8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): Ocotber 18, 2005

OLD POINT FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Virginia	000-12896	54-1265373
(State or other jurisdiction of	(Commission	(IRS Employer
incorporation)	File Number)	Identification No.)

1 West Mellen Street
Hampton, Virginia 23663
(Address of principal executive offices) (Zip code)

(757)728-1200
(Registrant's telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On October 18, 2005, Old Point Financial Corporation issued a press release reporting earnings and their financial results for its third quarter of 2005, which ended September 30, 2005. A copy of the press release is attached as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits
Exhibit 99.1 Press release dated October 18, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Old Point Financial Corporation

Registrant

/s/Robert F. Shuford

Robert F. Shuford

Chairman of the Board

President & Chief Executive Officer

Date: October 18, 2005

EX-99

OLD POINT FINANCIAL CORPORATION ANNOUNCES

THIRD QUARTER 2005 EARNINGS

October 18, 2005, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today that its assets rose to $728.2 million, a 5% increase over September 30, 2004 assets of $692 million. Net loans increased by 10% to $466.2 million. Net income for the quarter was $1.7 million and $5.6 million for the nine months ending September 30 2005, as compared with third quarter 2004 net income of $2.1 million and $6.5 million for the first nine months of 2004. Basic earnings per share were $.43 for the quarter and $1.40 year-to-date. Diluted earnings per share for the same periods were $.42 and $1.38, respectively.

“We are building for the future,” said Robert F. Shuford, Chairman President and CEO of Old Point Financial Corporation. “We have increased staff by twenty people since last year. The additional positions are to staff and support three new branches that either are already open, or will open within the next few months. In fact, our investment has already begun to pay off – net loans grew by $33 million during the third quarter. “ The Independence office in the Town Center area of Virginia Beach is now open. The office, the eighteenth location for Old Point National Bank, also is home to a commercial lending staff. The nineteenth office, in the Eagle Harbor section of Isle of Wight County, should open in early 2006. Eagle Harbor will be the third new office to open within a twelve month period.

Net interest income has declined due to a significant increase in the cost of deposits and other funding sources. While short term interest rates have risen dramatically in the past twelve months, longer term rates have remained fairly stable. This compression of the yield curve has put pressure on the net interest margin.

Other factors affecting earnings are a significant increase in salaries and employee expenses and an increase in Marketing expenses associated with a front-end loaded consumer deposit strategy. In addition, 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 1.08%, and Return on Average Equity (ROE) is 10.69%.

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 18-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

Unaudited

(in thousands, except per share data)

Assets
	30-Sep-05	30-Sep-04
Cash and due from banks	$        18,968	$        19,483
Federal funds sold	7,022	17,986
Cash and cash equivalents	25,990	37,469
Securities available-for-sale, at fair value	194,883	188,202
Securities held-to-maturity
(fair value approximates $3,161 and $9,542)	3,115	9,224
Loans, net of allowance for loan losses of
$4,245 and $4,671	466,162	424,561
Premises and equipment, net	20,569	17,710
Other Assets	17,527	14,855
Total Assets	$     728,246	$     692,021
Liabilities & Stockholders' Equity
Deposits:
Noninterest-bearing deposits	$     112,673	$       110,010
Savings deposits	190,650	195,765
Time deposits	227,664	216,019
Total deposits	530,987	521,794
Federal funds purchased, repurchase agreements
and other borrowings	54,001	39,287
Federal Home Loan Bank Advances	70,000	60,000
Accrued expenses and other liabilities	2,079	3,080
Total Liabilities	657,067	624,161
Stockholders' Equity
Common stock, $5.00 par value	20,081	20,026
2005            2004
Shares Authorized  10,000,000  10,000,000
Shares Outstanding   4,016,290    4,005,172
Additional paid-in capital	14,160	13,600
Retained earnings	38,437	33,741
Accumulated other comprehensive income(loss)	(1,499)	493
Total stockholders' equity	71,179	67,860
Total liabilities and stockholders' equity	$     728,246	$     692,021

Old Point Financial Corporation

Consolidated Statements of Income

Unaudited

(in thousands, except per share data)

Interest and Dividend Income:		3 Months Ended		3 Months Ended		9 Months Ended		9 Months Ended
		30-Sep-05		30-Sep-04		30-Sep-05		30-Sep-04
Interest and fees on loans	$	7,324	$	6,704	$	20,987	$	19,541
Interest on federal funds sold		124		45		210		106
Interest on securities:
Taxable		1,309		1,293		3,997		3,805
Tax-exempt		428		461		1,298		1,432
Dividends and interest on all other securities		50		42		155		106
Total interest and dividend income		9,235		8,545		26,647		24,990
Interest Expense:
Interest on savings deposits		370		261		1,034		735
Interest on time deposits		1,805		1,409		4,888		4,164
Interest on federal funds purchased, securities		291		82		793		223
sold under agreement to repurchase and other
borrowings
Interest on Federal Home Loan Bank advances		740		587		1,875		1,673
Total interest expense		3,206		2,339		8,590		6,795
Net interest income		6,029		6,206		18,057		18,195
Provision for loan losses		300		300		750		650
Net interest income after provision for loan losses		5,729		5,906		17,307		17,545
Noninterest Income:
Income from fiduciary activities		659		622		2,072		1,934
Service charges on deposit accounts		1,285		1,174		3,543		3,199
Other service charges, commissions and fees		456		411		1,355		1,191
Income from bank owned life insurance		130		116		377		342
Gains (loss) on available-for-sale securities, net		1		12		10		211
Other operating income		143		80		374		242
Total noninterest income		2,674		2,415		7,731		7,119
Noninterest Expense:
Salaries and employee benefits		3,690		3,346		10,665		9,814
Occupancy and equipment		818		762		2,320		2,227
Supplies		127		114		361		315
Postage and courier		123		122		357		338
Service fees		195		212		472		433
Data processing		156		140		450		442
Marketing		218		77		469		279
Customer development		148		102		413		291
Employee professional development		128		113		408		361
Other		483		444		1,451		1,307
Total noninterest expenses		6,086		5,432		17,366		15,807
Income before income taxes		2,317		2,889		7,672		8,857
Income tax expense		596		796		2,040		2,365
Net income	$	1,721	$	2,093	$	5,632	$	6,492
Basic Earnings Per Share
Average shares outstanding		4,016,070		4,001,129		4,015,866		3,993,011
Net income per share of common stock	$	0.43	$	0.52	$	1.40	$	1.63
Diluted Earnings Per Share
Average shares outstanding		4,090,201		4,082,777		4,096,010		4,081,809
Net income per share of common stock	$	0.42	$	0.51	$	1.38	$	1.59
Cash Dividends Declared	$	0.17	$	0.16	$	0.49	$	0.46