Exhibit 99.1



Bank of the James Announces Fourth Quarter, Full Year 2016

Financial Results and Declaration of Dividend

Revenue Growth, Record Assets, Deposits, Loans

LYNCHBURG, Va., January 23, 2017 — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving the greater Lynchburg area (Region 2000), and the Charlottesville, Harrisonburg, and Roanoke, Virginia markets, today announced unaudited results for the three months and 12 months ended December 31, 2016.

Net income for the three months ended December 31, 2016 was $293,000 or $0.07 per diluted share compared with $825,000 or $0.22 per diluted share for the three months ended December 31, 2015. Net income for the 12 months ended December 31, 2016 was $3.29 million or $0.75 per diluted share compared with $3.69 million or $1.07 per diluted share for the 12 months ended December 31, 2015.

Diluted earnings per share in both 2016 periods reflected a 19% increase in the number of weighted average shares outstanding compared with 2015 periods, resulting primarily from the issuance of one million new shares of the Company’s common stock on December 3, 2015. The Company’s fourth quarter and full-year 2016 net income reflected the impact of a significantly higher loan loss provision, primarily attributable to one classified commercial loan.

Robert R. Chapman III, President and CEO, stated: “Our financial performance in 2016 reflected accelerating revenue generation from expanded operations, including Company-record annual interest income driven by loan growth and record annual noninterest income led by residential mortgage originations and treasury services. Due to some adverse circumstances surrounding a commercial relationship that has over a decade of successful operations with the Bank and continues to pay as agreed, we provided for a reserve that we believe was appropriate based on the facts that were known. This provision negatively impacted fourth quarter and full-year earnings, but our Company continued its mission of growing shareholder value.”



    Interest income from earning assets increased 5.2% in the fourth quarter and 6.2% in the full year 2016 compared with the same periods, respectively, in 2015.


    Net interest income before the provision for loan losses increased 7.1% for the three months ended December 31, 2016 and 9.2% for the 12 months ended December 31, 2016 compared with the prior year’s periods.


    Noninterest income rose 14.4% in 2016 compared to 2015, primarily reflecting continued growth in gains on sale of purchase mortgage originations, service charges and income from treasury management and corporate credit card services, and gains on the sale of investment securities.


    Total loans, net of the allowance for loan losses, were a Company-record $464.35 million at December 31, 2016, primarily driven by growth in commercial lending.


    Commercial loans (primarily C&I) increased 15% year-over-year, with a portfolio of $87.86 million at December 31, 2016 compared with $76.26 million at December 31, 2015. Total real estate loans increased 8.6% year-over-year, led primarily by increased commercial real estate lending.

The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Monday, January 23, 2017 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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