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Bank of the James Announces Second Quarter, First Half 2018
Financial Results and Declaration of Dividend
Strong Year-Over-Year Net Income Growth, Loan Growth, Asset Quality Stability
LYNCHBURG, Va., July 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 and six months ended June 30, 2018.
Net income for the three months ended June 30, 2018 was $1.30 million or $0.30 per diluted share, up 65% compared with $787,000 or $0.18 per diluted share for the three months ended June 30, 2017. For the six months ended June 30, 2018, net income rose 57% to $2.42 million or $0.55 per diluted share, compared with $1.55 million or $0.35 per diluted share for the six months ended June 30, 2017.
|||Commercial & industrial (C&I) lending and commercial real estate (CRE) lending were the major contributors to 15% growth of interest income from earning assets in the second quarter of 2018 compared with the second quarter of 2017.|
|||Net interest income before the provision for loan losses was $5.80 million in the second quarter of 2018, up 13% from the second quarter of 2017, led primarily by growth in commercial lending.|
|||Total noninterest income, primarily reflecting increased fee income from treasury services, income from the Companys insurance and investments business, and growth in gains on sale of residential mortgage loans, rose 20% in the second quarter of 2018 compared with the second quarter of 2017. In the first half of 2018, total noninterest income was up 27% as compared to the first half of 2017.|
|||Deposits were $596.07 million, a company record, led by core deposit growth (noninterest-bearing demand, NOW, savings and money market accounts).|
|||Total assets, driven primarily by a 7% year-over-year growth in net loans and loans held for sale, increased to a Company-record $655.87 million at June 30, 2018. Asset quality ratios remained strong, reflecting loan portfolio strength.|
|||Measures of productivity trended positively, as Return on Average Assets (ROAA) was 0.79% for the quarter ended June 30, 2018 as compared to 0.54% for the quarter ended June 30, 2017, and Return on Average Equity (ROAE) increased to 9.67% for the quarter ended June 30, 2018 from 6.13% a year earlier. The Companys efficiency ratio was 73.3% in the second quarter of 2018, improving from 75.6% a year earlier.|
|||Total stockholders equity increased to $52.52 million at June 30, 2018 from $51.67 million December 31, 2017, and retained earnings increased to $14.17 million from $12.27 million at year-end 2017. Based on the results achieved in the first quarter, on July 17, 2018 the Companys board of directors approved a $0.06 per share dividend payable to stockholders of record on September 7, 2018, to be paid on September 21, 2018.|
Robert R. Chapman III, President and CEO, commented: Our financial results, including one of the best quarters for earnings in the Companys history, reflected the continued revenue contributions throughout the Company. Continuing gains in productivity and efficiency, as seen in higher year-over-year ROAA and ROAE and an improved efficiency ratio, are supporting our goal of generating an accelerating and predictable earnings flow. Managing interest expense while growing our deposit base, and maintaining solid loan quality have also supported earnings growth.
Commercial lending and banking continued the positive performance of the past several quarters, and our BOTJ Investment Services team and Mortgage Lending group both had record quarters for production. Our expanded team of mortgage lenders, and continuing success in growing our reputation throughout our served markets as a mortgage origination leader led to this positive performance. Contributions from BOTJ Investment Services, gains on sale of originated mortgages, and revenue from commercial treasury services have supported growth of noninterest income.
The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Friday, July 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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