Exhibit 99.1

 

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Bank of the James Announces Fourth Quarter, Full Year 2015 Financial Results

Record Operating Results, Asset Growth, Market Expansion

LYNCHBURG, VA—January 29, 2016

- 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 area (Region 2000), Charlottesville, Harrisonburg, Roanoke and other markets in Virginia, today announced unaudited results for the three months and 12 months ended December 31, 2015.

Net income for the three months ended December 31, 2015 was $825,000 or $0.22 per diluted share compared with $951,000 or $0.28 per diluted share for the three months ended December 31, 2014. For the 12 months ended December 31, 2015, net income increased 8.2% to $3.69 million or $1.07 per diluted share compared with $3.41 million or $1.01 per diluted share for the 12 months ended December 31, 2014.

The number of weighted average shares outstanding increased by 9.5% and 2.6% for the three and twelve months ended December 31, 2015, respectively, as compared to the similar periods in 2014 resulting from the issuance of one million new shares of the company’s common stock on December 3, 2015.

Robert R. Chapman III, President and CEO, stated: “It was an eventful and record-setting year for Bank of the James, generating growth throughout our franchise. A full slate of financial products and capabilities, and the ability of our experienced professionals to provide clients with integrated financial solutions, enabled us to earn a greater share of customers’ banking business. This contributed to building relationships that incorporated lending, deposits, electronic banking and investment brokerage services.

“To continue this momentum, we raised new capital and generated new capital through earnings. We invested earnings in technology to optimize the company’s operations and efficiency, hired proven, experienced bankers and retained the talented and dedicated people who are making success possible, and expanded into markets that offer a good geographic and demographic fit with our core Region 2000 market.”

Fourth Quarter 2015 Highlights (Quarterly, Year-Over-Year)

 

    Interest income from earning assets increased 9.1%, primarily reflecting double-digit growth in construction and commercial lending.

 

    Average interest earning assets were $488.92 million, a 16.3% increase from fourth quarter 2014.

 

    The ratio of nonperforming loans to total loans improved to 0.78% from 0.88%, reflecting continuing loan portfolio quality.

 

    Tangible book value per share rose to $11.01 at December 31, 2015 compared with $10.31 per share a year earlier.

Year-End 2015 Financial Highlights, Shareholder Value Measures (December 31, 2015 vs. December 31, 2014)

 

    Net income in 2015 was a company record $3.69 million.


The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Friday, January 29, 2016 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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