Bank of the James’ parent company on Friday reported a rise in fourth-quarter profit.
Lynchburg-based Bank of the James Financial Group (NASDAQ: BOTJ) reported net income of $1.86 million, or 39 cents per share, up 9% from $1.71 million, or 36 cents per share, during the same quarter last year.
The bank closed out 2021 with an annual net income of $7.59 million, or $1.60 per share, up from $4.98 million the year before.
“The Company’s positive financial performance and Company-record annual net income in 2021 reflected a forward-looking strategic focus supported by disciplined interest rate management, strong asset quality, and operational efficiency,” Bank of the James Financial Group President and CEO Bob Chapman said in a news release. “The past year presented challenges but also many opportunities for the Company to serve customers, assist the communities in which we operate, and continue delivering value to shareholders.”
At the end of the fourth quarter, assets totaled $987.6 million, up from $851.4 million at the end of 2020. Deposits stood at $887.1 million, up from $765 million. Net loans were $576.5 million, down from $601.9 million at the end of 2020; the bank company said the decline reflected a paydown in federal Paycheck Protection Program loans and a decrease in its retained residential mortgages.
Bank of the James’ board of directors on Jan. 18 approved a quarterly dividend of 7 cents per share to be paid March 18 to stockholders of record as of March 4.
In December, Bank of the James Financial Group announced the acquisition of Lynchburg-based investment advisory firm Pettyjohn, Wood & White, Inc., which has more than $650 million in assets under management.
Bank of the James has offices in the Lynchburg region, as well as Blacksburg, Charlottesville, Harrisonburg, Lexington and Roanoke.
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