Other Real Estate Owned	$	405		$	165