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Bank of the James Announces Fourth Quarter, Full Year 2018
Financial Results and Declaration of Dividend
Strong Quarterly, Yearly Earnings Growth, Commercial Lending Leads Loan Expansion
LYNCHBURG, Va., January 25, 2019 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, and Roanoke, Virginia markets, today announced unaudited results for the three months and 12 months ended December 31, 2018.
Net income for the three months ended December 31, 2018 was $1.48 million or $0.34 per diluted share, compared with $360,000 or $0.08 per diluted share for the three months ended December 31, 2017. For the 12 months ended December 31, 2018, net income was $5.30 million or $1.21per diluted share, compared with $2.92 million or $0.67 per diluted share for the 12 months ended December 31, 2017. Net income in the fourth quarter and full year 2017 results included the $871,000 write-down of the Companys deferred tax assets resulting from the Tax Cuts and Jobs Act enacted in December 2017.
Robert R. Chapman III, President and CEO commented: The Companys financial performance in 2018 demonstrated strong and balanced contributions from all our retail, commercial, mortgage, and investment and insurance operations. We are achieving our goals for growth supported by a diversity of interest income and noninterest income sources.
Our core Region 2000 market exhibited strength, which was enhanced in 2018 by an expanded presence in Appomattox, and a new Blacksburg mortgage office that serves the New River Valley market. Accelerating activity resulting from the geographic expansion into Charlottesville, Harrisonburg and Roanoke has enhanced revenue diversity and opened doors to growth opportunities. We are grateful for the outstanding performance by our banking team, which has been the key to driving business and retaining clients. Prudent expense management, continued asset quality, and capital management supported our goal of increasing earnings and building the Companys value.
Increased commercial real estate (CRE) and multi-family housing loans led a 6% year-over year growth in loans, net of allowance for loan losses.
Net interest income before the provision for loan losses increased 12% in the fourth quarter and 12 months of 2018, driven primarily by increased interest generated through loan growth.
Total noninterest income, including increased fee income from treasury services, and record income from the Companys insurance and investments business and the Companys mortgage operations, was up 11% for the 12 months of 2018 compared with the 12 months of 2017.
Pretax income increased 14% from $1.63 million to $1.86 million in the fourth quarter of 2018 compared to the fourth quarter of 2017. For the year ended December 31, 2018, pretax income was $6.63 million, up 24% from $5.36 million for the year ended December 31, 2017.
Deposits increased 8% to $612.04 million at December 31, 2018 from $567.49 million at December 31, 2017, led by growth of core deposits (noninterest-bearing demand, NOW, savings and money market accounts). Core deposits comprised 69% of the Companys total deposits at year-end 2018.
Total assets rose to a Company record $674.90 million at December 31, 2018.
The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Friday, January 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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