Exhibit 99.1



Bank of the James Announces First Quarter 2018

Financial Results and Declaration of Dividend

Record Assets and Deposits; Commercial Lending Drives Interest Income

LYNCHBURG, Va., April 20, 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 ended March 31, 2018.

Net income for the three months ended March 31, 2018 was $1.12 million or $0.26 per diluted share, up 48% compared with $760,000 or $0.17 per diluted share for the three months ended March 31, 2017.



    Continued growth in commercial & industrial (C&I) lending and commercial real estate (CRE) lending were the major contributors to 12% growth of interest income from earning assets in the first quarter of 2018 compared with the first quarter of 2017.


    Net interest income before the provision for loan losses was $5.33 million in the first quarter of 2018, up 10% from $4.84 million in the first quarter of 2017, led primarily by growth in commercial lending.


    Total noninterest income, primarily reflecting increased fee income from treasury services, income from the Company’s insurance and investments business, and strong growth in gains on sale of residential mortgage loans, rose 38% in the first quarter of 2018 compared with the first quarter of 2017.


    Income tax expense decreased by $67,000 in the first quarter of 2018 when compared to the comparable quarter last year. This decrease was due to a decrease in our effective tax rate due to the Tax and Jobs Act of 2017.


    Deposits increased to a Company-record $584.52 million, with core deposits (noninterest-bearing demand, NOW, savings and money market accounts) comprising 69% of total deposits.


    Total assets, driven primarily by year-over-year growth in net loans and loans held for sale, increased to a Company-record $653.64 million at March 31, 2018. Asset quality ratios remained strong, reflecting loan portfolio strength.


    Measures of productivity trended positively, as Return on Average Assets (ROAA) rose to 0.72% for the quarter ended March 31, 2018 as compared to 0.53% for the quarter ended March 31, 2017, and Return on Average Equity (ROAE) increased to 8.62% for the quarter ended March 31, 2018 from 6.05% a year earlier.


    Based on the results achieved in the first quarter, on April 17, 2018 the Company’s board of directors approved a $0.06 per share dividend payable to stockholders of record on June 8, 2018, to be paid on June 22, 2018.

Robert R. Chapman III, President and CEO, commented: “Our Company made a strong start in 2018, with net income growth and operating results that demonstrated balanced and diversified contributions from interest-generating assets and noninterest income sources. Steadily growing commercial lending drove solid year-over-year interest income growth and represented contributions from commercial & industrial lending, commercial real estate, and construction. Income from residential mortgage originations, rising customer use of electronic treasury services, and income from BOTJ Investment Services supported a 38% year-over-year rise in quarterly noninterest income.

“The positive impact of the investments made to expand our banking team and grow our presence in Charlottesville, Harrisonburg and Roanoke is generating revenue, and supporting new and expanded relationships with customers throughout our served markets. Total assets and deposits had double-digit year-over-year growth and net loans increased 8%. We were encouraged by the year-over-year improvement in the important measures of ROAA and ROAE, which we believe demonstrates the ongoing progress we are making in building the productivity, profitability, and shareholder value of the Company.”

The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Friday, April 20, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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