Business
Bank of the James Announces Second Quarter, First Half of 2024 Financial Results and Declaration of Dividend
Deposit Expansion, Market Share Growth, Asset Quality LYNCHBURG, Va., July 26, 2024 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"Deposit Expansion, Market Share Growth, Asset Quality\nLYNCHBURG, Va., July 26, 2024 (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 six month periods ended June 30, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets. Net income for the three months ended June 30, 2024 was $2.15 million or $0.47 per basic and diluted share compared with $2.53 million or $0.56 per basic and diluted share for the three months ended June 30, 2023. Net income for the six months ended June 30, 2024 was $4.34 million or $0.95 per share compared with $4.52 million or $0.99 per share for the six months ended June 30, 2023. Robert R. Chapman III, CEO of the Bank, commented: “The Company’s earnings performance continued to demonstrate success in responding to prevailing market conditions, providing financial solutions for our commercial and retail customers and efficiently managing our operations. We grew loans and deposits, interest income and noninterest income year-over-year, while maintaining exceptional liquidity and asset quality. “Maintaining a balanced revenue stream from a diverse range of banking and investment advisory services has helped the Company manage the impact of a higher interest rate environment on margins. While higher rates have significantly increased the Bank’s interest expense, it has also provided opportunities for us to generate higher returns from our own investment portfolio to maintain strong earnings and grow shareholder value. “During the second quarter of 2024, there were encouraging signs that stabilizing interest rates, slowing inflation and continued economic health in our served markets is supporting positive trends. We are seeing increased commercial lending demand, an uptick in residential mortgage volume and origination fees, and deposit growth. “Business conditions and residential real estate activity in our served markets has been healthy throughout this period of interest rate change. Now, ...