From GlobeNewswire: 2025-01-31 12:00:00

Bank of the James Financial Group, Inc. reported a net income of $1.62 million for the three months ended December 31, 2024, and $7.94 million for the full year. The company’s total assets were $979.24 million at the end of 2024, with total deposits at $882.40 million. Stockholders’ equity increased by 8% from the previous year.

The Bank experienced growth in interest income, totaling $44.64 million for the full year of 2024, reflecting increases in commercial loan interest rates and higher-rate residential mortgages. Noninterest income also rose by 18% to $15.14 million, driven by fee income and wealth management services. Total loans, net, increased by 6% in 2024.

Noninterest expense in the fourth quarter of 2024 was $9.50 million, impacted by one-time payments related to contract negotiations. Net interest margin showed improvement, reaching 3.18% in the fourth quarter, up from 3.16% in the previous quarter. Shareholders saw an 8% growth in stockholders’ equity at the end of 2024.

The Bank maintained high asset quality with a ratio of nonperforming loans to total loans at 0.25% and an allowance for credit losses of 1.09% at the end of 2024. Total nonperforming assets were $1.64 million. Total assets at the end of 2024 were $979.24 million, with total deposits at $882.40 million. Stockholders’ equity increased by 8% to $64.87 million.

Key financial ratios include a return on average assets of 0.63% and a return on average equity of 9.39% for the fourth quarter of 2024. The Bank’s net interest margin was 3.18% in the same period. Asset quality ratios showed nonperforming loans to total loans at 0.25% and an allowance for credit losses for loans to total loans at 1.09% at the end of 2024.



Read more at GlobeNewswire:: Bank of the James Announces Fourth Quarter, Full Year of