Core Insights - The company reported a decline in net income for both the fourth quarter and the full year of 2024 compared to the previous year, with net income of 0.36 per share) for Q4 2024, down from 0.45 per share) in Q4 2023, and full-year net income of 1.75 per share), down from 1.91 per share) in 2023 [2][10][37] Financial Performance - Total interest income increased to 39.36 million in 2023, primarily due to higher rates on commercial loans and new loans reflecting the prevailing rate environment [13][17] - Noninterest income rose 18% to 636.55 million at the end of 2024, with commercial real estate loans growing by 9% [6][17][21] Asset Quality and Management - The ratio of nonperforming loans to total loans was 0.25% at the end of 2024, indicating strong asset quality, although this was an increase from 0.06% at the end of 2023 [25][40] - The allowance for credit losses on loans to total loans was 1.09% at the end of 2024, down from 1.22% a year earlier, reflecting effective credit management [25][40] Shareholder Value - Stockholders' equity increased by 8% to 42.80 million from 0.10 per share, reflecting its commitment to returning value to shareholders [10][28] Operational Highlights - The company opened new strategic locations in Buchanan and Nellysford, Virginia, enhancing its deposit-gathering capabilities [8] - Noninterest expense for the full year of 2024 was 32.51 million in 2023, influenced by a one-time payment related to a contract with a debit card processor [20][37]
Bank of the James Announces Fourth Quarter, Full Year of 2024 Financial Results and Declaration of Dividend