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): October 16, 2007

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 October 16, 2007, Old Point Financial Corporation issued a press release reporting earnings and their financial results for its third quarter of 2007, which ended September 30, 2007. 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 16, 2007

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: October 16, 2007
	/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 EARNINGS

• Third quarter 2007 net income up 15.7%

• Nine months’ earnings up 13.8%

October 16, 2007, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today net income of $2.0 million, or $0.50 per diluted share, for the quarter ended September 30, 2007, up $269 thousand, or 15.7% from the third quarter of 2006. Results for the nine months ended September 30, 2007 were $5.9 million in net income, or $1.48 per diluted share, up 13.8% from $5.2 million reported for the first nine months of 2006. Assets as of September 30, 2007 totaled $827.6 million, $4.4 million higher than September 30, 2006 assets of $823.1 million. Net loans grew to $581.9 million, a 2.3% increase over 2006 total net loans of $568.8 million. Deposits for the period increased to $600.7 million, or up 5.5% over September 30, 2006 deposits of $569.2 million. Dividends declared for 2007 year-to-date have been $0.56 per share, up $0.04, or 7.7% from year-to-date 2006. Return on Average Assets (ROA) for year-to-date 2007 is 0.96%, and Return on Average Equity (ROE) is 10.28%.

“During 2007, we have continued to use maturing investments to pay down our Federal Home Loan Bank (FHLB) advances,” said Robert F. Shuford, President, Chairman and CEO of Old Point Financial Corporation. “We have reduced our FHLB advances outstanding by $25 million over the past year, and our asset quality remains good.”

Since embarking on a stock buy-back program in 2005, Old Point Financial Corporation has bought back more than 112,000 shares of the Company stock. “This is good for our stockholders,” said Robert F. Shuford, “It increases our Return on Equity and sends a positive message to the investment community because it shows management’s faith in the ability of the Corporation to produce growth and future earnings.” There were approximately 3.9 million shares of Old Point stock outstanding as of September 30. A 25% stock dividend that took effect on October 1, 2007 increases the number outstanding to approximately 4.9 million.

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Other items of note for the third quarter of 2007:

Net interest income after provision for loan losses was $6.3 million, up 6.9% or $410 thousand over the third quarter in 2006. For the first nine months of 2007, net interest income after provision for loan losses totaled $18.5 million, up $1.1 million, or 6.6%, over the nine months ended September 30, 2006.

Total non interest income for the third quarter was $3 million, up 11.9% or $323 thousand higher than the comparable quarter of 2006. For the first nine months of 2007, noninterest income was $9.2 million, up 8.5%, or $721 thousand over the first nine months of 2006.

Noninterest expenses increased by $297 thousand on a quarter-to-quarter comparison, or 4.7%, and $709 thousand, or 3.8%, on a year-to-year basis.

Net Interest Margin (NIM) for the third quarter of 2007 was 3.49%, as compared with 3.37% for the three months ended September 30, 2006. For the nine months ending September 30, 2007 NIM was 3.40%, and 3.43% for the first nine months of 2006.

Non-Performing Assets: Non-performing Assets (NPAs) as a percentage of total assets were at .30% as of September 30, 2007 as compared with .38% at the end of the second quarter in 2007, and .18% in the third quarter of 2006. NPAs as of September 30, 2007 consisted of $282 thousand in nonperforming loans, $735 thousand in loans 90 days or more past due but still accruing interest, $1.3 million in restructured debt, and $165 thousand in a former branch site. The $1.3 million in restructured debt is current and paying as agreed. Without the restructured debt, NPAs as a percentage of total assets would be .14%.

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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Unaudited

Old Point Financial Corporation

Consolidated Balance Sheets

(in thousands, except per share data)

			30-Sep-07			30-Sep-06
Assets
Cash and due from banks			$	14,266		$	14,331
Federal Funds Sold				38,183			4,409
Cash & Cash Equivalents				52,449			18,740
Investments:
Securities available for sale, at fair value				143,113			186,763
Securities held to maturity (fair value approximates $3,671 and $3,449)				3,632			3,423
Loans net of allowance for loan losses of $5,133 & $4,625				581,871			568,807
Premises and equipment, net				26,665			26,496
Bank owned life insurance				12,633			10,466
Other Assets				7,215			8,443
Total Assets			$	827,578		$	823,138
Liabilities
Deposits:
Noninterest-bearing deposits			$	96,997		$	101,292
Savings deposits				189,949			195,454
Time Deposits				313,752			272,495
Total Deposits				600,698			569,241
Federal funds purchased, repurchase agreements and other borrowings				55,405			62,408
Federal Home Loan Bank Advances				90,000			115,000
Accrued expenses and other liabilities				3,357			2,939
Total Liabilities				749,460			749,588
Stockholders’ Equity
Common stock, $5.00 par value				19,723			19,961
	2007	2006
Shares Authorized	10,000,000	10,000,000
Shares Issued	3,944,711	3,992,155
Additional paid-in capital				15,297			14,719
Retained earnings				44,095			41,147
Accumulated other comprehensive loss				(997	)		(2,277	)
Total stockholders’ equity				78,118			73,550
Total liabilities and stockholders’ equity			$	827,578		$	823,138

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Unaudited

Old Point Financial Corporation

Consolidated Statements of Income

(in thousands, except per share data)

	3 Months Ended		3 Months Ended		9 Months Ended		9 Months Ended
	30-Sep-07		30-Sep-06		30-Sep-07		30-Sep-06
Interest and Dividend Income
Interest and fees on loans	$	10,654	$	9,822	$	31,361	$	27,126
Interest on federal funds sold		347		102		644		235
Interest on securities
Taxable		1,009		1,276		3,384		3,842
Tax exempt		306		350		953		1,105
Dividends and interest on all other securities		102		113		323		292
Total interest income		12,418		11,663		36,665		32,600
Interest Expense
Interest on savings deposits		630		608		1,924		1,673
Interest on time deposits		3,599		2,937		10,254		7,742
Interest on federal funds purchased, securities sold under agreement to repurchase and other borrowings		490		496		1,467		1,369
Interest on FHLB advances		1,172		1,405		3,807		3,543
Total Interest expense		5,891		5,446		17,452		14,327
Net interest income		6,527		6,217		19,213		18,273
Provision for loan losses		200		300		700		900
Net interest income after provision for loan losses		6,327		5,917		18,513		17,373
Noninterest Income
Income from fiduciary activities		767		653		2,347		1,992
Service charges on deposit accounts		1,388		1,338		4,231		4,064
Other service charges, commissions and fees		609		462		1,776		1,715
Income from bank owned life insurance		159		140		455		407
Gain on available-for-sale securities, net		0		5		3		7
Other operating income		113		115		435		341
Total noninterest income		3,036		2,713		9,247		8,526
Other Expenses
Salaries and employee benefits		3,982		3,830		11,924		11,367
Occupancy and equipment		928		861		2,716		2,639
Service fees		94		174		260		543
Data processing		223		195		647		551
Marketing		188		168		564		499
Customer development		177		171		516		465
Employee professional development		175		171		500		462
Other operating expenses		818		718		2,356		2,248
Total noninterest expenses		6,585		6,288		19,483		18,774
Income before income taxes		2,778		2,342		8,277		7,125
Income tax expense		798		631		2,353		1,918
Net Income		1,980		1,711		5,924		5,207
Basic Earnings per Share
Average shares outstanding		3,951,415		3,992,082		3,977,427		3,991,905
Net income per share of common stock	$	0.50	$	0.43	$	1.49	$	1.30
Diluted Earnings per share
Average shares outstanding		3,979,420		4,047,316		4,011,885		4,050,926
Net income per share of common stock	$	0.50	$	0.42	$	1.48	$	1.29
Cash Dividends Declared	$	0.20	$	0.18	$	0.56	$	0.52

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Selected Ratios

	3 Months Ended			3 Months Ended			9 Months Ended		9 Months Ended
	30-Sep-07			30-Sep-06			30-Sep-07		30-Sep-06
Net Interest Margin		3.49	%		3.37	%	3.40	%	3.43	%
	9 Months Ended			9 Months Ended
	30-Sep-07			30-Sep-06
NPAs/Total Assets		0.30	%		0.18	%
Net Charge Offs/Total Loans		0.06	%		0.13	%
Allowance for Loan Losses/Total Loans		0.87	%		0.81	%
Non-Performing Assets (NPAs)	$	2,505		$	1,453
Composition of NPAs(000):
Nonperfoming Loans	$	282		$	158
Loans > 90 days past due, but still accruing interest	$	735		$	1,130
Restructured Loans	$	1,323		$	0
Other Real Estate Owned	$	165		$	165

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