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Bank of the James Announces Fourth Quarter, Full Year of 2022 Financial Results and Declaration of Dividend
Record Annual Earnings, Strong Financial Ratios, Asset Quality LYNCHBURG, Va., Feb. 06, 2023 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"Record Annual Earnings, Strong Financial Ratios, Asset Quality\nLYNCHBURG, Va., Feb. 06, 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 and 12 month periods ended December 31, 2022. 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 December 31, 2022 was a record $1.95 million or $0.42 per basic and diluted share compared with $1.86 million or $0.39 per basic and diluted share for the three months ended December 31, 2021. Net income for the 12 months ended December 31, 2022 was a Company record $8.96 million or $1.91 per basic and diluted share, up 18% compared with $7.59 million or $1.60 per basic and diluted share for the 12 months ended December 31, 2021. Per share amounts have been adjusted to reflect a 10% stock dividend declared in June 2021. Robert R. Chapman III, CEO, commented: “The Company’s solid fourth quarter and full-year earnings highlighted the Company’s operational efficiency, exceptionally strong asset quality and capital strength, and prompt adjustments in a rapidly shifting interest rate environment. Throughout the year, the entire Bank of the James team demonstrated a commitment to superior service and operation that enabled us to maximize the value of revenue from a broad range of banking and wealth management capabilities. “Key performance metrics, including return on average equity and return on average assets improved in 2022. Significantly higher net interest margin and interest spread demonstrated an opportunistic response to changing interest rate scenarios. We anticipate that if and when the rate environment stabilizes during the coming year, we will see increased pressure on margins. We believe our 2022 financial performance demonstrated our ability to effectively address the challenges related to rapidly increasing interest rates. “Asset quality was a significant highlight, with few nonperforming loans, reduced other real estate owned (OREO), and strong asset qua...