Exhibit 99.1

 

LOGO

BANK OF THE JAMES REPORTS FOURTH QUARTER, 2011 FINANCIAL RESULTS

 

   

Total assets increased to $427.4 million at December 31, 2011 compared with $418.9 million at December 31, 2010.

 

   

Total deposits rose to $374.2 million at year-end 2011 compared with $368.4 million in 2010.

 

   

1,600 new demand deposit accounts in 2011 reflected expanded and new relationships with small businesses and retail customers.

 

   

Effective interest rate management contributed to a 35% year over year reduction of interest expense and year-over-year stability in net interest margin.

 

   

Asset quality remained stable following increased provisions for loan losses in second half 2011.

 

   

Book value per share increased to $8.02 per share in 2011 compared with $7.67 in 2010.

 

   

Management believes that listing on NASDAQ in January 2012 reflects its commitment to increasing shareholder value.

Lynchburg, VA., February 3, 2012

- Bank of the James Financial Group, Inc. (NASDAQ: BOTJ), a full-service commercial and retail lender, today announced unaudited results for the quarter and 12 months ended December 31, 2011. Net income was $600,000 or $0.18 per share (fully diluted) in 2011, compared with net income of $1.82 million or $0.55 per share (fully diluted) in 2010. The company reported a net loss of $218,000 or $0.07 per share (fully diluted) in fourth quarter 2011 compared with net income of $178,000 or $0.05 per share (fully diluted) in fourth quarter 2010. The year-over-year decrease in annual net income and the fourth quarter 2011 net loss primarily reflect an increased provision in 2011 for loan losses.

“In 2011, and particularly in the second half of the year, we made the commitment to attempt to improve asset quality, specifically to reduce problem loans. We believe this will enable us to enter 2012 with a stronger balance sheet and improved credit quality,” said Robert R. Chapman III, President and CEO. “Throughout 2011, there was a significant decline in new problem loans, and the ratio of nonperforming assets to total assets was 3.19% at year-end compared with 3.84% at the end of first half 2011.”

He noted that many of the company’s loan-related performance measurements improved throughout 2011, and particularly in second half 2011. Nonperforming assets (“NPAs”) as a percentage of total loans declined to 4.22% at December 31, 2011 compared with 5.13% at June 30, 2011, and the bank’s “Texas Ratio” (commonly defined as: NPAs + Troubled Debt Restructurings/Capital + Loan Loss Reserve) declined to 41.85% at year-end compared with 53.39% at the end of first half 2011.

According to Chapman, “We were very encouraged that as we strengthened our financial position by removing a number of troubled loans from our balance sheet, we were essentially able to replace these with new loans by offering financial solutions and outstanding service. We also sharply reduced interest expense to reflect the low interest rate environment, which enabled us to maintain year-over year stability in net interest income and net interest margin.”


The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Monday, February 6, 2012 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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