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): July 24, 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 July 24, 2006, Old Point Financial Corporation issued a press release reporting earnings and their financial results for its second quarter of 2006, which ended June 30, 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 July 19, 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: July 24, 2006
	/s/ Robert F. Shuford
	Robert F. Shuford Chairman of the Board President & Chief Executive Officer

EX-99.1

Exhibit 99.1

OLD POINT FINANCIAL CORPORATION ANNOUNCES

SECOND QUARTER 2006 EARNINGS

July 19, 2006, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today net income of $1.8 million, or $0.45 per diluted share, for the quarter ending June 30, 2006, up $116 thousand, or 6.8% from the first quarter of 2006, but down $48 thousand, or 2.6% from second quarter 2005. Assets as of June 30, 2006 totaled $797.0 million, 13.8% higher than June 30, 2005 assets of $700.3 million. Net loans grew to $544.9 million, a 25.9% increase over 2005 total net loans of $432.9 million. Deposits for the period increased to $556.8 million, or up 9.3% over June 30, 2005 deposits of $509.3 million.

Other items of note for the second quarter of 2006:

Net interest income after provision for loan losses for the second quarter of 2006 totaled $5.8 million, up $156 thousand, or 2.8%, over the first quarter of 2006. From the second quarter of 2005, net interest income after provision for loan losses was up 0.9%, or $52 thousand. High costs of funding and a flat yield curve contributed to the nearly flat performance.

Total non interest income was $238 thousand, or 0.9% higher than first quarter of 2006 and 18.6%, or $473 thousand higher than the comparable quarter of 2005. The unwinding of a Federal Home Loan advance contributed $237 thousand to the increase in non interest income, and the success of a new consumer checking account acquisition program also contributed to increased service charges.

Total non interest expense was $205 thousand, or 3.3% higher than first quarter, 2006, and 9.8%, or $564 thousand higher than the comparable quarter in 2005. Salaries and occupancy expense associated with the addition of three new branches in eighteen months contributed to the increase.

Dividends declared for 2006 year-to-date have been $0.34 per share, up $0.02, or 6.25% from year-to-date 2005.

Return on Average Assets (ROA) for year-to-date 2006 is 0.91%, and Return on Average Equity (ROE) is 9.81%.

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 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. Web: www.oldpoint.com

For more information contact : Lani Chisman Davis, Marketing Director, 757/ 728-1286

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Old Point Financial Corporation

Consolidated Balance Sheets

in thousands, except per share data

Assets

			30-Jun-06			30-Jun-05
Cash and due from banks			$	17,594		$	20,082
Federal Funds Sold				5,451			11,894
Cash and cash Equivalents				23,045			31,976
Securities available-for-sale, at fair value				186,065			196,636
Securities held-to-maturity (fair value approximates $3,308 and $3,188)				3,323			3,115
Loans, net of allowance for loan losses of $4,549 and $4,179				544,905			432,939
Premises and Equipment, net				21,478			19,624
Bank owned life insurance				10,325			9,531
Other Assets:				7,879			6,482
Total Assets			$	797,020		$	700,303
Liabilities & Stockholders’ Equity
			30-Jun-06			30-Jun-05
Deposits:
Non-interest bearing deposits			$	97,952		$	104,548
Savings deposits				200,145			191,806
Time Deposits				258,712			212,971
Total Deposits				556,809			509,325
Federal funds purchased, repurchase agreements and other borrowings				51,186			48,370
Federal Home Loan Bank Advances				115,000			70,000
Accrued expenses and other liabilities				2,438			1,707
Total Liabilities				725,433			629,402
Stockholders’ Equity
Common stock, $5.00 par value
	2006	2005
Shares Authorized	10,000,000	10,000,000
Shares Issued	3,991,305	4,016,144		19,956			20,081
Additional paid in capital				14,620			14,153
Retained earnings				40,265			37,402
Accumulated other comprehensive income(loss)				(3,254	)		(735	)
Total stockholders’ equity				71,587			70,901
Total liabilities and stockholders’ equity			$	797,020		$	700,303

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Old Point Financial Corporation

Consolidated Statements of Earnings

in thousands, except per share data

	3 Months Ended 30-Jun-06		3 Months Ended 30-Jun-05		6 Months Ended 30-Jun-06		6 Months Ended 30-Jun-05
Interest Income
Interest and Fees on loans	$	9,005	$	6,908	$	17,304	$	13,663
Interest on federal funds sold		81		50		133		86
Interest on securities
Taxable		1,277		1,313		2,566		2,688
Exempt from Federal income tax		367		426		755		869
Dividends and interest on all other securities		92		50		179		105
Total interest income		10,822		8,747		20,937		17,411
Interest Expense
Interest on savings deposits		571		343		1,065		665
Interest on time deposits		2,527		1,597		4,806		3,083
Interest on federal funds purchased, securities sold under agreement to repurchase and other borrowings		464		278		872		502
Interest on Federal Home Loan Bank advances		1,154		550		2,138		1,134
Total Interest expense		4,716		2,768		8,881		5,384
Net Interest Income		6,106		5,979		12,056		12,027
Provision for loan losses		300		225		600		450
Net interest income after provision for loan losses		5,806		5,754		11,456		11,577
Noninterest Income
Income from fiduciary activities		661		696		1,339		1,414
Service charges on deposit accounts		1,392		1,185		2,725		2,258
Other service charges, commissions and fees		718		401		1,253		899
Income from bank owned life insurance		134		125		267		247
Gain (loss) on available-for-sale securities, net		1		4		2		9
Other operating income		119		140		226		230
Total Noninterest income		3,025		2,551		5,812		5,057
Noninterest Expense
Salaries and employee benefits		3,825		3,564		7,537		6,975
Occupancy and equipment		886		744		1,777		1,501
Supplies		255		135		255		234
Postage and courier		129		116		269		234
Service fees		201		147		369		277
Data processing		186		147		355		294
Advertising		189		188		331		252
Customer development		127		134		295		265
Employee professional development		160		164		291		279
Other		387		442		1,006		968
Total noninterest expenses		6,345		5,781		12,485		11,279
Income before income taxes		2,486		2,524		4,783		5,355
Income tax expense		680		670		1,287		1,444
Net Income		1,806		1,854		3,496		3,911
Basic Earnings Per Share
Average shares outstanding		3,988,674		4,016,144		3,991,815		4,015,763
Net income per share of common stock	$	0.45	$	0.46	$	0.88	$	0.97
Diluted Earnings per share
Average shares outstanding		4,049,006		4,095,746		4,052,729		4,098,913
Net income per share of common stock	$	0.45	$	0.45	$	0.86	$	0.95
Cash Dividends Declared	$	0.17	$	0.16	$	0.34	$	0.31

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Old Point Financial Corporation

Selected Quarterly Income Information

	3 Months Ended 30-Jun-06		3 Months Ended 31-Mar-06		3 Months Ended 31-Dec-05		3 Months Ended 30-Sep-05		3 Months Ended 30-Jun-05
Interest Income
Total interest and dividend income		10,822		10,115		9,840		9,235		8,747
Interest Expense		4,716		4,165		3,731		3,206		2,768
Net Interest Income		6,106		5,950		6,109		6,029		5,979
Provision for loan losses		300		300		300		300		225
Net interest income after provision for loan losses		5,806		5,650		5,809		5,729		5,754
Noninterest Income
Income from fiduciary activities		661		678		633		659		696
Service charges on deposit accounts		1,392		1,334		1,309		1,285		1,185
Other service charges, commissions and fees		718		535		424		456		401
Other operating income		254		240		268		274		269
Total Noninterest income		3,025		2,787		2,634		2,674		2,551
Noninterest Expenses
Salaries and employee benefits		3,825		3,712		3,712		3,690		3,564
Occupancy and equipment		886		892		870		818		744
Other		1,634		1,536		1,637		1,578		1,473
Total noninterest expenses		6,345		6,140		6,219		6,086		5,781
Income before taxes		2,486		2,297		2,224		2,317		2,524
Income tax expense		680		607		588		596		670
Net Income	$	1,806	$	1,690	$	1,636	$	1,721	$	1,854
Basic Earnings per share
Average shares outstanding		3,998,674		3,994,992		4,016,500		4,016,070		4,016,144
Net income per share of common stock	$	0.45	$	0.42	$	0.41	$	0.43	$	0.46
Diluted Earnings per share
Average shares outstanding		4,049,006		4,056,488		4,082,747		4,090,201		4,095,746
Net income per share of common stock	$	0.45	$	0.42	$	0.40	$	0.42	$	0.45
Cash Dividends Declared	$	0.17	$	0.17	$	0.17	$	0.17	$	0.16

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