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Bank of the James Financial (BOTJ) - 2024 Q1 - Quarterly Results

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]