Bank of the James Financial Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 23, 2017 at 05:43 pm
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Bank of the James Financial Group Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $5,563,000 compared to $5,290,000 a year ago. Net interest income was $4,927,000 compared to $4,600,000 a year ago. Income before income taxes was $399,000 compared to $1,119,000 a year ago. Net income was $293,000 or $0.07 per basic and diluted share compared to $825,000 or $0.22 per basic and diluted share a year ago. Return on average assets was 0.21% compared to 0.63% a year ago. Return on average equity was 2.29% compared to 8.03% a year ago.
For the year, the company reported total interest income of $21,568,000 compared to $20,302,000 a year ago. Net interest income was $19,224,000 compared to $17,611,000 a year ago. Income before income taxes was $4,813,000 compared to $5,343,000 a year ago. Net income was $1,527,000 or $0.75 per basic and diluted share compared to $1,651,000 or $1.07 per basic and diluted share a year ago. Return on average assets was 0.60% compared to 0.74% a year ago. Return on average equity was 6.60% compared to 9.78% a year ago. Book value per share was $11.29 at December 31, 2016, up from $11.01 at December 31, 2015.
Bank of the James (the Bank) is a full-service commercial and retail bank. The Bank is a wholly owned subsidiary of Bank of the James Financial Group, Inc. The Bank is engaged in a general retail and commercial banking business. The Bankâs services include personal, business and online banking, loans, and investments. The Bank serves individuals, small and medium-sized businesses and professionals of the Central Virginia area from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. It also provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. It also provides investment advisory services through its wholly owned subsidiary, Pettyjohn, Wood & White, Inc.