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 $1.62 million ($0.36 per share) for Q4 2024, down from $2.11 million ($0.45 per share) in Q4 2023, and full-year net income of $7.94 million ($1.75 per share), down from $8.70 million ($1.91 per share) in 2023 [2][10][37] Financial Performance - Total interest income increased to $44.64 million for the full year of 2024, up 13% from $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 $15.14 million in 2024, driven by gains on loan sales, commercial treasury services, and wealth management fees [5][18][19] - Total loans, net of allowance for credit losses, increased by 6% 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 $64.87 million at the end of 2024, with retained earnings rising to $42.80 million from $36.68 million a year earlier [9][27][28] - The company declared a quarterly dividend of $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 $35.11 million, up from $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