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Bank of the James Financial Group, Inc. reports developments for a Virginia bank holding company whose primary subsidiaries are Bank of the James, a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. The company serves the greater Lynchburg area and other Virginia markets through community banking, mortgage banking, and investment advisory services.
Recurring news includes quarterly and annual operating results, net interest income, loan growth, deposit costs, asset quality, mortgage originations, wealth management fees, commercial treasury services, dividends, and board or executive leadership changes. Updates also describe the balance between interest income from commercial and retail lending and noninterest income from mortgage sales, advisory fees, card activity, and service charges.
Bank of the James Financial Group (NASDAQ: BOTJ) reported its unaudited financial results for the third quarter and nine months ending September 30, 2020. Net income decreased to $1.45 million ($0.34 per diluted share) for Q3 2020, down from $1.47 million a year earlier. For the first nine months, net income was $3.27 million ($0.75 per diluted share), down from $4.09 million in 2019. Noninterest income rose significantly to $3.06 million in Q3 2020, largely driven by residential mortgage origination. Total deposits increased to $763.9 million, and the Company declared a $0.07 per share dividend.
Bank of the James Financial Group (BOTJ) reported Q2 2020 net income of $821,000 ($0.19/share), down from $1.38 million ($0.31/share) in Q2 2019. H1 2020 net income was $1.82 million ($0.42/share) compared to $2.61 million ($0.60/share) in H1 2019. Total loans grew to $623.56 million, fueled by $68 million in PPP loans. Total deposits rose to $746 million. Noninterest income increased to $2.8 million due to strong residential mortgage originations. The bank declared a $0.07 dividend, payable September 18, 2020, and anticipates improved loan performance post-PPP loan period.
Bank of the James Financial Group, Inc. (NASDAQ: BOTJ) announced a private placement of $10,050,000 in five-year notes with a 3.25% interest rate, maturing on June 30, 2025. The company plans to retire a previous private placement with $5,000,000 of the proceeds and will utilize the remainder for general corporate purposes, including capital contributions to its subsidiary, Bank of the James. The successful placement reflects confidence from 39 local accredited investors in the company's future.