OLD POINT FINANCIAL CORPORATION ANNOUNCES

SECOND QUARTER 2005 EARNINGS

July 19, 2005, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today that it had surpassed $700 million in assets for the first time in its history. Assets at the end of the quarter are $700.3 million, a 3.7% increase over June 30, 2004 assets of $675.3 million. Net loans also increased by 3.7% to $432.9 million. Net income for the quarter was $1.9 million and $3.9 million for the six months ending June 30 2005, as compared with second quarter 2004 net income of $2.3 million and $4.4 million for the first six months of 2004.

In commenting on the quarterly results, Robert F. Shuford, Chairman, President and CEO of Old Point Financial Corporation said, “We are in the midst of an expansion program. Expanding our footprint and building our franchise in Hampton Roads is expensive. In addition, compliance with Sarbanes Oxley has been very costly.”

Expansion began early in 2005 with the opening of the seventeenth Old Point National Bank branch office in the New Town section of Williamsburg. Renovation of the eighteenth office, an existing former bank branch on Independence Boulevard in the Town Center area of Virginia Beach, is almost complete. This office should open late in the third quarter 2005. The nineteenth office, in the Eagle Harbor section of Isle of Wight County, should be open in early 2006. Personnel to staff these offices have been added in anticipation of these new branches.

As a publicly traded company on NASDAQ, Old Point Financial Corporation is subject to the requirements of the Sarbanes Oxley Act (SOX), which requires companies to ensure compliance with stringent internal control procedures. Old Point has committed significant resources to comply with Sarbanes Oxley.

Return on Average Assets (ROA) for year-to-date 2005 is 1.14%, and Return on Average Equity (ROE) is 11.20%.

Old Point Financial Corporation, ("OPOF" - Nasdaq SmallCap Market) is the parent company of Old Point National Bank, a locally owned and managed community bank serving Hampton Roads with a 17-branch network extending from Chesapeake through James City County, and Old 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

Old Point Financial Corporation

Consolidated Balance Sheets

(in thousands, except per share data)

Assets
	30-Jun-05	30-Jun-04
Cash and due from banks	$        20,082	$        21,318
Federal Funds Sold	11,894	1,372
Cash and cash equivalents	31,976	22,690
Securities available-for-sale, at fair value	196,636	193,490
Securities held-to-maturity
(fair value approximates $3,188 and $9,321)	3,115	9,074
Loans, net of allowance for loan losses of
$4,179 and $4,743	432,939	417,509
Premises and Equipment, net	19,624	16,871
Other Assets	16,013	15,710
Total Assets	$     700,303	$     675,344
Liabilities & Stockholders' Equity
Deposits:
Noninterest-bearing deposits	$     104,548	$       120,171
Savings deposits	191,806	180,924
Time deposits	212,971	211,829
Total Deposits	509,325	512,924
Federal funds purchased, repurchase agreements	48,370	35,635
and other borrowings
Federal Home Loan Bank Advances	70,000	60,000
Accrued expenses and other liabilities	1,707	2,940
Total Liabilities	$     629,402	$     611,499
Stockholders' Equity
Common stock, $5.00 par value	20,081	19,980
2005            2004
Shares Authorized  10,000,000  10,000,000
Shares Outstanding   4,016,144    3,995,872
Additional paid-in capital	14,153	13,369
Retained earnings	37,402	32,396
Accumulated other comprehensive income(loss)	(735)	(1,900)
Total stockholders' equity	70,901	63,845
Total liabilities and stockholders' equity	$     700,303	$     675,344

Unaudited
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-05		30-Jun-04		30-Jun-05		30-Jun-04
Interest and fees on loans		$	6,908	$	6,398	$	13,663	$	12,837
Interest on federal funds sold			51		19		86		62
Interest on securities
Taxable			1,313		1,339		2,688		2,513
Exempt from Federal income tax			426		476		869		971
Dividends and interest on all other securities			50		33		105		64
Total interest income			8,748		8,265		17,411		16,447
Interest Expense
Interest on savings deposits			343		240		665		475
Interest on time deposits			1,598		1,402		3,083		2,755
Interest on federal funds purchased, securities			278		75		502		141
sold under agreement to repurchase and other
borrowings
Interest on Federal Home Loan Bank advances			550		546		1,134		1,086
Total interest expense			2,769		2,263		5,384		4,457
Net Interest Income			5,979		6,002		12,027		11,990
Provision for loan losses			225		200		450		350
Net interest income after provision for loan losses			5,754		5,802		11,577		11.640
Noninterest Income
Income from fiduciary activities			696		641		1,414		1,312
Service charges on deposit accounts			1,185		1,276		2,258		2,025
Other service charges, commissions and fees			401		374		899		780
Income from bank owned life insurance			125		115		247		225
Gains (loss) on available-for-sale securities, net			4		47		9		199
Other operating income			140		103		230		162
Total other income			2,551		2,556		5,057		4,703
Noninterest Expense
Salaries and employee benefits			3,564		3,259		6,975		6,467
Occupancy and equipment			744		722		1,501		1,466
Supplies			135		112		234		201
Postage and courier			116		116		234		216
Service fees			147		129		277		221
Data processing			147		150		294		302
Marketing			188		101		252		202
Customer development			134		101		265		189
Employee professional development			164		138		279		248
Other			442		419		968		863
Total noninterest expenses			5,781		5,247		11,279		10,375
Income before income taxes			2,524		3,111		5,355		5,968
Income tax expense			670		805		1,444		1,569
Net Income			1,854		2,306		3,911		4,399
Basic Earnings Per Share
Average shares outstanding			4,016,144		3,994,255		4,015,763		3,988,908
Net income per share of common stock		$	0.46	$	0.58	$	0.97	$	1.10
Diluted Earnings Per Share
Average shares outstanding			4,095,746		4,076,304		4,098,913		4,081,281
Net income per share of common stock		$	0.45	$	0.57	$	0.95	$	1.08
Cash Dividends Declared		$	0.16	$	0.15	$	0.31	$	0.30