Business
Bank of the James Announces Third Quarter, Nine Months of 2022 Financial Results and Declaration of Dividend
Record Quarterly Earnings, Strong Financial Ratios, Asset Quality LYNCHBURG, Va., Oct. 21, 2022 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc.
About this update from Bank Of The James Financial Group, Inc.
[{"type":"text","content":"Record Quarterly Earnings, Strong Financial Ratios, Asset Quality\nLYNCHBURG, Va., Oct. 21, 2022 (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 nine month periods ended September 30, 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 September 30, 2022 was a record $2.57 million or $0.55 per basic and diluted share compared with $1.88 million or $0.40 per basic and diluted share for the three months ended September 30, 2021. Net income for the nine months ended September 30, 2022 was $7.01 million or $1.48 per basic and diluted share compared with $5.73 million or $1.21 per basic and diluted share for the nine months ended September 30, 2021. Robert R. Chapman III, CEO, commented: “The Company’s record third quarter earnings and continued strong financial performance underscored the importance of balanced income contributions from a broad range of commercial and retail banking products and expanded wealth management services. Maintaining high asset quality, focusing on operational efficiency and interest rate management supported strong bottom-line performance. “In the third quarter, productivity as measured by return on average assets exceeded 1%, reaching its highest level in several years. Following several years of navigating an extremely low interest rate environment, our net interest margin improved rapidly in the quarter, as did interest rate spread. These improvements were reflected in net income expansion in the third quarter and nine months of 2022. “Asset quality remained strong, with few nonperforming loans, further reduction of the Company’s Other Real Estate Owned (OREO), and strong asset quality ratios. As in the past two quarters, we recorded a recovery of loan losses as there was no requirement to provide for loan losses. Productivity, efficiency and asset quality have greatly contributed to record earnings. “Loan growth and the Company’s prompt response to rising interes...