Financial Performance - Net income for Q3 2024 was $1.99 million, down from $2.08 million in Q3 2023, while net income for the first nine months of 2024 was $6.33 million compared to $6.60 million in the same period last year[1]. - Noninterest income for Q3 2024 increased by 19% to $3.82 million, and for the first nine months, it rose by 17% to $11.32 million compared to the same period last year[10]. - Net interest income for the three months ended September 30, 2024, was $7,509 thousand, compared to $7,364 thousand for the same period in 2023, reflecting an increase of 2.0%[20]. - Net income for the three months ended September 30, 2024, was $1,990 thousand, down from $2,078 thousand in the same period of 2023, a decrease of 4.2%[21]. - Basic net income per share decreased to $0.44 for the three months ending September 30, 2024, from $0.46 in the same period last year[23]. Asset and Loan Growth - Total assets grew to $1.01 billion at September 30, 2024, up from $969.37 million at December 31, 2023, primarily due to loan portfolio growth[11]. - Loans, net of allowance for credit losses, increased to $627.11 million at September 30, 2024, compared to $601.92 million at December 31, 2023[7]. - Total assets increased to $1,008,063 thousand as of September 30, 2024, up from $969,371 thousand at December 31, 2023, representing a growth of approximately 4.5%[17]. - Loans, net of allowance for credit losses, increased to $627,112 thousand as of September 30, 2024, compared to $601,921 thousand at December 31, 2023, a growth of 4.2%[17]. Deposit Growth - Total deposits rose to $907.61 million at September 30, 2024, from $878.46 million at December 31, 2023[11]. - Total deposits increased to $907,610 thousand as of September 30, 2024, from $878,459 thousand at December 31, 2023, an increase of 3.0%[17]. - Total deposits rose by 3.32% to $907,610,000 as of September 30, 2024, compared to $878,459,000 at the end of 2023[24]. Equity and Book Value - Book value per share increased to $15.15 at September 30, 2024, up from $13.21 at December 31, 2023[13]. - Stockholders' equity increased to $68,834 thousand as of September 30, 2024, from $60,039 thousand at December 31, 2023, representing a growth of 14.6%[19]. - Stockholders' equity increased by 14.65% to $68,834,000 from $60,039,000 at the end of 2023[24]. Interest Income and Margin - Total interest income for Q3 2024 increased by 14% to $11.56 million, and for the first nine months, it rose by 15% to $33.01 million compared to the previous year[5]. - The net interest margin for Q3 2024 was 3.16%, slightly lower than 3.21% in Q3 2023 but improved from 3.02% in Q2 2024[8]. - Interest income for the three months ending September 30, 2024, increased by 14.00% to $11,563,000 compared to $10,143,000 for the same period in 2023[23]. Nonperforming Loans and Credit Losses - The ratio of nonperforming loans to total loans was 0.20% at September 30, 2024, indicating strong asset quality[11]. - Total nonperforming loans surged by 231.20% to $1,295,000 compared to $391,000 at the end of 2023[30]. - The allowance for credit losses for loans to total loans was 1.12% as of September 30, 2024, down from 1.22% at the end of 2023[31]. - The provision for credit losses for the three months ended September 30, 2024, was $92 thousand, compared to a recovery of $164 thousand in the same period of 2023[20]. Expenses and Efficiency - The company reported a total noninterest expense of $8,776 thousand for the three months ended September 30, 2024, compared to $8,140 thousand in the prior year, an increase of 7.8%[21]. - The efficiency ratio for the three months ending September 30, 2024, was 77.44%, slightly up from 77.05% in the same period last year[27]. Dividends - A quarterly dividend of $0.10 per common share was approved, to be paid on December 6, 2024[7].

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 $1.99 million ($0.44 per share), a decrease from $2.08 million ($0.46 per share) in Q3 2023. For the first nine months of 2024, net income was $6.33 million ($1.39 per share), down from $6.60 million ($1.44 per share) in the same period last year [1][6][24]. - Total interest income for Q3 2024 was $11.56 million, a 14% increase from $10.14 million in Q3 2023. For the first nine months, total interest income rose 15% to $33.01 million from $28.82 million [6][8][25]. - Noninterest income increased by 19% in Q3 2024 to $3.82 million compared to $3.20 million in Q3 2023, and for the first nine months, it rose 17% to $11.32 million from $9.70 million [10][11][25]. Asset and Loan Growth - Total assets grew to $1.01 billion as of September 30, 2024, up from $969.37 million at the end of 2023, primarily due to loan growth [12][16]. - Loans, net of allowance for credit losses, increased to $627.11 million from $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 $907.61 million as of September 30, 2024, compared 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 $15.15 from $13.21 at the end of 2023, reflecting strong financial performance [17][26]. - Total stockholders' equity rose to $68.83 million from $60.04 million at the end of 2023, with retained earnings increasing to $41.64 million from $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].

Financial Performance - The company reported a significant increase in net interest income, driven by a rise in interest rates, resulting in a year-over-year growth of 15%[119] - Net income for the three and six months ended June 30, 2024, was $2,148,000 and $4,335,000, down from $2,534,000 and $4,518,000 in the same periods of 2023, representing a decrease of 15.2% and 4.0% respectively[152] - Basic and diluted earnings per share for the three and six months ended June 30, 2024, were $0.47 and $0.95, compared to $0.56 and $0.99 for the same periods in 2023, reflecting a decline of 16.1% and 4.0% respectively[152] - Interest income increased to $10,935,000 and $21,444,000 for the three and six months ended June 30, 2024, from $9,583,000 and $18,681,000 in 2023, marking an increase of 14.1% and 9.0% respectively[152] - Interest expense rose significantly to $3,844,000 and $7,403,000 for the three and six months ended June 30, 2024, compared to $2,238,000 and $3,694,000 in 2023, an increase of 72.0% and 100.0% respectively[154] - Net interest income for the three and six months ended June 30, 2024, was $7,091,000 and $14,041,000, down from $7,345,000 and $14,987,000 in 2023, representing decreases of 3.5% and 6.3% respectively[155] - Noninterest income increased to $4,191,000 and $7,498,000 for the three and six months ended June 30, 2024, from $3,444,000 and $6,488,000 in 2023, reflecting increases of 21.7% and 15.6% respectively[158] - Noninterest expense for the three and six months ended June 30, 2024, increased to $8,739,000 and $16,827,000, up from $7,876,000 and $15,951,000 in 2023, increases of 10.96% and 5.49% respectively[166] Asset and Liability Management - Total assets increased by 0.89% to $978,011,000 as of June 30, 2024, compared to $969,371,000 at December 31, 2023[131] - Total deposits rose by 0.73% to $884,902,000 on June 30, 2024, from $878,459,000 at the end of 2023[131] - Total loans, excluding loans held for sale, increased by 2.35% to $616,088,000 on June 30, 2024, from $601,921,000 at December 31, 2023[132] - Total earning assets increased to $941,099,000 in 2024, generating interest income of $10,940,000 with an average rate of 4.68%, compared to $892,900,000 and $9,588,000 at 4.31% in 2023[173] - Total interest-bearing deposits increased to $755,564,000 in 2024, with interest expense of $3,649,000, compared to $710,412,000 and $2,036,000 in 2023[174] - Total liabilities and stockholders' equity increased to $982,441,000 from $941,593,000[178] Credit Quality and Losses - The company’s allowance for credit losses is based on a discounted cash flow model, reflecting management's estimates of probable losses in the loan portfolio[114] - The allowance for credit losses was 1.12% of total loans outstanding as of June 30, 2024, down from 1.22% and 1.23% at December 31, 2023, and June 30, 2023 respectively[168] - Charged-off loans for the three and six months ended June 30, 2024, were $19,000 and $84,000, compared to $19,000 and $52,000 in 2023[169] - The allowance for loan losses decreased to $6,940,000 in 2024 from $7,738,000 in 2023, indicating improved asset quality[173] Branch Expansion and Market Strategy - The company plans to open additional branches in Virginia, with expectations that each new branch will become profitable within 12 to 18 months of operation[125] - The company is currently evaluating potential branch locations and may acquire properties for expansion in the next 12 months[125] - The company has identified properties for future branch locations, including a permanent branch in Nellysford, Virginia, expected to open in 2025[124] - The estimated cost for improvements to a new branch in Campbell County is projected to be between $900,000 and $1,500,000[124] - The company aims to enhance profitability by increasing market share and providing additional services to customers[119] - The company’s primary market area has expanded beyond Central Virginia to include Roanoke, Charlottesville, Harrisonburg, Blacksburg, Lexington, and Rustburg[117] Regulatory and Compliance - The company continues to monitor and ensure compliance with SEC rules and regulations[180] - Disclosure controls and procedures were evaluated as effective by the principal executive and financial officers[180] - There were no significant changes in internal controls over financial reporting during the quarter ended June 30, 2024[181] - The company is not involved in any pending legal proceedings, other than routine litigation[182] - The company reported no significant market risks applicable to its operations[180] Investment and Securities - As of June 30, 2024, the investment advisory firm PWW, acquired by the company, manages approximately $789 million in assets[118] - Securities available-for-sale decreased to $206,177,000 on June 30, 2024, from $216,510,000 at December 31, 2023[139] - The Bank has liquid assets totaling $280,804,000 as of June 30, 2024, including cash and available-for-sale investments[141] - The Bank's investment in Federal Home Loan Bank of Atlanta stock increased to $672,000 at June 30, 2024, from $643,000 at December 31, 2023[140] Taxation - For the three and six months ended June 30, 2024, the income tax expense was $518,000 and $1,053,000, respectively, compared to $633,000 and $1,120,000 for the same periods in 2023, reflecting an effective tax rate decrease to 19.43% and 19.54% from 19.99% and 19.87%[171] - The effective tax rate was lower than the statutory corporate tax rate due to federal income tax benefits from specific tax treatments[171]

Financial Performance - Net interest income after recovery of credit losses for Q2 2024 was $7.21 million, down from $7.60 million in Q2 2023, representing a decrease of 5.13%[2] - For the first half of 2024, net interest income after recovery of credit losses was $14.72 million, compared to $15.10 million in the same period last year, a decline of 2.52%[2] - Total interest income for Q2 2024 was $10.94 million, compared to $9.58 million in Q2 2023, representing an increase of 14.19%[10] - Total interest income for Q2 2024 was $10.94 million, a 14% increase from $9.58 million in Q2 2023, and $21.44 million for the first half of 2024, up 15% from $18.68 million a year earlier[23] - Net income for the three months ended June 30, 2024, was $2.15 million, or $0.47 per share, compared to $2.53 million, or $0.56 per share for the same period in 2023, reflecting a decrease of 15.23%[29] - Interest income increased by 14.11% year-over-year, reaching $10.94 million for the three months ended June 30, 2024[27] - Noninterest income for the first half of 2024 was $7.50 million, up from $6.49 million in the same period last year, a growth of 15.59%[10] - Noninterest income rose by 21.69% year-over-year, totaling $4.19 million for the three months ended June 30, 2024[27] Asset and Equity Growth - Total assets as of June 30, 2024, were $978.01 million, an increase from $969.37 million as of December 31, 2023, reflecting a growth of 0.66%[8] - Stockholders' equity rose to $61.71 million as of June 30, 2024, up from $60.04 million at the end of 2023, indicating an increase of 2.78%[16] - The company's total assets increased by 0.89% to $978.01 million as of June 30, 2024, from $969.37 million at the end of 2023[27] - Stockholders' equity rose by 2.78% to $61.71 million as of June 30, 2024, compared to $60.04 million at the end of 2023[27] Deposits and Liabilities - Total deposits increased to $884.90 million as of June 30, 2024, compared to $878.46 million at the end of 2023, marking a rise of 0.50%[15] - Total deposits grew by 0.73% to $884.90 million as of June 30, 2024, compared to $878.46 million at the end of 2023[27] - Total liabilities as of June 30, 2024, were $916.31 million, compared to $909.33 million at the end of 2023, reflecting a slight increase of 0.22%[15] Loan Performance - Loans held for sale increased by 9.77% to $4.13 million in Q2 2024 from $3.77 million in Q2 2023[11] - Loans held for sale surged by 284.34%, amounting to $4.84 million as of June 30, 2024, compared to $1.26 million at the end of 2023[27] - The ratio of nonperforming loans to total loans was 0.13% at June 30, 2024, up from 0.06% at December 31, 2023[24] - Total nonperforming loans increased to $797,000 at June 30, 2024, a 103.84% increase from $391,000 at December 31, 2023[22] - The allowance for credit losses to total loans decreased to 1.12% at June 30, 2024, from 1.21% at December 31, 2023[19] Strategic Initiatives - The company opened two new branches in Virginia to enhance outreach and deposit-gathering capabilities[24] - A quarterly dividend of $0.10 per common share was approved, payable on September 20, 2024[24] Market Outlook - The company maintained exceptional liquidity and asset quality while growing loans and deposits[30] - The competitive landscape remains favorable, with opportunities arising from larger banks reducing services in the company's markets[30] - The company anticipates continued strong performance and positive economic indicators supporting financial strength in the second half of 2024[30]

Robert R. Chapman III, CEO of the Bank, commented: "The Company's earnings performance continued to demonstrate success in responding to prevailing market conditions, providing financial solutions for our commercial and retail customers and efficiently managing our operations. We grew loans and deposits, interest income and noninterest income year-over-year, while maintaining exceptional liquidity and asset quality. "Business conditions and residential real estate activity in our served markets has been hea ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ Form 10-Q ______________________ (Mark one) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from BANK OF THE JAMES FINANCIAL GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) ____ ...

Financial Performance - Net income for Q1 2024 was $2.19 million, or $0.48 per share, compared to $1.98 million, or $0.43 per share, in Q1 2023, reflecting a year-over-year growth of approximately 10.61%[14] - Net income for the three months ending March 31, 2024, was $2,187 thousand, representing a 10.23% increase from $1,984 thousand in the same period of 2023[30] - Basic and diluted net income per share increased to $0.48, up $0.05 from $0.43 in the prior year[30] Interest Income and Margin - Total interest income increased to $10.51 million in Q1 2024, up 15.51% from $9.10 million in Q1 2023, driven by higher commercial loan interest rates and new mortgages[4] - Interest income rose to $10,509 thousand, a 15.51% increase compared to $9,098 thousand for the same period last year[30] - Net interest margin decreased to 3.02% in Q1 2024 from 3.48% in Q1 2023, while the interest rate spread fell to 2.73% from 3.33% year-over-year[5] - The net interest margin decreased to 3.02% from 3.48% year-over-year[32] Deposits and Loans - Total deposits rose to $893.50 million at March 31, 2024, an increase from $878.46 million at December 31, 2023, marking a growth of approximately 1.19%[5] - Total deposits increased by 1.71% to $893,494 thousand from $878,459 thousand at the end of 2023[30] - The Company added $15.00 million in deposits during Q1 2024, supporting its lending capabilities and reducing reliance on borrowings[7] - Loans held for sale surged by 268.84% to $4,640 thousand from $1,258 thousand at December 31, 2023[30] Asset Quality - The ratio of nonperforming loans to total loans was 0.09% at March 31, 2024, indicating strong asset quality with minimal levels of nonperforming loans[5] - Nonperforming loans increased to $558 thousand, a 42.71% rise from $391 thousand at December 31, 2023[32] - The allowance for credit losses to total loans ratio decreased to 1.14% from 1.22%[32] Equity and Book Value - Book value per share increased to $13.30 at March 31, 2024, up from $13.21 at December 31, 2023, and significantly higher than $11.41 a year earlier[8] - Stockholders' equity rose to $60,437 thousand, a 0.66% increase from $60,039 thousand at the end of 2023[30] Noninterest Income - Total noninterest income for Q1 2024 was $3.31 million, compared to $3.04 million in Q1 2023, with contributions from commercial treasury services and wealth management[5] Future Plans - The Company plans to expand its presence in the Roanoke, Lexington, and Charlottesville markets by opening new offices in Buchanan and Nellysford, Virginia[3] Dividends - The board of directors approved a quarterly dividend of $0.10 per common share, to be paid on June 21, 2024, reflecting the Company's commitment to returning value to shareholders[5] Total Assets - Total assets increased to $984,891 thousand as of March 31, 2024, up 1.60% from $969,371 thousand at December 31, 2023[25]

LYNCHBURG, Va., April 26, 2024 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the "Company") (NASDAQ:BOTJ), the parent company of Bank of the James (the "Bank"), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. ("PWW"), an SEC-registered investment advisor, today announced unaudited results of operations for the three month period ended March 31, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Charlottesville, Harrisonburg, Lexingto ...

The Bank is also subject to various laws and regulations that attempt to combat money laundering and terrorist financing. The Bank Secrecy Act requires all financial institutions to, among other things, create a system of controls designed to prevent money laundering and the financing of terrorism, and imposes recordkeeping and reporting requirements. The USA Patriot Act facilitates information sharing among governmental entities and financial institutions for the purpose of combating terrorism and money la ...

LYNCHBURG, Va., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the "Company") (NASDAQ:BOTJ), the parent company of Bank of the James (the "Bank"), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. ("PWW"), an SEC-registered investment advisor, today announced unaudited results of operations for the three and 12 month periods ended December 31, 2023. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Charlottesville, Harrisonburg ...