Business
Bank of the James Announces First Quarter of 2023 Financial Results and Declaration of Dividend
Loan and Interest Income Growth, Deposit Strength, Superior Asset Quality LYNCHBURG, Va., April 21, 2023 (GLOBE NEWSWIRE) -- Bank of the James Financial
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"Loan and Interest Income Growth, Deposit Strength, Superior Asset Quality\nLYNCHBURG, Va., April 21, 2023 (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, 2023. The Bank serves Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, Roanoke, and Wytheville, Virginia markets. Net income for the three months ended March 31, 2023 was $1.98 million or $0.43 per basic and diluted share compared with $2.14 million or $0.45 per basic and diluted share for the three months ended March 31, 2022. Robert R. Chapman III, CEO, commented: “The Company started the year with another solid quarter that reflected balanced income from banking operations and investment management. Total loans increased and our loan portfolio continued to demonstrate diversity and balance, which minimized exposure to specific client and business sector risks. Exceptional loan quality reflected strength and borrowers’ creditworthiness. “Our emphasis on nurturing long-term, full-service banking relationships and customer loyalty and confidence was evident as we grew deposits during the quarter and experienced no meaningful deposit run-off during a period of uncertainty surrounding the banking industry. Our attention to maintaining diversity in the retail and commercial customer base has kept the level of our uninsured deposits under 20%. Entering the second quarter of 2023, new deposits have continued to flow into the Bank. “Growing the loan portfolio and keeping pace with prevailing interest rates generated significantly higher interest income. Managing interest expense led to encouraging year-over-year net interest income growth and meaningful improvements in net interest margin and interest spread. Noninterest income included solid contributions from investment management and fee-based services. While the gains on loans held for sale have decreased because of a decrease in loan volume at our Mortgage Division, we have been able to originate and retain more mortgages to take advantage of increased rates. “Our capit...