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Bank of The James Reports Strong Year-Over-Year Earnings
Growth in Fourth Quarter, Full-Year 2012 Financial Results
Net income in 2012 increased 255% to $2.13 million or $0.64 per fully diluted share, compared with net income in 2011 of $600,000 or $0.18 per fully diluted share.
Net income in fourth quarter 2012 was $747,000 or $0.22 fully diluted per share, compared with a fourth quarter 2011 net loss of $(218,000) or $(0.07) per fully diluted share.
The allowance for loan and lease losses (ALLL) to non-accruing loans increased to 87.22% at December 31, 2012, compared with 54.09% at December 31, 2011.
The banks continued focus on improving asset quality contributed to a sharp reduction of problem loans, with non-performing assets as a percent of total assets declining to 1.95% at December 31, 2012, compared with 3.20% at December 31, 2011, while the companys consolidated Texas Ratio ((NPAs + TDR):(Capital + ALLL)) improved to 25.69% at December 31, 2012, compared with 44.46% at December 31, 2011.
The company reduced interest expense 28% in 2012 compared with 2011, reflecting a reduction in borrowings, and net interest margin improved to 4.03% at December 31, 2012, compared with 3.89% at December 31, 2011.
Total assets at year end 2012 were $441.38 million, compared with yearend 2011 total assets of $427.44 million.
Return on average assets (ROAA) increased to 0.50% in 2012, compared with 0.14% in 2011, while return on average equity (ROAE) rose to 7.76% in 2012, compared with 2.25% in 2011.
Book value per share in fourth quarter 2012 reflected the companys focus on asset quality improvement in 2011 and first half 2012, increasing to $8.83 in fourth quarter 2012, compared with $8.02 in fourth quarter 2011.
Lynchburg, VA., January 25, 2013 - Bank of the James Financial Group, Inc. (NASDAQ: BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving the greater Lynchburg MSA, today announced unaudited results for the quarter and year ended December 31, 2012.
Robert R. Chapman III, President and CEO, commented: Our 2012 earnings demonstrated the positive impact of the banks initiative to improve asset quality while maintaining capital levels and growing our asset base. A dramatic measurement of our progress was ROAA and ROAE in fourth quarter 2012, where ROAA was 0.69% and ROAE was 10.51% while those ratios were both in negative territory in fourth quarter 2011. We believe the sharp improvement in the banks Texas Ratio is also a good indicator of the banks greatly improved financial condition.
We are seeing overall stability in our loan portfolio, with fewer non-accruing loans, and a much lower percentage of non-accrual loans to total loans. Throughout the year, loans more than 29 days past due were close to or below 1% of total loans. We have reduced other real estate owned (OREO) and continue to aggressively pursue opportunities to sell these assets. The real estate market has brightened considerably, which we anticipate will support continuing reduction of OREO.
In 2013, with the bulk of our work to improve our balance sheet and asset quality behind us, we can focus the majority of our attention on the business of growing Bank of the James. We have strategic locations throughout Lynchburg and Region 2000, and opportunities to grow market share. In the past year, we added to and strengthened our commercial lending team. We have grown our commercial loan portfolio and expanded banking relationships with customers to include more deposits and treasury management. In addition, we hope to expand into retirement planning services, including 401(k) plans.
The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Tuesday, January 29, 2013 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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