{"id":728944,"date":"2023-02-06T13:03:08","date_gmt":"2023-02-06T18:03:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bank-of-the-james-announces-fourth-quarter-full-year-of-2022-financial-results-and-declaration-of-dividend\/"},"modified":"2023-02-06T13:03:08","modified_gmt":"2023-02-06T18:03:08","slug":"bank-of-the-james-announces-fourth-quarter-full-year-of-2022-financial-results-and-declaration-of-dividend","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bank-of-the-james-announces-fourth-quarter-full-year-of-2022-financial-results-and-declaration-of-dividend\/","title":{"rendered":"Bank of the James Announces Fourth Quarter, Full Year of 2022 Financial Results and Declaration of Dividend"},"content":{"rendered":"

\nRecord Annual Earnings, Strong Financial Ratios, Asset Quality
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LYNCHBURG, Va., Feb. 06, 2023 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the \u201cCompany\u201d) (NASDAQ:BOTJ), the parent company of Bank of the James (the \u201cBank\u201d), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (\u201cPWW\u201d), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and 12 month periods ended December 31, 2022. The Bank serves Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, Roanoke, and Wytheville, Virginia markets.<\/p>\n

Net income for the three months ended December 31, 2022 was a record $1.95 million or $0.42 per basic and diluted share compared with $1.86 million or $0.39 per basic and diluted share for the three months ended December 31, 2021. Net income for the 12 months ended December 31, 2022 was a Company record $8.96 million or $1.91 per basic and diluted share, up 18% compared with $7.59 million or $1.60 per basic and diluted share for the 12 months ended December 31, 2021. Per share amounts have been adjusted to reflect a 10% stock dividend declared in June 2021.<\/p>\n

Robert R. Chapman III, CEO, commented: \u201cThe Company\u2019s solid fourth quarter and full-year earnings highlighted the Company\u2019s operational efficiency, exceptionally strong asset quality and capital strength, and prompt adjustments in a rapidly shifting interest rate environment. Throughout the year, the entire Bank of the James team demonstrated a commitment to superior service and operation that enabled us to maximize the value of revenue from a broad range of banking and wealth management capabilities.<\/p>\n

\u201cKey performance metrics, including return on average equity and return on average assets improved in 2022. Significantly higher net interest margin and interest spread demonstrated an opportunistic response to changing interest rate scenarios. We anticipate that if and when the rate environment stabilizes during the coming year, we will see increased pressure on margins. We believe our 2022 financial performance demonstrated our ability to effectively address the challenges related to rapidly increasing interest rates.<\/p>\n

\u201cAsset quality was a significant highlight, with few nonperforming loans, reduced other real estate owned (OREO), and strong asset quality ratios. We believe the outlook for continuing asset quality is very good, reflecting diligent credit management practices. We have been able to grow commercial, residential mortgage and consumer loan portfolios while at the same time improving already strong loan quality.<\/p>\n

\u201cThe Company\u2019s consistent earnings and capital strength positioned us to enhance shareholder value by repurchasing approximately 2% of the Company\u2019s outstanding common stock during 2022 \u2013 an action that contributed approximately $0.03 to the year\u2019s earnings per share (EPS). Our Board of Directors approved an increased quarterly dividend in 2022, reflecting a commitment to building shareholder value.<\/p>\n

\u201cOur served communities and customers continue to demonstrate financial and economic strength, and resilience in the face of inflation and uncertainty about recession later in 2023. We anticipate that while lending and deposit activity is likely to be less robust in the coming quarters, we are confident that Bank of the James is well-positioned to continue forward with moderate growth, superior financial solutions for customers, and positive financial performance.\u201d<\/p>\n

\n Highlights<\/strong>\n <\/p>\n