Bank of the James Financial Group, Inc - BOTJ STOCK NEWS

Bank of the James Financial Group (NASDAQ:BOTJ) reported strong earnings for Q1 2022, with net income rising to $2.14 million or $0.45 per share, up from $1.84 million last year. Total interest income reached $6.92 million, despite a 6% decline due to lower PPP loan fees. Noninterest income surged 49% to $3.63 million, bolstered by increased fees from treasury services and residential mortgages. The bank’s asset quality remains robust, with nonperforming loans at 0.14%. However, total deposits dropped slightly to $881.43 million.

Bank of the James Financial Group (BOTJ) reported a net income of $2.14 million or $0.45 per share for Q1 2022, up from $1.84 million or $0.38 per share in Q1 2021. Total interest income fell 6% to $6.92 million due to declining PPP loan fees, while noninterest income surged 49% to $3.63 million, primarily from mortgage sales and treasury services. The company also recorded a $300,000 recovery in loan losses, with a strong asset quality ratio of 0.14% for nonperforming loans. A quarterly dividend of $0.07 per share was approved, payable on June 17, 2022.

Bank of the James Financial Group (BOTJ) reported a strong financial performance for 2021, with net income for Q4 at $1.86 million ($0.39 per diluted share), up from $1.71 million ($0.36) in Q4 2020. For the full year, net income reached $7.59 million ($1.60 per diluted share), significantly higher than $4.98 million ($1.04) in 2020. The results were bolstered by a 10% stock dividend declared in June 2021, indicating effective expense management and high asset quality.

Bank of the James Financial Group, Inc. (NASDAQ:BOTJ) has entered into a stock purchase agreement to acquire Pettyjohn, Wood, & White, an SEC-registered investment advisor with over $650 million in assets under management. The deal is expected to enhance BOTJ's non-interest income and strengthen its position in the financial services sector. Key executives from Pettyjohn, Wood, & White will continue their roles post-acquisition, ensuring stability for clients. This strategic acquisition aims to leverage synergies and expand BOTJ's service offerings in the Virginia market.

Bank of the James Financial Group, Inc. (BOTJ) reported strong financial results for Q3 and the first nine months of 2021. Net income surged to $1.88 million ($0.40/share) in Q3, up from $1.45 million ($0.30/share) in the same period last year. Year-to-date net income reached $5.73 million ($1.21/share), a significant rise from $3.27 million ($0.68/share) in 2020. Total deposits increased to $853.8 million, reflecting core deposit growth. The company maintained a low nonperforming loans ratio of 0.32% and did not need to provision for loan losses. A quarterly dividend of $0.07/share was declared, payable December 10, 2021.

Bank of the James Financial Group, Inc. (NASDAQ:BOTJ) has announced the promotion of Michael A. Syrek to President of the Bank, effective October 13, 2021. Syrek, who joined the Bank in 2012, has played a vital role in strengthening the Bank's commercial banking efforts and relationships in key Virginia markets. CEO Robert R. Chapman, III emphasized that this change is aimed at driving the company's growth. The separation of the Bank’s CEO and President roles will allow Chapman to focus more on the Bank's strategic plan.

Bank of the James Financial Group (NASDAQ:BOTJ) reported strong financial results for the second quarter and first half of 2021. Net income for Q2 was $2.01 million ($0.42 per diluted share), up from $821,000 ($0.17 per diluted share) in Q2 2020. YTD net income reached $3.85 million ($0.81 per diluted share), compared to $1.82 million ($0.38 per diluted share) in the same period last year. The company declared a 10% stock dividend and a quarterly cash dividend of $0.07 per share. Total deposits increased to $819.4 million, reflecting core deposit growth, while net loans declined slightly due to PPP loan paydowns.

Bank of the James Financial Group, Inc. (BOTJ) announced a 10% stock dividend, to be paid around July 9, 2021, for shareholders on record as of June 25, 2021. This means every ten shares will yield an additional share, with cash paid for any fractional shares. CEO Robert R. Chapman III highlighted the company's strong performance over the past year as a reason for the dividend declaration. The bank, headquartered in Lynchburg, Virginia, serves multiple locations in the state.

Bank of the James Financial Group (BOTJ) reported a historic net income of $1.84 million or $0.42 per diluted share for Q1 2021, a significant increase from $995,000 or $0.23 per share in Q1 2020. Total interest income was $7.37 million, down from $7.49 million a year earlier. Noninterest income rose to $2.43 million, an 11% increase, driven by mortgage processing fees. Total deposits increased to $801.2 million. The company maintained a solid asset quality with a nonperforming loans ratio of 0.32%.