Core Viewpoint - Bank of the James Financial Group, Inc. reported stable earnings and growth in shareholder value despite challenges from high interest rates, with a focus on strong asset quality and diversified income streams [1][2][3]. Financial Performance - Net income for Q3 2024 was 0.44 per share), a decrease from 0.46 per share) in Q3 2023. For the first nine months of 2024, net income was 1.39 per share), down from 1.44 per share) in the same period last year [1][6][24]. - Total interest income for Q3 2024 was 10.14 million in Q3 2023. For the first nine months, total interest income rose 15% to 28.82 million [6][8][25]. - Noninterest income increased by 19% in Q3 2024 to 3.20 million in Q3 2023, and for the first nine months, it rose 17% to 9.70 million [10][11][25]. Asset and Loan Growth - Total assets grew to 969.37 million at the end of 2023, primarily due to loan growth [12][16]. - Loans, net of allowance for credit losses, increased to 601.92 million at the end of 2023, reflecting stability and growth in commercial real estate and residential mortgage loans [12][15][26]. - Total deposits rose to 878.46 million at the end of 2023, with significant growth in time deposits [16][26]. Shareholder Value - Book value per share increased to 13.21 at the end of 2023, reflecting strong financial performance [17][26]. - Total stockholders' equity rose to 60.04 million at the end of 2023, with retained earnings increasing to 36.68 million [17][26]. Strategic Initiatives - The company opened new strategic locations in Buchanan and Nellysford, Virginia, which have shown strong initial performance [4]. - The bank's focus on digital banking capabilities and commercial cash management services has contributed to customer retention and growth in deposits [5][10].
Bank of the James Announces Third Quarter, First Nine Months of 2024 Financial Results and Declaration of Dividend