Welcome to our dedicated page for Bank of the James Financial Group news (Ticker: BOTJ), a resource for investors and traders seeking the latest updates and insights on Bank of the James Financial Group stock.
Bank of the James Financial Group, Inc. (NASDAQ: BOTJ) is a prominent bank holding company based in Lynchburg, Virginia. Operating through its wholly-owned subsidiary, Bank of the James, the company offers a comprehensive suite of financial services, catering to individuals, businesses, associations, organizations, and governmental authorities throughout Virginia.
Core Offerings:
- Retail and Commercial Banking: The bank provides general banking services, including checking and savings accounts, money market accounts, and certificates of deposit.
- Lending Services: The company extends various loan options such as commercial real estate mortgages, residential mortgages, commercial and residential construction loans, and a range of secured and unsecured consumer loans including personal, automobile, and home equity loans.
- Mortgage Brokerage Services: Through its division, Bank of the James Mortgage, it offers comprehensive mortgage loan origination services.
- Investment and Advisory Services: The bank's subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor, and BOTJ Investment Services division offer full investment and insurance services.
Recent Achievements: The company has shown robust financial performance, with net income for the six months ended June 30, 2023, reaching $4.52 million, and significant growth in retained earnings and total stockholders' equity. The company’s efficiency ratio improved notably to 73.0%, reflecting operational efficiency.
Despite challenges such as rising interest rates, Bank of the James continues to maintain strong asset quality and liquidity. The bank's commitment to service excellence, strategic growth, and financial strength has enabled it to secure high levels of customer retention and attract new clientele.
Strategic Expansion: In 2024, the bank plans to expand its presence by opening new offices in Buchanan and Nellysford, Virginia, targeting market gaps left by larger banks. This expansion is expected to enhance its market share and deposit-gathering capabilities.
Bank of the James' forward-looking approach emphasizes maintaining asset quality, operational efficiency, and delivering exceptional customer service, ensuring continued financial strength and shareholder value.
Bank of the James Financial Group (NASDAQ:BOTJ) reported Q3 2024 net income of $1.99 million ($0.44 per share), compared to $2.08 million ($0.46 per share) in Q3 2023. For the nine months ended September 30, 2024, net income was $6.33 million ($1.39 per share) versus $6.60 million ($1.44 per share) in 2023. Total assets surpassed $1 billion, with loans growing to $627.11 million. The company maintained strong asset quality with a 0.20% ratio of nonperforming loans to total loans. Total deposits increased to $907.61 million, and book value per share rose to $15.15. The board approved a quarterly dividend of $0.10 per share.
Bank of the James Financial Group (NASDAQ:BOTJ) reported net income of $2.15 million or $0.47 per share for Q2 2024, compared to $2.53 million or $0.56 per share in Q2 2023. For H1 2024, net income was $4.34 million or $0.95 per share, versus $4.52 million or $0.99 per share in H1 2023. Key highlights include:
- Total interest income rose 14% to $10.94 million in Q2 2024
- Net interest income after credit loss recovery was $7.21 million in Q2 2024
- Noninterest income increased 22% to $4.19 million in Q2 2024
- Loans, net grew to $616.09 million as of June 30, 2024
- Total deposits reached $884.90 million as of June 30, 2024
- Book value per share increased to $13.58
The company maintained strong asset quality and opened new branches to expand its market presence.
Bank of the James Financial Group, Inc. (NASDAQ:BOTJ) announced its first quarter of 2024 financial results, reporting net income of $2.19 million and earnings per share of $0.48. The company highlighted its focus on customer service, electronic banking products, and asset quality, driving earnings growth. Expansion plans in Roanoke, Lexington, and Charlottesville markets were also outlined.
Bank of the James Financial Group (NASDAQ:BOTJ) reported a strong first quarter of 2023 with net income of $1.98 million ($0.43 per share), a slight decrease from $2.14 million ($0.45 per share) in Q1 2022. Despite this, total interest income surged by 32% to $9.10 million, driven by higher commercial loan rates and an expanded investment portfolio. Net interest income grew by 20%, reflecting improved margins. Deposits increased, demonstrating stability amid banking uncertainties, with uninsured deposits remaining under 20%. The bank's asset quality remained solid with nonperforming loans at 0.02%. The board declared a quarterly dividend of $0.08 per share and approved a stock repurchase plan. Overall, the company maintains a robust capital position while adapting to the evolving interest rate environment.
Bank of the James Financial Group reported record earnings for 2022, with net income reaching $8.96 million or $1.91 per share, an 18% increase from 2021. The fourth quarter net income was $1.95 million, reflecting a 5% year-over-year growth. Total interest income rose by 9%, driven by adjustments in commercial loans and retained residential mortgages. Notable metrics include a return on average equity of 15.59% and a nonperforming loans ratio of just 0.10%. However, total deposits fell by 4%, highlighting potential challenges in maintaining a robust deposit base moving forward.
Bank of the James Financial Group (BOTJ) reported record earnings for Q3 2022, with net income of $2.57 million ($0.55 per share), a 37% increase year-over-year. For the nine-month period, net income rose 22% to $7.01 million ($1.48 per share). Total interest income increased by 15%, driven by commercial real estate lending and rising interest rates. The company repurchased 2% of its shares and increased its quarterly dividend by 14% to $0.08 per share. Despite strong asset quality, concerns about declining commercial lending activity were noted due to rising interest rates.
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