OLD POINT FINANCIAL CORPORATION ANNOUNCES

SECOND QUARTER, 2004 EARNINGS

July 19, 2004, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today second quarter 2004 earnings of $2.31 million, a 19% increase over the comparable quarter of 2003. Earnings for the six months ending June 30, 2004, are $4.40 million, a 13% increase over the previous year. Fully diluted net income per share for the six months ending June 30, 2004 is $1.08, up by 13% from 2003 net income of $.96 per share.

Net interest income after provision for loan losses for the quarter showed a 4% increase over the same quarter in 2003, and a 5% increase for the first six months of the year.

Non-interest income was $2.56 million for the quarter and $4.70 million for the six months ending June 30, 2004, a 34% and 27% increase over the comparable time periods in 2003. Total assets as of June 30, 2004 are $675.34 million, up 13% over June 30, 2003. Deposits increased by 9%, to $512.92 million, and Net Loans rose to $417.51 million, up by 8%.

In commenting on the earnings report, Old Point Financial Corporation President and CEO Robert F. Shuford said, "It is gratifying to be able to post these very satisfactory results for the first six months of the year. These results, coupled with the three new branches we have scheduled to open within the next nine months, make for a very active year for Old Point." Old Point National Bank recently completed the purchase of a former bank branch at 351 Independence Boulevard in the Town Center/Pembroke area of Virginia Beach, and expects branch renovations to be complete by year-end 2004. In addition, branch sites in the New Town section of Williamsburg and the Eagle Harbor area of Isle of Wight County are in the beginning stages of development and should be open during the second quarter of 2005.

Return on Average Assets (ROA) for year-to-date 2004 is 1.35%, and Return on Average Equity (ROE) is 13.56%.

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 16-branch network extending from Chesapeake through James City County, and Old Point Trust and 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 Sheet
Assets	30-Jun-04		30-Jun-03
Cash and due from banks	$	21,318	$	17,685
Federal funds sold		1,372		12,460
Cash and cash equivalents		22,690		30,145
Investments:
Securities available for sale, at market		193,490		143,738
Securities to be held to maturity		9,074		14,665
Trading account securities		0		0
Loans, net of allowance for loan losses of		417,509		386,370
$4,743 and $4,877
Foreclosed assets		48		531
Premises and equipment, net		16,871		13,303
Other assets:		15,662		11,110
Total assets	$	675,344	$	599,862

Liabilities	30-Jun-04		30-Jun-03
Noninterest-bearing deposits	$	120,171	$	101,718
Savings deposits		180,924		161,799
Time deposits		211,829		206,601
Total deposits		512,924		470,118
Federal funds purchased and securities sold		32,998		19,144
under agreement to repurchase
Demand notes issued to the United States		2,637		6,000
Treasury
Federal Home Loan Bank advances		60,000		40,000
Accrued expenses and other liabilities		2,940		2,449
Total Liabilities		611,499		537,711
Stockholders' Equity
Common stock, $5.00 par value
2004               2003
Shares Authorized      10,000,000    10,000,000
Shares Outstanding      3,995,872      3,964,493		19,980		19,822
Additional paid in capital		13,369		12,097
Retained earnings		32,396		27,745
Accumulated other comprehensive income(loss)		(1,900)		2,487
Total stockholders' equity		63,845		62,151
Total Liabilities and Stockholders' Equity	$	675,344	$	599,862

Old Point Financial Corporation
Consolidated Statements of Earnings
Interest Income		3 Months Ended		3 Months Ended		6 Months Ended		6 Months Ended
		30-Jun-04		30-Jun-03		30-Jun-04		30-Jun-03
Interest and fees on loans	$	6,398	$	6,746	$	12,837	$	13,433
Interest on federal funds sold		19		33		62		93
Interest on securities
Taxable		1,372		1,056		2,576		2,137
Exempt from Federal income tax		476		553		971		1,120
Interest on trading account securities		0		0		0		0
Total interest income		8,265		8,388		16,446		16,783
Interest Expense
Interest on savings deposits		240		277		475		585
Interest on time deposits		1,402		1,650		2,755		3,401
Interest on federal funds purchased and		72		56		134		119
securities sold under agreement to repurchase
Interest on Federal Home Loan Bank advances		546		506		1,086		999
Interest on demands notes (note balances)		3		3		7		8
issued to the United States Treasury and on other
borrowed money
Total Interest expense		2,263		2,492		4,457		5,112
Net Interest Income		6,002		5,896		11,989		11,671
Provision for loan losses		200		300		350		600
Net interest income after provision for loan losses		5,802		5,596		11,639		11,071
Other Income
Income from fiduciary activities		641		517		1,312		1,069
Service charges on deposits		1,276		730		2,025		1,444
Other service charges, commissions and fees		374		366		780		676
Other operating income		218		273		388		493
Security gains(losses)		47		24		199		29
Trading account income		0		0		0		0
Total Other income		2,556		1,910		4,704		3,711
Other Expenses
Salaries and employee benefits		3,259		2,982		6,467		5,904
Occupancy expense of bank premises		317		305		659		610
Furniture and equipment expense		405		412		806		821
Other operating expenses		1,266		1,227		2,443		2,257
Total other expenses		5,247		4,926		10,375		9,592
Income before taxes		3,111		2,580		5,968		5,190
Applicable income taxes		805		640		1,569		1,296
Net Income		2,306		1,940		4,399		3,894
Per Share
Based on weighted average number of common		3,994,255		3,955,511		3,988,908		3,948,406
shares outstanding
Basic Earnings per share	$	0.58	$	0.49	$	1.10	$	0.99
Diluted Earnings per share	$	0.57	$	0.47	$	1.08	$	0.96
Cash Dividends Declared	$	0.15	$	0.12	$	0.30	$	0.24