Exhibit 99.1

Contact: J. Todd Scruggs, Executive Vice President and CFO

(434) 846-2000 tscruggs@bankofthejames.com

For Immediate Release

Bank of the James Financial Group, Inc. Announces Results

For 4th Quarter 2009

Lynchburg, Va., January 26, 2010…Bank of the James Financial Group, Inc. (OTCBB:BOJF) (the “Company”) (quarterly and 2009 year-to-date consolidated results unaudited) reported today total net income after tax of $183,000 or $0.06 per basic and diluted share for the quarter ended December 31, 2009 and a net loss of $642,000 or $0.22 per basic and diluted share year-to-date compared to net income of $501,000 or $0.17 per basic share ($0.16 diluted) and $224,000 or $0.08 per basic share ($0.07 diluted) for the respective periods a year ago. All earnings per share amounts have been adjusted to reflect the 5% stock dividend declared by the Company at the annual shareholder’s meeting on May 19, 2009 as well as all previously declared and paid stock dividends.

The decrease in net income from 2008 to 2009 full years is primarily attributable to the high level of noncash charges to increase the allowance for loan loss reserve. The higher level of provisions to the reserve was in response to increased charge-offs in 2009 and an increased effort to identify potential impairment within the loan portfolio and provide for the impairment accordingly within the reserve. During 2009 charge-offs of non-performing loans were $2,797,000 as compared to $689,000 in 2008. The amount of provisions to the loan loss reserve was $4,151,000 in 2009 as compared to $1,355,000 for the same period in 2008. The allowance for loan loss reserve has been increased to a level that management deems appropriate to absorb any potential future losses and known impairment within the loan portfolio whether or not the losses are actually ever realized.

Also contributing to the decrease in net income was the higher level of insurance premiums assessed by the FDIC in 2009. In the year 2009 the Bank expensed $805,000 in premiums, which also included a one-time special assessment of $184,000 levied by the FDIC to help replenish the Bank Insurance Fund due to the many recent bank failures, as compared to total premium expense of $176,000 in 2008, an increase of 357.4%.

Robert R. Chapman III the Company’s president commented, “Despite the diverse economy in Region 2000, neither the region nor the Bank has been immune to the adverse effects of this deep recession and we have increased our loan loss reserve accordingly. We remain extremely confident in our Region 2000 market, its strong business base, and our diligent employees as we look forward into 2010. We are proud of the fact that we were profitable in the 4th quarter in spite of the large provision for loan loss recorded during the quarter and the increased FDIC insurance premiums in 2009.”


The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Tuesday, January 26, 2010 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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