LYNCHBURG, Va., Jan. 09, 2026 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ: BOTJ), the parent company of Bank of the James (the “Bank”), today announced the retirement of J. Todd Scruggs from the Boards of Directors of the Company and the Bank and from his executive roles, effective January 5, 2026. Mr. Scruggs, along with Robert R. Chapman III, was one of the two founders of Bank of the James in 1998, and was instrumental in recruiting the initial Board of Directors a ...

Core Insights - The company reported a net income of $2.70 million for the second quarter of 2025, an increase from $2.15 million in the same period of 2024, with earnings per share rising to $0.60 from $0.47 [2][9] - Total interest income increased by 6% to $11.64 million in the second quarter of 2025 compared to $10.94 million a year earlier, driven by higher loan yields and growth in commercial real estate [9][12] - The company successfully retired approximately $10 million in capital notes, expected to reduce annual interest expenses by about $327,000, enhancing its financial position [7][9] Financial Performance - Net interest income for the second quarter of 2025 was $8.25 million, up 16% from $7.09 million in the second quarter of 2024 [11][36] - The net interest margin improved to 3.45% in the second quarter of 2025, compared to 3.02% in the same quarter of 2024 [4][16] - Total noninterest income was $4.08 million in the second quarter of 2025, slightly down from $4.19 million in the same period of 2024 [17] Asset Quality and Growth - Loans, net of the allowance for credit losses, increased to $649.09 million at June 30, 2025, from $636.55 million at December 31, 2024 [19][22] - The ratio of nonperforming loans to total loans was 0.28% at June 30, 2025, indicating strong asset quality [23][24] - Total assets reached $1.04 billion at June 30, 2025, up from $979.24 million at December 31, 2024, reflecting growth in both loans and securities [19][26] Shareholder Value - Stockholders' equity rose to $71.67 million at June 30, 2025, from $64.87 million at December 31, 2024, with a book value per share increasing to $15.77 from $14.28 [26][9] - The company declared a quarterly dividend of $0.10 per common share, payable on September 26, 2025 [9][8] Strategic Initiatives - The company emphasized a balanced revenue stream from various sources, including commercial and retail banking, which has provided financial stability amid economic challenges [6][9] - The focus on maintaining high-quality interest-earning assets and diligent credit management has supported sound margins and quality earnings [5][6]

Core Insights - The company reported a net income of $842,000 for Q1 2025, a significant decrease from $2.19 million in Q1 2024, resulting in earnings per share of $0.19 compared to $0.48 a year earlier [2][14] - The decrease in earnings was primarily due to a one-time expense of approximately $1 million related to a consultant for negotiating a contract with the core service provider, which is expected to yield long-term cost savings [4][10] - The company maintained a strong cash position, allowing it to pay off approximately $10 million of capital notes without raising new capital, which will reduce annual interest expenses by about $327,000 [5] Financial Performance - Total interest income increased by 6.90% to $11.23 million in Q1 2025 from $10.51 million in Q1 2024, driven by higher yields on loans and growth in commercial real estate loans [12][14] - Net interest income after provision for credit losses rose to $7.58 million, compared to $7.50 million a year earlier, with a net interest margin improvement to 3.25% from 3.02% [11][15] - Noninterest income was stable at $3.28 million, with contributions from commercial treasury services and wealth management activities [16][14] Asset Quality and Growth - Total assets grew by 3% to $1.01 billion at March 31, 2025, from $979.24 million at December 31, 2024, with loans net of allowance for credit losses increasing to $642.39 million [18][24] - The ratio of nonperforming loans to total loans was 0.28%, indicating strong asset quality, with total nonperforming loans at $1.80 million [22][24] - The company added two experienced commercial relationship managers to enhance its commercial lending capabilities and expand market share [8][9] Shareholder Value - Stockholders' equity increased to $68.35 million at March 31, 2025, up from $64.87 million at December 31, 2024, with a book value per share rising to $15.04 from $14.28 [24][14] - The board of directors approved a quarterly dividend of $0.10 per common share, reflecting the company's commitment to returning value to shareholders [14]