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Bank of the James Announces First Quarter 2026 Financial Results and Declaration of Dividend
Bank of the James Reports First Quarter 2026 Net Income of $2.77 Million, or $0.61 Per Share LYNCHBURG, Va., April 30, 2026 (GLOBE NEWSWIRE) -- Bank of the
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"Bank of the James Reports First Quarter 2026 Net Income of $2.77 Million, or $0.61 Per Share\nLYNCHBURG, Va., April 30, 2026 (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, 2026. The Bank serves Region 2000 (the greater Lynchburg metropolitan statistical area) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets. First Quarter 2026 Highlights Net income for the first quarter of 2026 was $2.77 million, an increase of $1.93 million from $842,000 in the first quarter of 2025. Earnings per share were $0.61 compared with $0.19 a year earlier. The year-over-year increase reflects higher net interest income, growth in noninterest income, and lower noninterest expense.Total assets were $1.06 billion at March 31, 2026, up $49.46 million, or 4.89%, from $1.01 billion at March 31, 2025.Loans, net of the allowance for credit losses, were $649.13 million at March 31, 2026, compared with $661.36 million at December 31, 2025.Total deposits were $956.55 million at March 31, 2026, compared with $937.13 million at December 31, 2025.Net interest income increased 13.15% to $8.73 million in the first quarter of 2026 from $7.72 million in the first quarter of 2025.Net interest margin for the three months ended March 31, 2026 was 3.57% compared with 3.25% for the three months ended March 31, 2025.Interest expense decreased 11.38% in the first quarter of 2026 to $3.12 million from $3.52 million in the first quarter of 2025, reflecting lower deposit costs and the retirement of capital notes in the second quarter of 2025.Efficiency ratio (non-interest expense divided by the sum of net interest income and noninterest income) improved to 73.75% in the first quarter of 2026 from 89.31% in the first quarter of 2025, as revenue growth of 15.40% was paired with a 4.69% decline in noninterest expense.Wealth management fees from PWW increased 12.59% to $1.41 million in the first quarter of 2026 from $1.26 million in the first quarter of 2025.Stockholders’ equity increased to $81.28 mi...