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): April 17, 2006

OLD POINT FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Virginia	000-12896	54-1265373
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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 April 17, 2006, Old Point Financial Corporation issued a press release reporting earnings and their financial results for its first quarter of 2006, which ended March 31, 2006. 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 April 17, 2006

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
Date: April 17, 2006
	/s/ Robert F. Shuford
	Robert F. Shuford
	Chairman of the Board
	President and Chief Executive Officer

EX-99.1

Exhibit 99.1

OLD POINT FINANCIAL CORPORATION 1ST QUARTER 2006

EARNINGS RELEASE

Hampton, Virginia, April 17, 2006: Old Point Financial Corporation (Nasdaq “OPOF”) announced today first quarter 2006 net income of $1.69 million as compared with $1.64 million earned in the fourth quarter of 2005 and $2.06 million earned in the first quarter of 2005. Total assets continue to grow - as of March 31, 2006 they were $781.66 million, up 5.63% from fourth quarter 2005 and 13.16% from the first quarter 2005 total of $690.73 million. Net loans increased by 5.50% from the end of 2005, and 21.15% to $517.20 million from $426.90 million on March 31, 2005. Total deposits as of March 31, 2006 increased by 4.42% from yearend 2005, and were up 8.39%, to $560.45 million from the 2005 first quarter total of $517.07 million.

“We are excited about our growth,” said Old Point Financial Corporation Chairman and CEO Robert F. Shuford. “Over the past year, we have opened three new offices, two of them in new geographic markets. In addition to the New Town office in Williamsburg, we have now established a good presence in Virginia Beach with our Independence office, and our new Eagle Harbor office in Isle of Wight is doing well. We have also been adding additional prominent business people to our regional boards, and their support has been invaluable.”

Basic earnings per share for the first quarter 2006 were $0.42, or $0.42 on a fully diluted basis.

Old Point Financial Corporation is the parent company of Old Point National Bank, a locally owned and managed community bank serving Hampton Roads with a 19-branch network extending from Chesapeake through James City County, and Old Point Trust & 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

				(dollars in Thousands)
				31-Mar-06			31-Dec-05			31-Mar-05
Assets
Cash and due from banks				$	14,079		$	13,602		$	15,677
Federal Funds Sold					20,098			2,004			14,184
Cash & cash equivalents					34,177			15,606			29,861
Investments:
Securities available for sale, at fair value					188,135			192,943			195,323
Securities to be held to maturity (fair value approximates $3,231, $3,141 and $3,556)					3,223			3,123			3,525
Loans, net of allowance of $4,580, $4,448 and $4,028					517,203			490,249			426,902
Bank Premises and Equipment					21,475			21,277			19,213
Bank Owned Life Insurance					9,591			9,661			8,731
Other Assets					7,860			7,134			7,178
Total Assets				$	781,664		$	739,993		$	690,731
				31-Mar-06			31-Dec-05			31-Mar-05
Liabilities
Noninterest-bearing deposits				$	105,884		$	98,686		$	106,566
Savings deposits					205,266			195,833			195,707
Time Deposits					249,295			242,225			214,792
Total Deposits					560,445			536,744			517,065
Federal funds purchased, repurchase agreements and other borrowings					52,658			50,622			52,960
Federal Home Loan Bank Advances					95,000			80,000			50,000
Accrued expenses and other liabilities					2,579			1,571			2,171
Total Liabilities				$	710,682		$	668,937		$	622,196
Stockholders’ Equity
Common stock, $5.00 par value					19,939			20,068			20,081
	3/31/06	12/31/05	3/31/05
Shares Authorized	10,000,000	10,000,000	10,000,000
Shares Outstanding	3,987,880	4,013,553	4,016,144
Additional paid-in capital					14,474			14,320			14,153
Retained earnings					39,265			39,074			36,190
Accumulated other comprehensive income					(2,696	)		(2,406	)		(1,889	)
Total stockholders’ equity					70,982			71,056			68,535
Total liabilities and stockholders’ equity				$	781,664		$	739,993		$	690,731

Old Point Financial Corporation

Consolidated Statements of Earnings

	3 Months Ended 31-Mar-06		3 Months Ended 31-Dec-05		3 Months Ended 31-Mar-05
	(Dollars in Thousands, except per share amounts)
Interest Income
Interest and Fees on loans	$	8,299	$	7,988	$	6,754
Interest on federal funds sold		52		60		35
Interest on securities
Taxable		1,288		1,314		1,375
Tax exempt		388		407		444
Dividends & interest on all other securities		88		71		55
Total interest and dividend income		10,115		9,840		8,663
Interest Expense
Interest on savings deposits		493		397		322
Interest on time deposits		2,279		2,099		1,485
Interest on federal funds purchased and securities sold under agreement to repurchase and other borrowings		408		366		224
Interest on FHLB advances		984		869		584
Total Interest expense		4,164		3,731		2,615
Net Interest Income		5,951		6,109		6,048
Provision for loan losses		300		300		225
Net interest income after provision for loan losses		5,651		5,809		5,823
Noninterest Income
Income from fiduciary activities		678		633		717
Service charges on deposit accounts		1,334		1,309		1,072
Other service charges, commissions and fees		535		424		498
Income from bank owned life insurance		133		120		123
Gain on available-for-sale securities		1		0		5
Other operating income		106		148		91
Total Noninterest income		2,787		2,634		2,506
Noninterest Expenses
Salaries and employee benefits		3,712		3,712		3,411
Occupancy and equipment		892		870		757
Postage and courier		139		132		118
Service fees		169		226		129
Data processing		169		163		147
Marketing Expense		142		279		64
Customer development		167		134		132
Employee professional development		131		138		115
Other		619		565		625
Total noninterest expenses		6,140		6,219		5,498
Income before taxes		2,298		2,224		2,831
Income tax expense		608		588		774
Net Income	$	1,690	$	1,636	$	2,057
Basic Earnings per share
Average shares outstanding		3,994,992		4,016,500		4,015,377
Net income per share of common stock	$	0.42	$	0.41	$	0.51
Diluted Earnings per share
Average shares outstanding		4,056,488		4,082,747		4,102,075
Net income per share of common stock	$	0.42	$	0.40	$	0.50
Cash Dividends Declared	$	0.17	$	0.17	$	0.16