Bank of the James Financial Group Reports Financial Results for the Fourth Quarter and Full Year of 2024

Bank of the James Financial Group, Inc. (NASDAQ:BOTJ) has recently released its unaudited financial results for the three months and twelve months ended December 31, 2024. The company, based in Lynchburg, Virginia, operates as a parent company to Bank of the James, a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (PWW), an SEC-registered investment advisor. The bank serves various regions in Virginia, including the greater Lynchburg MSA, Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville.

Net income for the three months ended December 31, 2024, was reported at $1.62 million or $0.36 per basic and diluted share as opposed to $2.11 million or $0.45 per basic and diluted share in the same period of 2023. For the twelve months ended December 31, 2024, net income stood at $7.94 million or $1.75 per share, a slight decrease compared to $8.70 million or $1.91 per share for the year ending December 31, 2023.

Robert R. Chapman III, CEO of Bank of the James, praised the company’s performance, mentioning that the past year saw earnings growth supported by a variety of banking products and investment management services. The bank experienced loan growth, deposit expansion, and maintained high asset quality across their operations.

During the highlighted period, Bank of the James observed a 6% increase in total loans, led by growth in commercial real estate loans. The company also emphasized maintaining high levels of credit quality and enhancing shareholder value. The total assets were reported at $979.24 million by the end of 2024, compared to $969.37 million in 2023, with loans reaching $636.55 million and $601.92 million for the same periods.

Additionally, the company declared a quarterly dividend of $0.10 per common share to stockholders of record as of March 7, 2025, payable on March 21, 2025. The Bank of the James Financial Group believes it is well-positioned for the future, continuing its trend of providing value to shareholders, customers, and communities.

For further details, the full 8-K SEC filing can be accessed on the official SEC website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bank of the James Financial Group’s 8K filing here.

About Bank of the James Financial Group

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Bank of the James Financial Group, Inc operates as the bank holding company for Bank of the James that provides general retail and commercial banking services to individuals, businesses, associations and organizations, and governmental authorities in Virginia, the United States. It offers checking, savings, individual retirement, and health care saving accounts, as well as other time deposits, including money market accounts and certificates of deposit.

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