Exhibit 99.1

OLD POINT FINANCIAL CORPORATION ANNOUNCES EARNINGS

• Net loans up 9.1%

• Total deposits up 1.3%

• Noninterest-bearing deposits up 7.9%

• Net Interest income up 9.8%

• Net Interest Margin increases to 3.78%

October 16, 2008, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today net income of $1.98 million, or $0.40 per diluted share, for the quarter ended September 30, 2008, essentially unchanged from the third quarter of 2007. Results for the nine months ended September 30, 2008 were $5.88 million in net income, or $1.19 per diluted share, as compared with $5.92 million for the first nine months of 2007. Assets as of September 30, 2008 totaled $831.90 million, $4.33 million higher than September 30, 2007 assets of $827.58 million. Net loans grew to $634.72 million, a 9.1% increase over 2007 total net loans of $581.87 million. Deposits for the period increased to $608.71 million, or up 1.3% over September 30, 2007 deposits of $600.70 million. Dividends declared for 2008 year-to-date have been $0.49 per share, up $0.042, or 9.4% from year-to-date 2007. Return on Average Assets (ROA) for year-to-date 2008 is 0.94%, and Return on Average Equity (ROE) is 9.59%.

“Ever mindful of this uncertain economy,” said Robert F. Shuford, President, Chairman and CEO of Old Point Financial Corporation. “We have taken a conservative approach and increased our loan loss provision by 100% over the past year, to $1.40 million. Additionally, we continue to monitor our asset quality and our loan officers continue to maintain a dialogue with their customers. Interestingly enough, even with the additional provision, our earnings are roughly equivalent to last year’s. Our net interest income before the provision is up by 9.8%.”

“We are encouraged by the response to our ‘Talk to Us’ campaign,” continued Shuford, “Scheduling our Senior Executives to visit our branches throughout the area has been a good way to deliver our message that we have no subprime loans or Fannie Mae or Freddie Mac stock. It has been good for business. We are particularly pleased with our Net Interest Margin, which has been on a steadily-increasing trend during the whole year, beginning at 3.42% and rising to 3.78%. “

Page 1 of 2

Other items of note for the third quarter of 2008:

Net interest income was $7.17 million, up 9.8% over the third quarter in 2007. For the first nine months of 2008, net interest income totaled $20.46 million, up $1.25 million, or 6.5%, over the nine months ended September 30, 2007.

Net Interest Margin (NIM) for the third quarter of 2008 was 3.78%, as compared with 3.50% for the three months ended September 30, 2007. For the nine months ending September 30, 2008 NIM was 3.59%, and 3.41% for the first nine months of 2007.

Total noninterest income for the third quarter was $3.37 million, up 10.9% or $331 thousand higher than the comparable quarter of 2007. For the first nine months of 2008, noninterest income was $9.76 million, up 5.6%, or $517 thousand over the first nine months of 2007.

Noninterest expenses increased by $348 thousand on a quarter-to-quarter comparison, or 5.3%, and $1.07 million, or 5.5%, on a year-to-year basis.

Provision for Loan Losses for the quarter increased by 300%, or $600 thousand, over the three months ended September, 2007, and 100%, or $700 thousand, over the nine months.

Non-Performing Assets: Non-performing Assets (NPAs) as a percentage of total assets were at .65% as of September 30, 2008 as compared with .51% at the end of the second quarter in 2008, and .43% in the first quarter of 2008. NPAs as of September 30, 2008 consisted of $387 thousand in nonaccrual loans, $2.10 million in loans 90 days or more past due but still accruing interest, and $2.90 million in other real estate owned (OREO).

Net Charge Offs/Total Loans (Annualized) as of the end of the third quarter, 2008, was .20%, as compared with .20% at the end of the second quarter 2008, and .27% at the end of the first quarter.

Old Point Financial Corporation (“OPOF” - Nasdaq) is the parent company of Old Point National Bank, a locally owned and managed community bank serving Hampton Roads with 20 branches and 60 ATMs throughout Hampton Roads 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

Page 2 of 2

Unaudited

Old Point Financial Corporation

Consolidated Balance Sheets

(in thousands, except per share data)

	30-Sep-08		30-Sep-07
Assets
Cash and due from banks	$	39,480	$	14,266
Federal Funds Sold		10,260		38,183
Cash & Cash Equivalents		49,740		52,449
Investments:
Securities available for sale, at fair value		93,369		143,113
Securities held to maturity (fair value approximates $3,343 and $3,671)		3,304		3,632
Loans (net of allowance for loan losses of $5,582 & $5,133)		634,720		581,871
Premises and equipment, net		26,908		26,665
Bank owned life insurance		13,337		12,633
Other Assets		10,525		7,215
Total Assets	$	831,903	$	827,578
Liabilities	30-Sep-08		30-Sep-07
Deposits:
Noninterest-bearing deposits	$	104,668	$	96,997
Savings deposits		185,302		189,949
Time Deposits		318,741		313,752
Total Deposits		608,711		600,698
Federal funds purchased, repurchase agreements and other borrowings		57,285		55,405
Federal Home Loan Bank Advances		80,000		90,000
Accrued expenses and other liabilities		3,059		3,357
Total Liabilities		749,055		749,460
Stockholders’ Equity
Common stock, $5.00 par value		24,512		19,723

	2008	2007
Shares Authorized	10,000,000	10,000,000
Shares Issued	4,902,417	3,944,711

Additional paid-in capital		15,445			15,297
Retained earnings		43,113			44,095
Accumulated other comprehensive loss		(222	)		(997	)
Total stockholders’ equity		82,848			78,118
Total liabilities and stockholders’ equity	$	831,903		$	827,578

Unaudited

Old Point Financial Corporation

Consolidated Statements of Income

(in thousands, except per share data)

	3 Months Ended 30-Sep-08		3 Months Ended 30-Sep-07		9 Months Ended 30-Sep-08		9 Months Ended 30-Sep-07
Interest and Dividend Income
Interest and fees on loans	$	10,450	$	10,654	$	30,796	$	31,361
Interest on federal funds sold		28		347		358		644
Interest on securities
Taxable		743		1,009		2,600		3,384
Tax exempt		218		306		739		953
Dividends and interest on all other securities		278		102		754		323
Total interest and dividend income		11,717		12,418		35,247		36,665
Interest Expense
Interest on savings deposits		248		630		921		1,924
Interest on time deposits		3,061		3,599		10,023		10,254
Interest on federal funds purchased, securities sold under agreement to repurchase and other borrowings		207		490		757		1,467
Interest on FHLB advances		1,036		1,172		3,085		3,807
Total Interest expense		4,552		5,891		14,786		17,452
Net interest income		7,165		6,527		20,461		19,213
Provision for loan losses		800		200		1,400		700
Net interest income after provision for loan losses		6,365		6,327		19,061		18,513
Noninterest Income
Income from fiduciary activities		761		767		2,416		2,347
Service charges on deposit accounts		1,531		1,388		4,423		4,231
Other service charges, commissions and fees		835		609		2,214		1,776
Income from bank owned life insurance		178		159		535		455
Gain on available-for-sale securities, net		0		0		0		3
Other operating income		62		113		176		435
Total noninterest income		3,367		3,036		9,764		9,247
Noninterest Expenses:
Salaries and employee benefits		4,205		3,982		12,494		11,924
Occupancy and equipment		997		928		2,870		2,716
Data processing		253		223		742		647
Marketing		185		188		595		564
Customer development		192		177		603		516
Employee professional development		167		175		497		500
Other operating expenses		934		912		2,750		2,616
Total noninterest expenses		6,933		6,585		20,551		19,483
Income before income taxes		2,799		2,778		8,274		8,277
Income tax expense		821		798		2,391		2,353
Net Income		1,978		1,980		5,883		5,924
*Basic Earnings per Share
Average shares outstanding		4,902,188		4,939,269		4,904,421		4,971,874
Net income per share of common stock	$	0.40	$	0.40	$	1.20	$	1.19
*Diluted Earnings per share
Average shares outstanding		4,933,331		4,974,275		4,935,779		5,014,856
Net income per share of common stock	$	0.40	$	0.40	$	1.19	$	1.18
*Cash Dividends Declared	$	0.17	$	0.16	$	0.49	$	0.448

* Note: per share data adjusted for 5 for 4 stock split in the form of a dividend declared August 19, 2007 and paid on October 1, 2007

Selected Ratios

	3 Months Ended 30-Sep-08			3 Months Ended 30-Jun-08			3 Months Ended 31-Mar-08			3 Months Ended 31-Dec-07
Net Interest Margin		3.78	%		3.55	%		3.46	%	3.42	%
	9 Months Ended 30-Sep-08			6 Months Ended 30-Jun-08			3 Months Ended 31-Mar-08
NPAs/Total Assets		0.65	%		0.51	%		0.43	%
Net Charge Offs/Total Loans (Annualized)		0.20	%		0.20	%		0.27	%
Allowance for Loan Losses/Total Loans		0.87	%		0.82	%		0.82	%
Non-Performing Assets (NPAs)	$	5,387		$	4,263		$	3,657
Composition of NPAs(000):
Nonaccrual Loans	$	387		$	889		$	1,790
Loans > 90 days past due, but still accruing interest	$	2,100		$	896		$	747
Restructured Loans	$	0		$	233		$	0
Other Real Estate Owned	$	2,900		$	2,245		$	1,120