Bank of the James Announces First Quarter of 2025 Financial Results
Bank of the James reported Q1 2025 financial results with net income of $842,000 ($0.19 per share), down from $2.19 million ($0.48 per share) in Q1 2024. Total interest income rose 6.90% to $11.23 million, while net interest margin improved to 3.25%.
Key highlights include:
- Total assets grew to $1.01 billion
- Loans increased to $642.39 million
- Commercial real estate loans expanded to $359.76 million
- Strong asset quality with only 0.28% nonperforming loans ratio
- Book value per share rose to $15.04
The bank maintained strong liquidity and announced plans to pay off $10 million in capital notes in June 2025. A one-time consulting expense impacted earnings, but the resulting core provider contract is expected to save up to $5 million over 65 months. The board approved a $0.10 quarterly dividend payable June 20, 2025.
Bank of the James ha comunicato i risultati finanziari del primo trimestre 2025 con un utile netto di 842.000 dollari (0,19 dollari per azione), in calo rispetto ai 2,19 milioni di dollari (0,48 dollari per azione) del primo trimestre 2024. Il reddito totale da interessi è aumentato del 6,90%, raggiungendo 11,23 milioni di dollari, mentre il margine di interesse netto è migliorato al 3,25%.
Principali punti salienti:
- Gli attivi totali sono cresciuti fino a 1,01 miliardi di dollari
- I prestiti sono aumentati a 642,39 milioni di dollari
- I prestiti per immobili commerciali sono saliti a 359,76 milioni di dollari
- Elevata qualità degli attivi con un indice di prestiti non performanti pari solo allo 0,28%
- Il valore contabile per azione è salito a 15,04 dollari
La banca ha mantenuto una solida liquidità e ha annunciato l'intenzione di estinguere 10 milioni di dollari in note di capitale a giugno 2025. Una spesa una tantum per consulenze ha influenzato gli utili, ma il contratto con il fornitore principale che ne è derivato dovrebbe consentire risparmi fino a 5 milioni di dollari in 65 mesi. Il consiglio di amministrazione ha approvato un dividendo trimestrale di 0,10 dollari per azione, pagabile il 20 giugno 2025.
Bank of the James informó los resultados financieros del primer trimestre de 2025 con un ingreso neto de 842,000 dólares (0,19 dólares por acción), disminuyendo desde 2,19 millones de dólares (0,48 dólares por acción) en el primer trimestre de 2024. Los ingresos totales por intereses aumentaron un 6,90% hasta 11,23 millones de dólares, mientras que el margen neto de interés mejoró a 3,25%.
Aspectos destacados clave:
- Los activos totales crecieron a 1,01 mil millones de dólares
- Los préstamos aumentaron a 642,39 millones de dólares
- Los préstamos para bienes raíces comerciales se expandieron a 359,76 millones de dólares
- Alta calidad de activos con una tasa de préstamos morosos de solo 0,28%
- El valor contable por acción subió a 15,04 dólares
El banco mantuvo una fuerte liquidez y anunció planes para pagar 10 millones de dólares en notas de capital en junio de 2025. Un gasto único en consultoría afectó las ganancias, pero el contrato resultante con el proveedor principal se espera que ahorre hasta 5 millones de dólares en 65 meses. La junta aprobó un dividendo trimestral de 0,10 dólares por acción, pagadero el 20 de junio de 2025.
Bank of the James는 2025년 1분기 재무 실적을 발표했으며, 순이익은 842,000달러(주당 0.19달러)로 2024년 1분기의 219만 달러(주당 0.48달러)에서 감소했습니다. 총 이자 수익은 6.90% 증가한 1,123만 달러를 기록했으며, 순이자 마진은 3.25%로 개선되었습니다.
주요 내용은 다음과 같습니다:
- 총 자산이 10억 1천만 달러로 증가
- 대출금이 6억 4,239만 달러로 증가
- 상업용 부동산 대출이 3억 5,976만 달러로 확대
- 비우량 대출 비율이 0.28%로 자산 품질 양호
- 주당 장부가치가 15.04달러로 상승
은행은 강력한 유동성을 유지했으며 2025년 6월에 1,000만 달러의 자본 채권 상환 계획을 발표했습니다. 일회성 컨설팅 비용이 수익에 영향을 미쳤지만, 그 결과로 체결된 핵심 공급자 계약은 65개월 동안 최대 500만 달러의 절감을 기대하고 있습니다. 이사회는 2025년 6월 20일 지급 예정인 주당 0.10달러 분기 배당금을 승인했습니다.
Bank of the James a annoncé ses résultats financiers du premier trimestre 2025 avec un bénéfice net de 842 000 $ (0,19 $ par action), en baisse par rapport à 2,19 millions de dollars (0,48 $ par action) au premier trimestre 2024. Le revenu total d'intérêts a augmenté de 6,90 % pour atteindre 11,23 millions de dollars, tandis que la marge nette d'intérêt s'est améliorée à 3,25 %.
Points clés :
- Les actifs totaux ont augmenté pour atteindre 1,01 milliard de dollars
- Les prêts ont augmenté à 642,39 millions de dollars
- Les prêts immobiliers commerciaux se sont accrus à 359,76 millions de dollars
- Qualité d'actifs solide avec un ratio de prêts non performants de seulement 0,28 %
- La valeur comptable par action a augmenté à 15,04 $
La banque a maintenu une forte liquidité et a annoncé son intention de rembourser 10 millions de dollars de billets de capital en juin 2025. Une dépense ponctuelle de conseil a affecté les résultats, mais le contrat avec le fournisseur principal qui en découle devrait permettre des économies allant jusqu'à 5 millions de dollars sur 65 mois. Le conseil d'administration a approuvé un dividende trimestriel de 0,10 $ par action, payable le 20 juin 2025.
Bank of the James meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 842.000 USD (0,19 USD pro Aktie), zurückgehend von 2,19 Millionen USD (0,48 USD pro Aktie) im ersten Quartal 2024. Die gesamten Zinserträge stiegen um 6,90 % auf 11,23 Millionen USD, während die Nettozinsmarge sich auf 3,25 % verbesserte.
Wichtige Highlights:
- Die Gesamtaktiva wuchsen auf 1,01 Milliarden USD
- Kredite stiegen auf 642,39 Millionen USD
- Gewerbliche Immobilienkredite expandierten auf 359,76 Millionen USD
- Starke Vermögensqualität mit einer Quote notleidender Kredite von nur 0,28 %
- Buchwert je Aktie stieg auf 15,04 USD
Die Bank behielt eine starke Liquidität bei und kündigte Pläne an, im Juni 2025 Kapitalanleihen in Höhe von 10 Millionen USD zurückzuzahlen. Ein einmaliger Beratungsaufwand belastete das Ergebnis, aber der daraus resultierende Vertrag mit dem Hauptanbieter soll in 65 Monaten Einsparungen von bis zu 5 Millionen USD ermöglichen. Der Vorstand genehmigte eine vierteljährliche Dividende von 0,10 USD je Aktie, zahlbar am 20. Juni 2025.
- Net interest margin improved to 3.25% from 3.02% year-over-year
- Total assets grew to $1.01 billion, up 3% from December 31, 2024
- Strong asset quality with low 0.28% ratio of nonperforming loans
- Book value per share increased to $15.04 from $14.28
- New core banking contract expected to save $5 million over 65 months
- Commercial real estate loans grew to $359.76M from $305.52M year-over-year
- Total interest income rose 6.90% to $11.23M compared to prior year
- Net income dropped to $842,000 ($0.19/share) from $2.19M ($0.48/share) year-over-year
- One-time $1M expense for core banking contract negotiation impacted Q1 earnings
- Noninterest expense increased to $9.83M from $8.09M year-over-year
- Slight decrease in noninterest income due to lower mortgage division revenue
Insights
Q1 earnings fell 61.6% YoY due to one-time expense; underlying banking metrics remain positive with improving margins and asset quality.
Bank of the James reported
Despite the earnings decline, core banking fundamentals show positive trends:
- Net interest margin improved to
3.25% from3.02% a year earlier - Total interest income increased
6.90% to$11.23 million - Asset quality remains excellent with nonperforming loans to total loans at just
0.28% - Total assets grew
3% to$1.01 billion - Book value per share increased to
$15.04 from$14.28 at year-end 2024
The bank highlighted plans to pay off
Strong Liquidity, High Asset Quality
LYNCHBURG, Va., April 30, 2025 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month period ended March 31, 2025. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.
Net income for the three months ended March 31, 2025 was
Robert R. Chapman III, CEO of the Bank, commented: “Our focus during the past several years on managing interest expense in a significantly higher rate environment was reflected in the first quarter’s lower year-over-year interest expense. Appropriate adjustments to loan rates and optimizing the performance of the Bank’s investments continued to generate steady interest income growth. As a result, net interest margin and interest spread continued to trend positively. Strong, quality earnings over the years have supported our ability to build and maintain a strong cash position and exceptional liquidity.
“The Company’s core operations for first quarter of 2025 produced solid earnings. However, our earnings were negatively impacted by a non-recurring expense paid to a consultant that we used to successfully negotiate a contract with our core service provider. We anticipate that this contract will result in significant long-term cost savings.
“We anticipate that the holding company’s cash position will allow it to pay off approximately
“Operationally, the first quarter of 2025 was highlighted by steady growth of commercial real estate loans, with stable income contributions from a balanced portfolio of commercial, residential mortgage, construction, and consumer loans. Fee income contributions from commercial treasury services, credit and debit card processing, and PWW’s wealth management activities have continued to generate complementary noninterest income.
“We continue to emphasize relationship banking with commercial and retail clients, providing the broad range of capabilities and expertise that position Bank of the James as the go-to source for financial services. We offer stability and security in a period of significant economic uncertainty.
“The Company is building value for shareholders, as evidenced by growth in stockholders’ equity, retained earnings, and a higher book value per share in the first quarter. We remain focused on efficient operations, maintaining superior asset quality, and sustainable growth.”
President Mike Syrek commented on expansion and growth opportunities, noting, “We are very excited to announce the addition of two accomplished commercial relationship managers, Brandon Caldwell and Kevin Flint. Both bring considerable experience in the commercial lending space and will further strengthen and grow our regional markets. Caldwell comes to Bank of the James from the USDA, having served there after an extended stint as the senior lending officer at Highlands Community Bank. Caldwell has experience at both small and large-sized institutions, and along with his experience with the USDA, we believe his experience will help us expand our reach in multiple markets. Flint comes to Bank of the James with a dual background in credit and investments. Flint spent most of his career with Truist and its predecessors, managing high-profile commercial clients within the markets we serve. Kevin also is a Certified Financial Planner and has spent the last few years working as a CFP. Flint’s dual roles will help further the growth in our Harrisonburg market as well as beyond.
“These additions help strengthen an already high-performing commercial team and illustrate our focus on growth and obtaining additional market share in the regions that we serve. We are delighted to have both men as part of the Bank of the James family.”
First Quarter of 2025 Highlights
- Net income and earnings per share (EPS) in the first quarter of 2025 were impacted by higher noninterest expense, primarily reflecting a one-time approximately
$1 million expense related to the negotiation of a contract with our banking core provider. Over the 65-month term of this contract, the Company anticipates realizing up to$5 million in savings as compared to our previous contract. - Total interest income rose
6.90% to$11.23 million in the first quarter of 2025 compared with$10.51 million a year earlier. The growth primarily reflected higher yields on loans, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased to5.56% compared with5.28% a year earlier. - Net interest income after provision for credit losses increased to
$7.58 million in the first quarter of 2025 compared with net interest income after recovery of credit losses of$7.50 million a year earlier for the full year of 2024. Interest expense in the first quarter declined from the previous year’s first quarter due to a decrease in the average rate paid on interest bearing liabilities. - Net interest margin in the first quarter of 2025 improved to
3.25% , reflecting a steady upward quarterly trend from3.02% in the first quarter of 2024. Interest spread in the first quarter rose to2.95% from2.73% in the prior year’s first quarter. - Total noninterest income of
$3.28 million in the first quarter of 2025 was stable compared with a year earlier, primarily reflecting continuing strong contributions from commercial treasury services, residential mortgage origination fee income, and wealth management fee income from PWW, which generated$0.09 earnings per share in the first quarter. - Loans, net of the allowance for credit losses, increased to
$642.39 million at March 31, 2025 from$636.55 million at December 31, 2024 and$601.12 million a year earlier. - Commercial real estate loans (owner occupied and non-owner occupied) led lending activity, increasing to
$359.76 million from$335.53 million at December 31, 2024 and from$305.52 million a year earlier. - Measures of asset quality remained strong, highlighted by a ratio of nonperforming loans to total loans of
0.28% at March 31, 2025, low levels of nonperforming loans, and zero other real estate owned (OREO). - Total assets grew
3% to$1.01 billion at March 31, 2025 from$979.24 million at December 31, 2024. Total assets increased by$26.84 million from March 31, 2024. - Total deposits were
$911.68 million at March 31, 2025, up from$882.40 million at December 31, 2024, reflecting growth in core deposits (noninterest bearing demand deposits, NOW, money market and savings). - Shareholder value measures included growth in stockholders’ equity to
$68.35 million at March 31, 2025 from$64.87 million at December 31, 2024, higher retained earnings, and a book value per share of$15.04 , up from$14.28 at December 31, 2024. - On April 15, 2025, the Company’s board of directors approved a quarterly dividend of
$0.10 per common share to stockholders of record as of June 6, 2025, to be paid on June 20, 2025.
First Quarter of 2025 Operational Review
The Company retained a consultant to assist it in negotiating an amendment to and extension of the contract with its provider of its core banking platform— the platform we use for processing transactions, maintaining customer accounts, and supporting other critical banking functions. As previously noted, first quarter 2025 net income and earnings per share reflected the expense associated with this engagement. The Company anticipates that the new contract with our core provider, which was effective April 1, 2025, will generate significant savings over the 65-month term of the contract.
Net interest income after provision for credit losses for the first quarter of 2025 was
Total interest income was
Investment portfolio management and appropriate rate increases on loans continued to contribute to year-over-year growth in yields on total earning assets, which were
Total interest expense in the first quarter of 2025 was
A stabilizing interest rate environment and the Company’s upward adjustments to floating rate commercial loans and rates on originated and retained residential mortgages contributed to gradual margin pressure relief during the past several quarters. In the first quarter of 2025, the net interest margin was
Noninterest income in the first quarter of 2025 was
Noninterest expense in the first quarter of 2025 was
Balance Sheet: Strong Cash Position, High Asset Quality
Total assets were
Loans, net of allowance for credit losses, were
Commercial real estate loans (owner-occupied and non-owner occupied, excluding construction loans) totaled
Commercial construction/land loans were
Residential mortgage loans that the Company intends to keep on the balance sheet totaled
Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at March 31, 2025 was
Total deposits were
Key measures of shareholder value were positive. Stockholders’ equity was
Interest rate fluctuations result in adjustments to the fair value in the Company’s available-for-sale securities portfolio (known as “mark-to-market”), which are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly rated debt instruments. The Company does not expect to realize the unrealized losses, as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.
About the Company
Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank, as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.
CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.
FINANCIAL RESULTS FOLLOW
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)
| (unaudited) | |||||||
| Assets | 3/31/2025 | 12/31/2024 | |||||
| Cash and due from banks | $ | 25,760 | $ | 23,287 | |||
| Federal funds sold | 69,206 | 50,022 | |||||
| Total cash and cash equivalents | 94,966 | 73,309 | |||||
| Securities held-to-maturity (fair value of | 3,602 | 3,606 | |||||
| Securities available-for-sale, at fair value | 192,780 | 187,916 | |||||
| Restricted stock, at cost | 1,821 | 1,821 | |||||
| Loans, net of allowance for credit losses of | 642,388 | 636,552 | |||||
| Loans held for sale | 4,739 | 3,616 | |||||
| Premises and equipment, net | 19,257 | 18,959 | |||||
| Interest receivable | 2,970 | 3,065 | |||||
| Cash value - bank owned life insurance | 23,094 | 22,907 | |||||
| Customer relationship Intangible | 6,585 | 6,725 | |||||
| Goodwill | 2,054 | 2,054 | |||||
| Deferred tax asset | 8,113 | 8,936 | |||||
| Other assets | 9,357 | 9,778 | |||||
| Total assets | $ | 1,011,726 | $ | 979,244 | |||
| Liabilities and Stockholders' Equity | |||||||
| Deposits | |||||||
| Noninterest bearing demand | $ | 138,619 | $ | 129,692 | |||
| NOW, money market and savings | 560,300 | 522,208 | |||||
| Time deposits | 212,764 | 230,504 | |||||
| Total deposits | 911,683 | 882,404 | |||||
| Capital notes, net | 10,049 | 10,048 | |||||
| Other borrowings | 9,146 | 9,300 | |||||
| Deferred tax liability | 294 | - | |||||
| Income taxes payable | - | 86 | |||||
| Interest payable | 688 | 722 | |||||
| Other liabilities | 11,518 | 11,819 | |||||
| Total liabilities | $ | 943,378 | $ | 914,379 | |||
| Stockholders' equity | |||||||
| Common stock | 9,723 | 9,723 | |||||
| Additional paid-in-capital | 35,253 | 35,253 | |||||
| Accumulated other comprehensive (loss) | (19,819 | ) | (22,915 | ) | |||
| Retained earnings | 43,191 | 42,804 | |||||
| Total stockholders' equity | $ | 68,348 | $ | 64,865 | |||
| Total liabilities and stockholders' equity | $ | 1,011,726 | $ | 979,244 | |||
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(dollar amounts in thousands, except per share amounts) (unaudited)
| For the Three Months Ended | |||||||
| March 31, | |||||||
| Interest Income | 2025 | 2024 | |||||
| Loans | $ | 8,906 | $ | 8,024 | |||
| Securities | |||||||
| US Government and agency obligations | 454 | 338 | |||||
| Mortgage backed securities | 387 | 809 | |||||
| Municipals - taxable | 311 | 286 | |||||
| Municipals - tax exempt | 18 | 18 | |||||
| Dividends | 13 | 12 | |||||
| Corporates | 135 | 135 | |||||
| Interest bearing deposits | 123 | 133 | |||||
| Federal Funds sold | 887 | 754 | |||||
| Total interest income | 11,234 | 10,509 | |||||
| Interest Expense | |||||||
| Deposits | |||||||
| NOW, money market savings | 1,248 | 1,275 | |||||
| Time deposits | 2,079 | 2,090 | |||||
| Finance leases | 17 | 20 | |||||
| Other borrowings | 89 | 92 | |||||
| Capital notes | 82 | 82 | |||||
| Total interest expense | 3,515 | 3,559 | |||||
| Net interest income | 7,719 | 6,950 | |||||
| Provision for (recovery of) credit losses | 137 | (553 | ) | ||||
| Net interest income after provision for (recovery of) credit losses | 7,582 | 7,503 | |||||
| Noninterest income | |||||||
| Gain on sales of loans held for sale | 837 | 927 | |||||
| Service charges, fees and commissions | 981 | 953 | |||||
| Wealth management fees | 1,255 | 1,163 | |||||
| Life insurance income | 188 | 159 | |||||
| Other | 22 | 105 | |||||
| Total noninterest income | 3,283 | 3,307 | |||||
| Noninterest expenses | |||||||
| Salaries and employee benefits | 4,777 | 4,445 | |||||
| Occupancy | 570 | 493 | |||||
| Equipment | 670 | 607 | |||||
| Supplies | 142 | 145 | |||||
| Professional and other outside expense | 1,715 | 801 | |||||
| Data processing | 820 | 751 | |||||
| Marketing | 198 | 30 | |||||
| Credit expense | 186 | 188 | |||||
| FDIC insurance expense | 142 | 109 | |||||
| Amortization of intangibles | 140 | 140 | |||||
| Other | 466 | 379 | |||||
| Total noninterest expenses | 9,826 | 8,088 | |||||
| Income before income taxes | 1,039 | 2,722 | |||||
| Income tax expense | 197 | 535 | |||||
| Net Income | $ | 842 | $ | 2,187 | |||
| Weighted average shares outstanding - basic and diluted | 4,543,338 | 4,543,338 | |||||
| Earnings per common share - basic and diluted | $ | 0.19 | $ | 0.48 | |||
Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
Unaudited
| Selected Data: | Three months ending Mar 31, 2025 | Three months ending Mar 31, 2024 | Change | |||||||||||||||
| Interest income | $ | 11,234 | $ | 10,509 | 6.90 | % | ||||||||||||
| Interest expense | 3,515 | 3,559 | -1.24 | % | ||||||||||||||
| Net interest income | 7,719 | 6,950 | 11.06 | % | ||||||||||||||
| Provision for (recovery of) credit losses | 137 | (553 | ) | -124.77 | % | |||||||||||||
| Noninterest income | 3,283 | 3,307 | -0.73 | % | ||||||||||||||
| Noninterest expense | 9,826 | 8,088 | 21.49 | % | ||||||||||||||
| Income taxes | 197 | 535 | -63.18 | % | ||||||||||||||
| Net income | 842 | 2,187 | -61.50 | % | ||||||||||||||
| Weighted average shares outstanding - basic | 4,543,338 | 4,543,338 | - | |||||||||||||||
| Weighted average shares outstanding - diluted | 4,543,338 | 4,543,338 | - | |||||||||||||||
| Basic net income per share | $ | 0.19 | $ | 0.48 | $ | (0.29 | ) | |||||||||||
| Fully diluted net income per share | $ | 0.19 | $ | 0.48 | $ | (0.29 | ) | |||||||||||
| Balance Sheet at period end: | Mar 31, 2025 | Dec 31, 2024 | Change | Mar 31, 2024 | Dec 31, 2023 | Change | ||||||||||||
| Loans, net | $ | 642,388 | $ | 636,552 | 0.92 | % | $ | 601,115 | $ | 601,921 | -0.13 | % | ||||||
| Loans held for sale | 4,739 | 3,616 | 31.06 | % | 4,640 | 1,258 | 268.84 | % | ||||||||||
| Total securities | 196,382 | 191,522 | 2.54 | % | 218,440 | 220,132 | -0.77 | % | ||||||||||
| Total deposits | 911,683 | 882,404 | 3.32 | % | 893,494 | 878,459 | 1.71 | % | ||||||||||
| Stockholders' equity | 68,348 | 64,865 | 5.37 | % | 60,437 | 60,039 | 0.66 | % | ||||||||||
| Total assets | 1,011,726 | 979,244 | 3.32 | % | 984,891 | 969,371 | 1.60 | % | ||||||||||
| Shares outstanding | 4,543,338 | 4,543,338 | - | 4,543,338 | 4,543,338 | - | ||||||||||||
| Book value per share | $ | 15.04 | $ | 14.28 | $ | 0.76 | $ | 13.30 | $ | 13.21 | $ | 0.09 | ||||||
| Daily averages: | Three months ending Mar 31, 2025 | Three months ending Mar 31, 2024 | Change | |||||||||||||
| Loans | $ | 646,788 | $ | 608,172 | 6.35 | % | ||||||||||
| Loans held for sale | 2,391 | 2,481 | -3.63 | % | ||||||||||||
| Total securities (book value) | 219,550 | 248,748 | -11.74 | % | ||||||||||||
| Total deposits | 922,207 | 884,555 | 4.26 | % | ||||||||||||
| Stockholders' equity | 64,778 | 59,891 | 8.16 | % | ||||||||||||
| Interest earning assets | 963,688 | 926,354 | 4.03 | % | ||||||||||||
| Interest bearing liabilities | 800,249 | 765,728 | 4.51 | % | ||||||||||||
| Total assets | 1,021,766 | 978,867 | 4.38 | % | ||||||||||||
| Financial Ratios: | Three months ending Mar 31, 2025 | Three months ending Mar 31, 2024 | Change | |||||||||||||
| Return on average assets | 0.33 | % | 0.90 | % | (0.57 | ) | ||||||||||
| Return on average equity | 5.27 | % | 14.69 | % | (9.42 | ) | ||||||||||
| Net interest margin | 3.25 | % | 3.02 | % | 0.23 | |||||||||||
| Efficiency ratio | 89.31 | % | 78.85 | % | 10.46 | |||||||||||
| Average equity to average assets | 6.34 | % | 6.12 | % | 0.22 | |||||||||||
| Allowance for credit losses: | Three months ending Mar 31, 2025 | Three months ending Mar 31, 2024 | Change | |||||||||||||
| Beginning balance | $ | 7,044 | $ | 7,412 | -4.96 | % | ||||||||||
| Retained earnings adjustment related to impact of adoption of ASU 2016-13 | - | - | N/A | |||||||||||||
| Provision for (recovery of) credit losses* | 29 | (501 | ) | -105.79 | % | |||||||||||
| Charge-offs | (63 | ) | (65 | ) | -3.08 | % | ||||||||||
| Recoveries | 12 | 74 | -83.78 | % | ||||||||||||
| Ending balance | 7,022 | 6,920 | 1.47 | % | ||||||||||||
| * does not include provision for or recovery of unfunded loan commitment liability | ||||||||||||||||
| Nonperforming assets: | Mar 31, 2025 | Dec 31, 2024 | Change | Mar 31, 2024 | Dec 31, 2023 | Change | ||||||||||
| Total nonperforming loans | $ | 1,799 | $ | 1,640 | 9.70 | % | $ | 558 | $ | 391 | 42.71 | % | ||||
| Other real estate owned | - | - | N/A | - | - | N/A | ||||||||||
| Total nonperforming assets | 1,799 | 1,640 | 9.70 | % | 558 | 391 | 42.71 | % | ||||||||
| Asset quality ratios: | Mar 31, 2025 | Dec 31, 2024 | Change | Mar 31, 2024 | Dec 31, 2023 | Change | ||||||||||
| Nonperforming loans to total loans | 0.28 | % | 0.25 | % | 0.02 | 0.09 | % | 0.06 | % | 0.03 | ||||||
| Allowance for credit losses for loans to total loans | 1.08 | % | 1.09 | % | (0.01 | ) | 1.14 | % | 1.22 | % | (0.08 | ) | ||||
| Allowance for credit losses for loans to nonperforming loans | 390.33 | % | 429.51 | % | (39.18 | ) | 1240.14 | % | 1895.65 | % | (655.51 | ) | ||||
FAQ
How much did Bank of the James (BOTJ) earn per share in Q1 2025?
What is Bank of the James (BOTJ) dividend payment for Q2 2025?
What was BOTJ's net interest margin in Q1 2025?
How will BOTJ's debt payoff in June 2025 affect earnings?
What is Bank of the James (BOTJ) book value per share in Q1 2025?
What is BOTJ's loan quality status in Q1 2025?
