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Bank of the James Announces First Quarter 2022 Financial Results and Declaration of Dividend
Strong Earnings, High Asset Quality, Expense Management LYNCHBURG, Va., April 22, 2022 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"Strong Earnings, High Asset Quality, Expense Management\nLYNCHBURG, Va., April 22, 2022 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month period ended March 31, 2022. The Bank serves Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets. Net income for the three months ended March 31, 2022 was $2.14 million or $0.45 per basic and diluted share compared with $1.84 million or $0.38 per basic and diluted share for the three months ended March 31, 2021. Robert R. Chapman III, CEO, commented: “Despite the fact that our interest income declined in 2022 because of the decrease in PPP loan fees, the first quarter provided a strong start for 2022, with year-over-year earnings growth that reflected strong fee income from treasury services and investment management, residential mortgage loan originations, and gains on sale of residential mortgages. “The quality of the Company’s loan portfolio underscored our financial performance. We finished the quarter with some of the strongest asset quality ratios and nonperforming loan levels in the Company’s history. We believe this demonstrates diligent credit management and partnering with customers who navigated through the unprecedented economic and health-related challenges and uncertainties of the past two years. “Noninterest income reflected fees generated by customers’ increasing use of our suite of electronic corporate treasury services that enable them to manage finances and operations with greater efficiency and lower costs. These services play an important role in cementing full-service relationships with commercial and nonprofit clients. “The residential mortgage division continued to make exceptional contributions to noninterest income, generating fee income from residential mortgage originations and gains on sales of originated mortgage loans sold to the secondary market. Although we are now in a rising interest rate environment, the demand for homes, as well as new home construction and sales, continues to be robust in the co...