January 18, 2005

OLD POINT FINANCIAL CORPORATION 4TH QUARTER 2004

EARNINGS RELEASE

Hampton, VA. Old Point Financial Corporation (Nasdaq “OPOF”) announced today 2004 net income of $8.58 million as compared to 2003 net income of $7.82 million, an annual increase of 10%. Fourth quarter income was $2.09 million, an increase of 6% from $1.97 million in the same quarter of last year. Fully diluted net income per share is $2.10 for 2004, as compared to $1.92 for 2003, an increase of 9% for the year.

Net interest income after provision for loan losses for the quarter showed a 2% increase over the same quarter in 2003, and a 5% increase for the year. Non-interest income for the fourth quarter of 2004 was 25% higher than the same quarter of 2003, and 26% on the year. Non-interest expenses were 5% higher in the fourth quarter of 2004 than the same quarter in 2003, and experienced an 8% increase for the year.

Total Assets as of December 31, 2004 were $686.28 million, an increase of 6% compared to December 31, 2003. Deposits increased by 4%, to $512.16 million, and Net Loans rose to $428.95 million, an increase of 7%.

Return on Average Assets (ROA) for 2004 was 1.28%, and Return on Average Equity (ROE) was 12.91%, compared to an ROA of 1.30% and an ROE of 12.81% in 2003.

Old Point Financial Corporation (Nasdaq SmallCap "OPOF") 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. www.oldpoint.com

For More Information Contact: Lani Chisman Davis, Marketing Director, 757-728-1286

Old Point Financial Corporation
Consolidated Balance Sheets (Unaudited)
dollars in Thousands
Assets	31-Dec-04		31-Dec-03
Cash and due from banks	$	11,595	$	18,384
Federal funds sold		1,978		14,969
Cash and Cash Equivalents	$	13,573	$	33,353
Securities available for sale, at market		201,380		172,860
Securities held to maturity, at cost		9,424		12,389
Loans (net of allowance of $4,302 and $4,833)		428,950		400,278
Bank premises and equipment		18,543		14,163
Other assets		14,405		12,872
Total Assets	$	686,275	$	645,915

Liabilities	31-Dec-04		31-Dec-03
Noninterest-bearing deposits	$	101,527	$	114,101
Savings deposits		199,853		179,668
Time deposits		210,780		196,653
Total Deposits		512,160		490,422
Federal funds purchased and securities sold		45,769		38,007
under agreement to repurchase
Federal Home Loan Bank advances		55,000		50,000
Other borrowings		3,159		1,811
Other liabilities		1,048		2,376
Total Liabilities	$	617,136	$	582,616
Stockholders' Equity
Common stock, $5.00 par value		20,068		19,880
2004               2003
Shares Authorized      10,000,000    10,000,000
Shares Outstanding      4,013,644      3,976,019
Additional paid-in capital		14,023		12,433
Retained Earnings		34,855		30,246
Accumulated other comprehensive income		193		740
Total stockholders' equity		69,139		63,299
Total liabilities and stockholders' equity	$	686,275	$	645,915

Old Point Financial Corporation
Consolidated Statements of Earnings
(Unaudited)
Interest Income	3 Mo Ended	3 Mo Ended	12 Mo Ended	12 Mo Ended
	31-Dec-04	31-Dec-03	31-Dec-04	31-Dec-03

(Dollars in Thousands, except per share amounts)

Interest and fees on loans	$	6,750	$	6,479	$	26,290	$	26,459
Interest on federal funds sold		66		47		173		165
Interest on securities
Taxable		1,376		1,176		5,288		4,368
Tax exempt		457		517		1,888		2,175
Total interest on securities		1,833		1,693		7,176		6,543
Total interest income		8,649		8,219		33,639		33,167
Interest Expense
Interest on savings deposits		297		237		1,032		1,057
Interest on time deposits		1,418		1,386		5,582		6,301
Interest on federal funds purchased and		139		45		352		215
securities sold under agreement to repurchase
and other borrowings
Interest on FHLB advances		590		542		2,263		2,054
Interest on other borrowings		9		4		19		16
Total Interest expense		2,453		2,214		9,248		9,643
Net Interest Income		6,196		6,004		24,391		23,524
Provision for loan losses		200		100		850		1,000
Net interest income after provision for loan losses		5,996		5,904		23,541		22,524
Other Income
Income from fiduciary activities		596		551		2,530		2,223
Service charges on deposits		1,149		755		4,348		2,942
Other service charges, commissions and fees		332		312		1,523		1,263
Other operating income		220		202		804		980
Net gain on available-for-sale securities		4		15		215		60
Total Other income		2,301		1,835		9,420		7,468
Other Expenses
Salaries and employee benefits		3,388		3,146		13,201		12,109
Occupancy expense of bank premises		342		345		1,357		1,265
Furniture and equipment expense		415		429		1,628		1,658
Other operating expenses		1,220		1,201		4,986		4,564
Total other expenses		5,365		5,121		21,172		19,596
Income before taxes		2,932		2,618		11,789		10,396
Income tax expense		844		651		3,209		2,571
Net Income		2,088		1,967		8,580		7,825
Per Share
Weighted average number of common shares		4,010,421		3,973,279		3,997,388		3,959,396
basic
Weighted average number of common shares		4,098,752		4,083,866		4,086,069		4,080,246
diluted
Basic earnings per share	$	0.52	$	0.50	$	2.15	$	1.98
Diluted earnings per share	$	0.51	$	0.48	$	2.10	$	1.92
Cash dividends declared	$	0.16	$	0.15	$	0.62	$	0.54