Exhibit 99.1

LOGO

Bank of the James Announces First Quarter 2019

Financial Results and Declaration of Dividend

Commercial Loan Growth, Strong Mortgage Production, Record First Quarter EPS

LYNCHBURG, Va., April 26, 2019 — 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 Region 2000 (Greater Lynchburg MSA), and the Charlottesville, Harrisonburg, and Roanoke, Virginia markets, today announced unaudited results for the three months ended March 31, 2019.

Net income for the three months ended March 31, 2019 was $1.23 million or $0.28 per diluted share, compared with $1.12 million or $0.26 per diluted share for the three months ended March 31, 2018. The first quarter 2019 net income and earnings per share were the highest first quarter earnings in the Company’s 20-year operating history.

Robert R. Chapman III, President and CEO commented: “The first three months of 2019 reflect the execution of our strategic plan towards geographical expansion and year-over-year earnings growth. Our expanded regional markets continue to drive new business opportunities with solid activity in residential mortgage origination, insurance and investments, commercial banking and deposit growth. We look forward to subsequent quarters as our highly motivated team members continue the mission of value creation for our shareholders.”

Highlights

 

   

Led by growth in commercial lending, loans receivable, net of allowance for loan losses, were a Company-record $535.96 million at March 31, 2019, up from $530.02 million at December 31, 2018 and up 7% from $501.88 million a year earlier.

 

   

Owner-occupied commercial real estate loan totals at March 31, 2019 rose 9% from a year earlier, while non-owner-occupied commercial real estate loans rose 36% and commercial & industrial (C&I) loans increased 8% compared with totals at March 31, 2018.

 

   

Total interest income rose 18% and net interest income before the provision for loan losses was up 15% from the first quarter of 2018, driven primarily by increased interest generated through loan growth and interest expense management.

 

   

Total noninterest income, including increased fee income from treasury services, income from the Company’s insurance and investments business and gains on sale of residential mortgages, rose to $1.22 million in the first quarter of 2019 compared with $1.19 million in the first quarter of 2018.

 

   

Deposits increased to $616.74 million at March 31, 2019, led by growth in noninterest bearing demand deposits linked to commercial banking relationships. Core deposits (noninterest-bearing demand, NOW, savings and money market accounts) comprised 69% of the Company’s total deposits.

 

   

Total assets were a Company-record $684.39 million at March 31, 2019.

 

   

The Company maintained strong asset quality, with a ratio of nonperforming loans to total loans of 0.67% at March 31, 2019.

 

   

Measures of shareholder value included a $2 million increase in total stockholders’ equity to $57.18 million at March 31, 2019 from $55.14 million at December 31, 2018, and tangible book value per share rose to $13.06, up from $12.59 at December 31, 2018 and $11.80 at March 31, 2018.

 

   

Based on the results achieved in the first quarter of 2019, on April 23, 2019 the Company’s board of directors approved a $0.06 per share dividend payable to stockholders of record on June 7, 2019, to be paid on June 21, 2019.


The following information was filed by Bank Of The James Financial Group Inc (BOTJ) on Friday, April 26, 2019 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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