Business
Bank of the James Announces Fourth Quarter, Full Year 2020 Financial Results and Declaration of Dividend
Preserving Asset Quality, Maintaining Safe Operations, Strong Residential Mortgage Activity LYNCHBURG, Va., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Bank of the
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"Preserving Asset Quality, Maintaining Safe Operations, Strong Residential Mortgage Activity\nLYNCHBURG, Va., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets, today announced unaudited results for the three and 12 month periods ended December 31, 2020. Net income for the three months ended December 31, 2020 was $1.71 million or $0.39 per diluted share, compared with $1.52 million or $0.35 per diluted share for the three months ended December 31, 2019. Net income for the 12 months ended December 31, 2020 was $4.98 million or $1.15 per diluted share, compared with $5.61 million or $1.28 per diluted share for the 12 months ended December 31, 2019. Robert R. Chapman III, President and CEO, commented: “In 2020, our Company’s primary areas of focus were ensuring the health and safety of our employees and our customers, providing responsive service and operating efficiently with robust technological capabilities, and maintaining asset quality and liquidity in a fast-changing and challenging marketplace. While adapting to a more digital and socially distanced environment, our experienced bankers demonstrated flexibility and dedication as they met the challenges and provided the financial guidance, services and products customers needed. “Our Company’s response to unprecedented economic and operating conditions enabled Bank of the James to deliver a positive financial performance, which included the best fourth quarter earnings in the Company’s history. We strengthened the balance sheet by enhancing liquidity, increasing the allowance for loan losses, lowering total nonperforming assets, and increasing total assets compared with a year earlier. Our financial performance continued a longstanding history of building shareholder value, including the continuation of a quarterly cash dividend. As we enter 2021, we continue to be on alert in a still-evolving and challenging economic environment.” Highlights Net income in 2020 reflected strong noninterest income, which included record revenue from the gain on sale of originated residential mortgages to the secondary mar...