Business
Bank of the James Announces Second Quarter, First Half 2020 Financial Results and Declaration of Dividend
PPP Loan Closings, Robust Mortgage Origination, Completed Unregistered Debt Offering LYNCHBURG, Va., July 24, 2020 (GLOBE NEWSWIRE) -- Bank of the James
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"PPP Loan Closings, Robust Mortgage Origination, Completed Unregistered Debt Offering\nLYNCHBURG, Va., July 24, 2020 (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 months and six months ended June 30, 2020.\n Net income for the three months ended June 30, 2020 was $821,000 or $0.19 per diluted share, compared with $1.38 million or $0.31 per diluted share for the three months ended June 30, 2019. Net income for the six months ended June 30, 2020 was $1.82 million or $0.42 per diluted share, compared with $2.61 million or $0.60 per diluted share for the six months ended June 30, 2019. Highlights Net income in the second quarter and first half of 2020 reflected noninterest expenses that included an additional $245,000 in compensation to employees for their work implementing the PPP. Additionally, in the second quarter the Company expensed approximately $750,000 related to an early retirement plan that was previously announced.Loans receivable, net of the allowance for loan losses, were $623.56 million at June 30, 2020 compared with $573.27 million at December 31, 2019. The increase primarily reflects the addition of $68 million in government-guaranteed Payroll Protection Plan loans.Commercial loans demonstrated stability and continued strong credit quality, and construction continued to be an active lending sector for the Company.Nonperforming loans increased as of June 30, 2020, primarily reflecting one relationship of approximately $3.3 million. Management anticipates a significant curtailment of the loan balance upon the sale of the collateral. The Bank has entered into a contract for the sale of the collateral, and the sale is scheduled to close later in the third quarter.Interest income from loans in the second quarter of 2020 was $6.7 million compared with $6.8 million in the second quarter of 2019 and increased to $13.7 million in the first half of 2020 compared with $13.5 million in the first half of 2019, primarily reflecting loan growth.Continuing strong residential mortgage origination, which generates income f...