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].
Bank of the James Announces Third Quarter, First Nine Months of 2024 Financial Results and Declaration of Dividend