Old Point Financial Corporation Fourth Quarter 2006 Earnings Release.

HAMPTON, Va. -- Old Point Financial Corporation (NASDAQ:OPOF) announced today fourth quarter net income for the quarter ended December 31, 2006 of $1.8 million, as compared to $1.6 million in the fourth quarter of 2005, an increase of 11.1%. Basic earnings per share for the quarter are $.46 and fully diluted net income per share are $.45.

Total assets achieved a record level of $847.5 million, 14.5% more than 2005. Asset growth was fueled largely by loan growth of $88.6 million, which represents an increase of 18.1% over 2005. Total deposits increased by 9.6%, to $588.4 million.

Net income for the quarter was impacted by the net interest margin. Interest income rose by $2.4 million or 24.8% during the quarter and interest expense rose by $2.2 million, or 59.4%. The net interest margin therefore improved by $227 thousand, or 3.9% over the comparable quarter in 2005. Noninterest income for the fourth quarter of 2006 rose by $246 thousand over 2005, a 9.4% increase. The increase was led by increases in debit card income, service charges on deposit accounts and income from brokered mortgages. Noninterest expense for the quarter increased by $188 thousand, or 3.0%.

Fiscal Year 2006 Results

Net income for 2006 was $7.0 million, as compared with 2005 net income of $7.3 million. Return on Average Assets (ROA) for 2006 was .88%, and Return on Average Equity (ROE) was 9.68%.

Net interest income after provision for loan losses for 2006 was $23.4 million as compared with $23.1 million in 2005. Total interest and dividend income rose by 23.0% or $8.4 million, but was partially offset by an increase of total interest expense of $7.9 million, or 64.6%. While noninterest income rose by $1.0 million, noninterest expenses increased by $1.6 million.

"We continue to build our franchise," said Robert F. Shuford, President, Chairman and CEO of the Corporation. "We opened one office during 2006, in Eagle Harbor in Isle of Wight County. In addition, we purchased two properties during the year for future development: an existing building in the Hilltop area of Virginia Beach and an undeveloped property in the Ghent section of Norfolk."

Basic earnings per share for 2006 were $1.76, and diluted earnings per share were $1.73. The Company paid out $0.70 in dividends per common share during 2006.

Old Point Financial Corporation (Nasdaq SmallCap "OPOF") 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

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