LYNCHBURG, Va., Jan. 24, 2020 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ: BOTJ ), the parent company of Bank of the James, a full-service commercial and retail bank serving Region 2000 (Greater Lynchburg MSA), and the Charlottesville, Harrisonburg, Roanoke, Blacksburg, and Lexington, Virginia markets, today announced unaudited results for the three months and 12 months ended December 31, 2019.
Net income for the three months ended December 31, 2019 was $1.52 million or $0.35 per diluted share, compared with $1.48 million or $0.34 per diluted share for the three months ended December 31, 2018. Net income for the 12 months ended December 31, 2019 was a Company-record $5.61 million or $1.28 per diluted share, compared with $5.30 million or $1.21 per diluted share for the 12 months ended December 31, 2018.
Robert R. Chapman III, President and CEO, commented: “It was rewarding to conclude our 20 th year of operations with Company-record earnings, net loans, total deposits and total interest and noninterest income. Steady commercial loan growth to drive interest income, market leadership in residential mortgage originations, brisk commercial and retail banking activity from an expanded regional franchise, and high asset quality, each of which are part of our long-term plan, helped to drive these results.
“At the start of 2019, we announced a plan to invest in new offices and expand our banking team to support continued growth in retail and commercial banking. During the year, we established a presence in the Lexington, Virginia market, opened an office in Rustburg, Virginia to enhance deposit-gathering capabilities in Campbell County, relocated a limited service office in Charlottesville, converting it to a full-service office, and opened a second office in Roanoke. We expanded our team to efficiently staff these new offices.
“Even with these investments impacting net income and earnings per share in 2019, the performance of our team and strength of the Company’s growth and performance drove record earnings that built shareholder value, including issuing a special one-time cash dividend and supporting an increased quarterly cash dividend for 2020. The year reflected our balanced approach to long-term growth while building the Company’s value.”
Highlights Loans, net of the allowance for loan losses, were $573.27 million at December 31, 2019, up 8% from $530.02 million at December 31, 2018.
Total loan growth for the year ended December 31, 2019 reflected ongoing portfolio expansion in several categories. The Commercial & […]