Exhibit 99.1

 

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Bank of the James Announces Fourth Quarter, 12 Months 2017

Financial Results and Declaration of Dividend

Record Assets and Deposits; Commercial Lending Drives Interest Income

LYNCHBURG, Va., January 26, 2018 — 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, 2017.

Net income for the three months ended December 31, 2017 was $360,000 or $0.08 per diluted share compared with $293,000 or $0.07 per diluted share for the three months ended December 31, 2016. Net income for the 12 months ended December 31, 2017 was $2.92 million or $0.67 per diluted share compared with $3.29 million or $0.75 per diluted share for the 12 months ended December 31, 2016. Results for the quarter and year ended December 31, 2017 include a one-time income tax expense related to a reduction in the value of the Bank’s deferred tax asset of $878,000 resulting from the reduction in corporate income tax rates in the recently passed Tax Cuts and Jobs Act.

Highlights

 

    Continued growth in commercial and construction lending contributed to a 12% growth of interest income from earning assets in the fourth quarter of 2017 compared with the fourth quarter of 2016, and a 10% increase for the year ended December 31, 2017 compared with a year earlier.

 

    Net interest income before provision for loan losses rose 10% for the fourth quarter of 2017 and 8% for the 12 months of 2017 compared to the same periods of 2016.

 

    Total noninterest income in the fourth quarter of 2017 rose 18% compared with the fourth quarter of 2016, primarily reflecting increasing fee income from business-related electronic treasury management services and growth in gains on sale of residential mortgage loans, particularly in the second half of 2017.

 

    Income before income taxes was $1.63 million for the three months ended December 31, 2017 compared with $399,000 for the three months ended December 31, 2016. For the 12 months ended December 31, 2017, income before income taxes was $5.36 million compared with $4.81 million for the 12 months ended December 31, 2016.

 

    Deposits increased to a Company-record $567.49 million, up 8%, led by a 20% year-over-year growth in noninterest bearing demand deposits.

 

    Total assets were a Company-record $626.34 million at December 31, 2017, up 9% from year-end 2016. Asset quality ratios remained strong, reflecting loan portfolio strength.

 

    Increased shareholder value was reflected in year-over-year growth in book value per share, a 5% higher stockholders’ equity, and an 18% rise in retained earnings.

 

    Based on the results achieved in the fourth quarter, on January 16, 2018 the Company’s board of directors approved a $0.06 per share dividend payable to stockholders of record on March 9, 2018, to be paid on March 23, 2018.

 

    In addition, the new full-service branch in Appomattox, Virginia opened in the fourth quarter of 2017.

Robert R. Chapman III, President and CEO, commented: “The Company’s fourth quarter operating results demonstrated solid year-over-year growth in commercial lending, and higher interest and noninterest income driven by investments the Company has made in market expansion, growing commercial banking, and a larger team.


The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Monday, January 29, 2018 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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