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 2010

Lynchburg, Va., January 28, 2011.........Bank of the James Financial Group, Inc. (OTCBB:BOJF) (the “Company”) (quarterly and 2010 year-to-date consolidated results unaudited) reported today total net income after tax of $178,000 or $0.05 per basic and diluted share for the quarter ended December 31, 2010 and net income of $1,820,000 or $0.55 per basic and diluted share year-to-date compared to net income of $183,000 or $0.06 per basic and diluted share and a net loss of $642,000 or $0.20 per basic and diluted share for the respective periods a year ago. All earnings per share amounts have been adjusted to reflect the increase in shares resulting from the 10% stock dividend declared by the Company at the annual shareholder’s meeting on May 18, 2010 as well as all previously declared and paid stock dividends.

The decrease in net income for the 4th quarter 2010 as compared to the same period a year ago is attributable to the higher provision to the loan loss reserve during the quarter as detailed below.

Despite the slight decrease in net income in the quarter ended December 31, 2010 as compared to the same period a year ago, net interest income was $3,996,000 in the 4th quarter of 2010 as compared to $3,109,000 in the 4th quarter 2009, an increase of 28.5%. For the full year 2010 net interest income increased to $15,201,000 from $11,329,000 in 2009, an increase of 34.2%. The increases are primarily attributable to a decrease in the cost of interest bearing deposits, specifically certificates of deposit and savings accounts. Interest income decreased from $5,614,000 in the 4th quarter 2009 to $5,356,000 in the 4th quarter 2010, a decrease of 4.6%. For the full year, interest income increased from $20,581,000 in 2009 to $21,589,000 in 2010, an increase of 4.9%. Interest expense decreased from $2,505,000 in the 4th quarter 2009 to $1,360,000 in the 4th quarter 2010, a decrease of 45.7%. For the full year 2010 interest expense was $6,388,000 as compared to $9,252,000 in 2009, a decrease of 31.0%. The net interest margin in the 4th quarter 2010 and year to date 2010 was 4.04% and 3.94% as compared to 3.03% and 3.06% in the 4th quarter 2009 and year to date, respectively.

Robert R. Chapman III the Company’s president commented, “We are pleased with our performance for both the quarter and for the year in light of the continued difficult economic conditions which dictated the increase in our provision for loan losses. We are pleased that our core earnings remain strong, as reflected in our net interest income and net interest margin. This success is directly attributable to our loyal team of employees and the support of our customers throughout the region.”


The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Tuesday, February 1, 2011 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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