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Bank of the James Announces Third Quarter, Nine Months of 2018
Financial Results and Declaration of Dividend
Strong Year-Over-Year Earnings Growth, Loan and Deposit Expansion
LYNCHBURG, Va., October 19, 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 nine months ended September 30, 2018.
Net income for the three months ended September 30, 2018 was $1.40 million or $0.32 per diluted share, up 38% compared with $1.02 million or $0.23 per diluted share for the three months ended September 30, 2017. For the nine months ended September 30, 2018, net income rose 49% to $3.83 million or $0.87 per diluted share, compared with $2.56 million or $0.59 per diluted share for the nine months ended September 30, 2017.
Robert R. Chapman III, President and CEO, commented: We continued to have balanced contributions from commercial and retail lending and banking activities, generating meaningful year-over-year interest income and non-interest income growth. Deposit growth of $47 million year-over-year, specifically an increase core deposits, reflected an ongoing focus on building full banking relationships with clients. Importantly, deposit growth has provided attractively priced financing to fund lending, and contributed to interest expense management and net interest margin improvement.
Commercial real estate (CRE), construction and multi-family housing loans were major contributors to the 15% growth of interest income from earning assets in the third quarter of 2018 compared with the third quarter of 2017.
Net interest income before the provision for loan losses was $5.99 million in the third quarter of 2018, up 13% from the third 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 continued strong gains on sales of residential mortgage loans, was up 17% in the nine months of 2018 compared with the nine months of 2017.
Deposits increased to a record $607.45 million at September 30, 2018, led by core deposit growth (noninterest-bearing demand, NOW, savings and money market accounts).
Total assets were a Company record $668.44 million at September 30, 2018.
Total nonperforming loans declined 45% at September 30, 2018 from December 31, 2017, contributing to strong asset quality ratios, including an improvement of nonperforming loans to total loans of 0.44% at September 30, 2018 from 0.87% at December 31, 2017. All asset quality ratios remained strong, reflecting loan portfolio strength.
Measures of productivity trended positively, as Return on Average Assets (ROAA) was 0.84% for the quarter ended September 30, 2018, up from 0.66% for the quarter ended September 30, 2017 (and up from 0.79% for the quarter ended June 30, 2018). Return on Average Equity (ROAE) increased significantly to 10.13% for the quarter ended September 30, 2018 from 7.75% for the quarter ended September 30, 2017 (and up from 9.67% for the quarter ended June 30, 2018). The Companys efficiency ratio improved year-over-year.
Total stockholders equity increased to $53.12 million at September 30, 2018 from $51.67 million December 31, 2017, and retained earnings rose to $15.31 million from $12.27 million at year-end 2017. Based on the results achieved in the third quarter of 2018, on October 16, 2018 the Companys board of directors approved a $0.06 per share dividend payable to stockholders of record on November 30, 2018, to be paid on December 14, 2018.
The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Friday, October 19, 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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