Business
Bank of the James Announces Third Quarter, Nine Months of 2023 Financial Results and Declaration of Dividend
Positive Earnings, Deposit Growth, Strong Asset Quality LYNCHBURG, Va., Oct. 20, 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":"Positive Earnings, Deposit Growth, Strong Asset Quality\nLYNCHBURG, Va., Oct. 20, 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 and nine month periods ended September 30, 2023. 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, 2023 was $2.08 million or $0.46 per basic and diluted share compared with $2.57 million or $0.55 per basic and diluted share for the three months ended September 30, 2022. Net income for the nine months ended September 30, 2023 was $6.60 million or $1.44 per basic and diluted share compared with $7.01 million or $1.48 per basic and diluted share for the nine months ended September 30, 2022. Robert R. Chapman III, CEO, commented: “With a keen focus on financial strength, liquidity, and exceptional asset quality, our Company generated positive, stable financial and operational results. Our year-to-date performance reflects many positives during a period when rising interest rates have, understandably, slowed loan growth but have also created opportunities for us to demonstrate the many benefits of being a Bank of the James client. “Skilled service from our banking team and a wide range of reliable, secure electronic and Web-based banking products for commercial and retail customers are backed by an operating philosophy that emphasizes safety and financial strength. This has contributed to high levels of customer retention in commercial real estate and commercial and industrial banking. Our financial management capabilities extend beyond lending and continue to attract a growing base of commercial customers. The ability to provide residential mortgage solutions has allowed the Bank to capture additional market share even in a rising rate environment. “Operationally, we have maintained the improvements to productivity made during the past year, reflected in returns on average equity and the efficiency ratio. Growing deposits have enhanced liquidity and enabled the B...