Old Point Financial (OPOF) 8-K Second Quarter and First Half 2008 Earnings

Exhibit 99.1

OLD POINT FINANCIAL CORPORATION ANNOUNCES

SECOND QUARTER AND FIRST HALF 2008 EARNINGS

• Assets up 3.0%

• Net loans up 6.2%

• Deposits up 2.7%

• Net interest margin improved

July 21, 2008, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today net income of $1.9 million, or $0.39 per diluted share, for the quarter ended June 30, 2008, down $92 thousand, or 4.5% from the second quarter of 2007. Results for the six months ended June 30, 2008 were $3.9 million in net income, or $0.79 per diluted share, down 1.0%, or $39 thousand from income reported for the first half of 2007.

Assets as of June 30, 2008 totaled $836.2 million, 3.0% higher than June 30, 2007 assets of $812.2 million. Net loans grew to $621.2 million, a 6.2% increase over 2007 total net loans of $585.0 million. Deposits for the period increased to $614.7 million, or up 2.7% over June 30, 2007 deposits of $598.3 million.

Dividends declared for the quarter were $0.16 per share, up 11.1% from the second quarter of 2007. Return on Average Assets (ROA) for year-to-date 2008 is 0.94%, and Return on Average Equity (ROE) is 9.62%.

“We continue to improve our net interest margin,” saidRobert F. Shuford,President and CEO of Old Point Financial Corporation, “Growth in loans and deposits is satisfactory, and we are closely monitoring our asset quality.”

Non-performing Assets (NPAs) as a percentage of total assets are at ..51% as of June 30, 2008. On June 30, 2008, NPAs totaled $4.3 million. The June 2008 total consisted of $233 thousand in restructured debt, $889 thousand in nonaccrual loans, $2.2 million in other Real Estate Owned (OREO), and $896 thousand in loans still accruing interest but past due 90 days or more.

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Other items of note for the second quarter of 2008:

Net interest income after provision for loan losseswas $6.5 million, up 3.6% or $228 thousand over the second quarter in 2007. For the first half of 2008, net interest income after provision for loan losses totaled $12.7 million, up $509 thousand, or 4.2%, over the six months ended June 30, 2007. Due to a growing loan portfolio and a slowing economy, Old Point added to its allowance for loan and lease losses (ALLL). Loans charged off during the second quarter 2008 were $203 thousand, while the loan loss provision was raised to $300 thousand, $100 thousand over the second quarter 2007 provision.

Total non interest incomefor the second quarter was $3.2 million, up 1.3% or $41 thousand higher than the comparable quarter of 2007. For the first six months of 2008, noninterest income was $6.4 million, up 3.0%, or $186 thousand over the first half of 2007.

Non interest expensesincreased by $383 thousand on a quarter-to-quarter comparison, or 5.8%, and $719 thousand, or 5.6%, on a year-to-year basis.

Net interest margin (NIM)for the second quarter 2008 was 3.55% as compared to 3.45% for the second quarter of 2007. On a year-to-date comparison, the NIM improved from 3.36% in 2007 to 3.50% in 2008.

Old Point Financial Corporation(“OPOF” - Nasdaq) is the parent company ofOld Point National Bank, a full service community bank which serves the community of Hampton Roads with 20 branches and 60 ATMs, 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

			30-Jun-08			30-Jun-07
Assets
Cash and due from banks			$	61,550		$	14,562
Federal funds sold				2,684			7,873
Cash and cash equivalents				64,234			22,435
Securities available-for-sale, at fair value				97,719			157,080
Securities held-to-maturity (fair value approximates $3,123 and $3,644)				3,104			3,632
Loans, net of allowance for loan losses of $5,113 and $5,088				621,197			585,026
Premises and equipment, net				27,594			25,963
Split dollar post retirement benefits				13,159			10,905
Other assets				9,213			7,150
Total Assets			$	836,220		$	812,191
			30-Jun-08			30-Jun-07
Liabilities & Stockholders’ Equity
Deposits:
Noninterest-bearing deposits			$	107,532		$	97,545
Savings deposits				183,676			203,638
Time deposits				323,469			297,165
Total deposits				614,677			598,348
Federal funds purchased, repurchase agreements and other borrowings				56,864			43,955
Federal Home Loan Bank advances				80,000			90,000
Accrued expenses and other liabilities				3,143			2,810
Total Liabilities				754,684			735,113
Stockholders’ Equity
Common stock, $5.00 par value
	2008	2007
Shares Authorized	10,000,000	10,000,000
Shares Issued	4,902,167	3,979,111		24,511			19,896
Additional paid in capital				15,414			15,273
Retained earnings				41,880			43,598
Accumulated other comprehensive loss				(269	)		(1,689	)
Total stockholders’ equity				81,536			77,078
Total liabilities and stockholders’ equity			$	836,220		$	812,191

Old Point Financial Corporation

Consolidated Statements of Earnings

in thousands, except per share data

	3 Months Ended 30-Jun-08		3 Months Ended 30-Jun-07		6 Months Ended 30-Jun-08		6 Months Ended 30-Jun-07
Interest Income
Interest and fees on loans	$	10,094	$	10,470	$	20,346	$	20,707
Interest on federal funds sold		113		144		330		297
Interest on securities:
Taxable		865		1,151		1,858		2,375
Exempt from Federal income tax		245		321		520		648
Dividends and interest on all other securities		339		95		476		221
Total interest and dividend income		11,656		12,181		23,530		24,248
Interest Expense
Interest on savings and interest-bearing demand deposits		263		661		673		1,293
Interest on time deposits		3,349		3,343		6,962		6,655
Interest on federal funds purchased , securities sold under agreement to repurchase and other borrowings		213		479		550		978
Interest on Federal Home Loan Bank advances		1,025		1,220		2,049		2,635
Total Interest expense		4,850		5,703		10,234		11,561
Net Interest Income		6,806		6,478		13,296		12,687
Provision for loan losses		300		200		600		500
Net interest income after provision for loan losses		6,506		6,278		12,696		12,187
Noninterest Income
Income from fiduciary activities		807		783		1,655		1,580
Service charges on deposit accounts		1,464		1,450		2,892		2,843
Other service charges, commissions and fees		669		582		1,379		1,167
Income from split dollar post retirement benefits		178		148		355		296
Gain on available-for-sale securities, net		0		0		0		3
Other operating income		56		170		116		322
Total Noninterest income		3,174		3,133		6,397		6,211
Noninterest Expense
Salaries and employee benefits		4,252		4,040		8,289		7,942
Occupancy and equipment		932		889		1,873		1,788
Data processing		252		220		489		424
Advertising		225		203		410		376
Customer development		188		163		410		339
Employee professional development		179		176		331		326
Other		929		883		1,816		1,704
Total noninterest expenses		6,957		6,574		13,618		12,899
Income before income taxes		2,723		2,837		5,475		5,499
Income tax expense		788		810		1,570		1,555
Net Income		1,935		2,027		3,905		3,944
Basic Earnings Per Share*
Average shares outstanding		4,903,532		4,989,839		4,905,549		4,988,311
Net income per share of common stock	$	0.40	$	0.41	$	0.80	$	0.79
Diluted Earnings per share*
Average shares outstanding		4,934,292		5,031,621		4,937,017		5,035,416
Net income per share of common stock	$	0.39	$	0.40	$	0.79	$	0.78
Cash Dividends Declared*	$	0.160	$	0.144	$	0.320	$	0.288

* Per share data adjusted to reflect 5 for 4 stock split in the form of a dividend declared on August 16, 2007 and paid October 1, 2007.

	3 Months Ended 30-Jun-08			3 Months Ended 30-Jun-07			6 Months Ended 30-Jun-08			6 Months Ended 30-Jun-07
Selected Ratios
Net Interest Margin		3.55	%		3.45	%		3.50	%	3.36	%
	6 Months Ended 30-Jun-08			3 Months ended 31-Mar-08			6 Months Ended 30-Jun-07
NPAs/Total Assets		0.51	%		0.43	%		0.38	%
Net Annualized Charge Offs/Total Loans		0.20	%		0.27	%		0.07	%
Allowance for Loan Losses/Total Loans		0.82			0.82			0.86
Non-Performing Assets (NPAs) (000)	$	4,263		$	3,657		$	3,076
Composition of NPAs:
Nonperforming Loans	$	889		$	1,790		$	164
Loans > 90 days past due, but still accruing interest	$	896		$	747		$	1,181
Restructured Loans	$	233		$	0		$	1,326
Other Real Estate Owned	$	2,245		$	1,120		$	405