Old Point Financial (OPOF) 8-K Market Share Growth, Impact of Economy Both Reflected In Old Point

Exhibit 99.1

MARKET SHARE GROWTH, IMPACT OF ECONOMY BOTH REFLECTED IN OLD POINT

FINANCIAL CORPORATION’S FIRST QUARTER 2009 EARNINGS

• First quarter 2009 net income $770 thousand

• Net loans up 2.5%

• Deposits up 3.9%

• Dividends increased by 6.3%

April 28, 2009, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) experienced deposit, loan and dividend growth and increased its loan loss reserve in the quarter that ended March 31, 2009. Net income and total non-interest income dropped, while non-interest expenses rose and non-performing assets increased. Old Point management says the rise in non-interest expenses reflects its commitment to increasing market presence. By adding branches and business development personnel, management intends to grow market share.

Net income was $770 thousand, or $0.16 per diluted share, for the quarter ended March 31, 2009. Assets as of March 31, 2009 totaled $880.8 million, up 4.6% from March 31, 2008 assets of $841.9 million. Net loans grew to $622.7 million, a 2.5% increase over 2008 first quarter net loans of $607.3 million. Deposits for the period increased to $645.4 million, up 3.9% over March 31, 2008 deposits of $621.0 million. Dividends declared for the quarter were $0.17 per share, up $0.01, or 6.3% from the first quarter of 2008. Annualized Return on Average Assets (ROA) for year-to-date 2009 is 0.36%, and annualized Return on Average Equity (ROE) is 3.70%.

“With the increase in net loans and deposits, we’re proving we can make gains even in tough economic times, and in fact, because of them,” saidRobert F. Shuford, Chairman and President of Old Point Financial Corporation. “Having been in business since before the Great Depression, Old Point understands the importance of the long-term view. We’ve anticipated that our stature as a stable locally-managed community bank would attract more customers. We’ve invested in adding staff to take advantage of opportunities and we’ve begun building our branch in Norfolk’s Ghent section. The salary investment is reflected on the expense side of our income statement, but also on the positive side with increased business.”

Still, Shuford said the Bank continues with the prudent approach that has been its tradition since opening in 1923.

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“The economic situation in our market continues to be unsettled. We continue to add to our allowance for loan losses. Our provision for loan losses during first quarter of 2009 was $1 million, $700 thousand over the first quarter of 2008. As the year continues, we will continuously monitor our portfolio and will take appropriate action.”

Other items of note for the first quarter of 2009:

Net interest income after provision for loan losseswas $5.5 million, down 11.5% or $710 thousand from the first quarter in 2008. This figure represents the effect of the $700 thousand increase in the provision for loan losses.

Total non interest incomefor the quarter was $3.0 million, down 8.0% or $258 thousand less than the comparable quarter of 2008. Primary contributors were decreases in fiduciary income reflecting the decline in stock market value, service charges on deposits and other service charges and fees.

Noninterest expensesincreased by $743 thousand, or 11.2% on a quarter-to-quarter comparison. Salaries represented more than half of the increase, as both the Bank and Old Point Trust continue to add to staff to take advantage of opportunities presented in the current environment. In addition, expenses associated with resolving problem loans increased $151 thousand, and the FDIC insurance premium rose by $85 thousand.

Net Interest Margin (NIM)As interest rates continue to remain at historically low levels, the differential between cost of funds and earnings rates has been squeezed. The net interest margin decreased to 3.35%, down 11 basis points from the first quarter of 2008.

Non-Performing Assets (NPAs)Non Performing Assets have increased over the last several quarters as the economy has slowed. NPAs were at $3.7 million on March 31, 2008, $14.9 million on December 31, 2008 and $17.1 million on March 31, 2009. Old Point National Bank is monitoring the loan portfolio closely and taking appropriate action as it is warranted.

Loans Charged Off (net of recoveries)Net loans charged off decreased to $392 thousand, down $21 thousand from the first quarter 2008 total of $413 thousand.

Allowance for Loan and Lease Losses (ALLL)/Provision for Loan Losses The March 31, 2009 ALLL balance increased to $7.0 million, up $608 thousand from the December 31, 2008 balance of $6.41 million. The ALLL balance reflects Management’s analysis of the loan portfolio factoring the underlying collateral value of the loans, plans for problem loan resolution, and current economic conditions.

Old Point Financial Corporation(“OPOF” - Nasdaq) is the parent company ofOld Point National Bank, serving the community of Hampton Roads with 20 branches and more than sixty ATMs, 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

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Old Point Financial Corporation and Subsidiaries

Consolidated Balance Sheet

(dollars in thousands, except for per share data)	March 31, 2009			March 31, 2008
	(unaudited)			(unaudited)
Assets
Cash and due from banks	$	27,938		$	20,520
Federal funds sold		31,874			41,740
Cash and cash equivalents		59,812			62,260
Securities available-for-sale, at fair value		137,646			115,971
Securities held-to-maturity (fair value approximates $2,208 and $2,862)		2,167			2,804
Restricted Securities		4,815			5,241
Loans, net of allowance for loan losses of $7,014 and $5,017		622,728			607,292
Premises and equipment, net		28,259			27,450
Bank owned life insurance		14,193			12,979
Other Real Estate Owned, net		4,059			1,120
Other assets		7,164			6,754
	$	880,843		$	841,871
Liabilities & Stockholders’ Equity
Deposits:
Noninterest-bearing deposits	$	115,468		$	103,970
Savings deposits		184,374			185,809
Time deposits		345,531			331,213
Total deposits		645,373			620,992
Federal funds purchased, repurchase agreements and other borrowings		79,684			55,975
Federal Home Loan Bank advances		70,000			80,000
Accrued expenses and other liabilities		3,190			3,873
Total liabilities		798,247			760,840
Commitments and contingencies
Stockholders’ equity:
Common stock, $5 par value, 10,000,000 shares authorized; 4,908,041 and 4,907,567 shares issued		24,540			24,538
Additional paid-in capital		15,569			15,386
Retained earnings		43,165			40,799
Accumulated other comprehensive income (loss)		(678	)		308
Total stockholders’ equity		82,596			81,031
	$	880,843		$	841,871

Old Point Financial Corporation and Subsidiaries

Consolidated Statements of Income

	Three Months Ended
	March 31,
(dollars in thousands, except for per share data)	2009		2008
	(unaudited)
Interest and Dividend Income:
Interest and fees on loans	$	9,417	$	10,253
Interest on federal funds sold		13		217
Interest on securities:
Taxable		660		993
Tax-exempt		159		275
Dividends and interest on all other securities		147		136
Total interest and dividend income		10,396		11,874
Interest Expense:
Interest on savings and interest-bearing demand deposits		95		410
Interest on time deposits		2,828		3,613
Interest on federal funds purchased, securities sold under agreement to repurchase and other borrowings		97		336
Interest on Federal Home Loan Bank advances		896		1,025
Total interest expense		3,916		5,384
Net interest income		6,480		6,490
Provision for loan losses		1,000		300
Net interest income, after provision for loan losses		5,480		6,190
Noninterest Income:
Income from fiduciary activities		765		848
Service charges on deposit accounts		1,337		1,427
Other service charges, commissions and fees		612		710
Income from bank owned life insurance		176		178
Other operating income		75		60
Total noninterest income		2,965		3,223
Noninterest Expense:
Salaries and employee benefits		4,466		4,037
Occupancy and equipment		1,035		941
Data processing		249		237
Advertising		172		184
Customer development		198		223
Employee professional development		142		152
Postage & Courier		137		136
Loss on write-down/sale of other real estate owned		67		—
Other		938		751
Total noninterest expenses		7,404		6,661
Income before income taxes		1,041		2,752
Income tax expenses		271		782
Net income	$	770	$	1,970
Basic Earnings per Share:
Average shares outstanding		4,907,010		4,907,567
Net income per share of common stock	$	0.16	$	0.40
Diluted Earnings per Share:
Average shares outstanding		4,933,018		4,939,761
Net income per share of common stock	$	0.16	$	0.40

Old Point Financial Corporation and Subsidiaries

Selected Ratios

	3/31/2009			12/31/2008			3/31/2008
NPAs/Total Assets		1.94	%		1.79	%		0.43	%
Annualized Net Charge Offs/Total Loans		0.25	%		0.18	%		0.27	%
Allowance for Loan Losses/Total Loans		1.11	%		1.00	%		0.82	%
Non-Performing Assets (NPAs) (in thousands)
Loans> 90 days past due, but still accruing interest	$	2,810		$	3,520		$	747
Restructured Loans	$	689		$	6,594			—
Other Real Estate Owned (OREOs)	$	4,059		$	3,751		$	1,120
Nonaccrual Loans	$	9,529		$	1,045		$	1,790
Total Non-Performing Assets	$	17,087		$	14,910		$	3,657
	3 months ended 3/31/2009			12 months ended 12/31/2008			3 months ended 3/31/2008
Loans Charged Off (net of recoveries) (in thousands)	$	392		$	1,124		$	413
Net Interest Margin (FTE)		3.35	%		3.61	%		3.46	%