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 16, 2008

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 16, 2008, Old Point Financial Corporation issued a press release reporting earnings and their financial results for its first quarter of 2008, which ended March 31, 2008. 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 16, 2008

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 16, 2008
	/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 FIRST QUARTER 2008 EARNINGS

• First quarter 2008 net income up 2.8%

• Net loans up 5.1%

• Deposits up 4.1%

April 16, 2008, Hampton, VA Old Point Financial Corporation (Nasdaq “OPOF”) announced today net income of $2.0 million, or $0.40 per diluted share, for the quarter ended March 31, 2008, up $53 thousand, or 2.8% from the first quarter of 2007. Assets as of March 31, 2008 totaled $841.9 million, down slightly from March 31, 2007 assets of $843.3 million as balance sheet restructuring continues and $35.0 million in Federal Home Loan Bank (FHLB) advances have been retired. Net loans grew to $607.3 million, a 5.1% increase over 2007 first quarter net loans of $577.8 million. Deposits for the period increased to $621.0 million, or up 4.1% over March 31, 2007 deposits of $596.6 million. Dividends declared for the quarter were $0.16 per share, up $0.016, or 11.0% from the first quarter of 2007. Return on Average Assets (ROA) for year-to-date 2008 is 0.96%, and Return on Average Equity (ROE) is 9.75%.

“In this challenging economic environment, I am pleased to report that our growth in deposits and loans is good, our earnings are satisfactory, and our asset quality is sound,” said Robert F. Shuford, President and Chairman of Old Point Financial Corporation, “We have just opened our twentieth branch, in the Hilltop area of Virginia Beach, and with ATMs carrying our brand in every Walgreens store in Hampton Roads, bringing our total number of ATMs to sixty, we are more convenient than ever.”

Page 1 of 2

Other items of note for the first quarter of 2008:

Net interest income after provision for loan losses was $6.2 million, up 4.8% or $281 thousand over the first quarter in 2007.

Total noninterest income for the quarter was $3.2 million, up 4.7% or $145 thousand higher than the comparable quarter of 2007.

Noninterest expenses increased by $336 thousand, or 5.3% on a quarter-to-quarter comparison.

Net Interest Margin (NIM) Despite six rate reductions in the last seven months, the Net Interest Margin improved from 3.27% in first quarter of 2007, to 3.43% in fourth quarter of 2007, to the first quarter of 2008 Net Interest Margin of 3.46%.

Non-Performing Assets (NPAs) Non-Performing Assets have increased over the last several quarters as the economy has slowed. NPAs were at $2.0 million for the three months ended March 31, 2007, $3.1 million for the fourth quarter of 2007, and $3.7 million for the three months ended March 31, 2008. Old Point National Bank is monitoring the loan portfolio closely and taking appropriate action as it is warranted.

Loans Charged Off (net of recoveries) Net loans charged off rose to $414 thousand, up $280 thousand from the first quarter 2007 total of $134 thousand, and up $111 thousand from the fourth quarter 2007 total of $303 thousand net loans charged off.

Allowance for Loan and Lease Losses (ALLL)/Provision for Loan Losses The March 31, 2008 ALLL balance declined by $114 thousand from the December 31, 2007 balance of $5.13 million due to the charge off of several loans totaling $375 thousand that were specifically allocated for in the fourth quarter of 2007. The first quarter 2008 provision for loan losses of $300 thousand reflects Management’s analysis of the loan portfolio factoring the underlying collateral value of the loans, plans for problem loan resolution, and current economic conditions.

Old Point Financial Corporation (“OPOF”–Nasdaq) is the parent company of Old Point National Bank, serving the community of Hampton Roads with 20 branches and sixty ATMs, 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

Page 2 of 2

Old Point Financial Corporation and Subsidiaries

Consolidated Balance Sheet

(dollars in thousands, except for per share data)

	March 31, 2008		March 31, 2007
	(unaudited)		(unaudited)
Assets
Cash and due from banks	$	20,520	$	14,150
Federal funds sold		41,740		28,279
Cash and cash equivalents		62,260		42,429
Securities available-for-sale, at fair value		121,338		175,618
Securities held-to-maturity (fair value approximates $2,862 and $3,557)		2,804		3,532
Loans, net of allowance for loan losses of $5,017 and $4,950		607,292		577,812
Premises and equipment, net		27,450		26,179
Bank owned life insurance		12,979		10,756
Other assets		7,748		6,926
	$	841,871	$	843,252
Liabilities & Stockholders’ Equity
Deposits:
Noninterest-bearing deposits	$	103,970	$	98,978
Savings deposits		185,809		206,877
Time deposits		331,213		290,730
Total deposits		620,992		596,585
Federal funds purchased, repurchase agreements and other borrowings		55,975		52,139
Federal Home Loan Bank advances		80,000		115,000
Accrued expenses and other liabilities		3,873		3,324
Total liabilities		760,840		767,048
Stockholders’ equity:
Common stock, $5 par value, 10,000,000 shares authorized; 4,907,567 and 3,992,934 shares issued		24,538		19,965
Additional paid-in capital		15,386		14,951
Retained earnings		40,799		43,086
Accumulated other comprehensive income (loss)		308		(1,798	)
Total stockholders’ equity		81,031		76,204
	$	841,871	$	843,252

Old Point Financial Corporation and Subsidiaries

Consolidated Statements of Income

(dollars in thousands, except for per share data)

	Three Months Ended March 31,
	2008		2007
	(unaudited)
Interest and Dividend Income:
Interest and fees on loans	$	10,253	$	10,237
Interest on federal funds sold		217		154
Interest on securities:
Taxable		993		1,224
Tax-exempt		275		326
Dividends and interest on all other securities		136		126
Total interest and dividend income		11,874		12,067
Interest Expense:
Interest on savings and interest-bearing demand deposits		410		633
Interest on time deposits		3,613		3,312
Interest on federal funds purchased, securities sold under agreement to repurchase and other borrowings		336		498
Interest on Federal Home Loan Bank advances		1,025		1,415
Total interest expense		5,384		5,858
Net interest income		6,490		6,209
Provision for loan losses		300		300
Net interest income, after provision for loan losses		6,190		5,909
Noninterest Income:
Income from fiduciary activities		848		797
Service charges on deposit accounts		1,427		1,393
Other service charges, commissions and fees		710		585
Income from bank owned life insurance		178		148
Gain on available-for-sale securities, net		—		3
Other operating income		60		152
Total noninterest income		3,223		3,078
Noninterest Expense:
Salaries and employee benefits		4,037		3,902
Occupancy and equipment		941		899
Data processing		237		204
Advertising		184		173
Customer development		223		177
Employee professional development		152		149
Other		887		821
Total noninterest expenses		6,661		6,325
Income before income taxes		2,752		2,662
Income tax expenses		782		745
Net income	$	1,970	$	1,917
Basic Earnings per Share:
Average shares outstanding		4,907,567		4,986,766
Net income per share of common stock	$	0.40	$	0.38
Diluted Earnings per Share:
Average shares outstanding		4,939,761		5,039,194
Net income per share of common stock	$	0.40	$	0.38

Old Point Financial Corporation and Subsidiaries

Selected Ratios

	3 months ended 3/31/2008		3 months ended 12/31/2007		3 months ended 3/31/2007
Net Interest Margin (FTE)		3.46%		3.43%		3.27%
NPAs/Total Assets		0.43%		0.38%		0.24%
Annualized Net Charge Offs/Total Loans		0.27%		0.11%		0.09%
Allowance for Loan Losses/Total Loans		0.82%		0.86%		0.85%
Non-Performing Assets (NPAs) (in thousands)
Loans> 90 days past due, but still accruing interest	$	747	$	623	$	129
Restructured Loans	$	—	$	1,321	$	1,321
Other Real Estate Owned (OREOs)	$	1,120	$	1,120	$	405
Nonaccrual Loans	$	1,790	$	84	$	166
Total Non-Performing Assets	$	3,657	$	3,148	$	2,021
Loans Charged Off (net of recoveries)	$	414	$	303	$	134