Bank of the James Financial Group Inc (BOTJ) Reports Q3 2023 Earnings and Declares Dividend
Net income for Q3 2023 was $2.08 million, down from $2.57 million in Q3 2022.
Net income for the first nine months of 2023 was $6.60 million, compared to $7.01 million in the same period of 2022.
Strong asset quality with no other real estate owned (OREO) and low levels of nonperforming and watch-list loans as of September 30, 2023.
Bank of the James Financial Group Inc (NASDAQ:BOTJ) declares a dividend, continuing its longstanding practice of rewarding shareholders.
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Bank of the James Financial Group Inc (NASDAQ:BOTJ) released its unaudited results of operations for the three and nine month periods ended September 30, 2023, on October 20, 2023. The report shows a stable financial and operational performance despite a challenging period of rising interest rates.
Financial Performance
For the third quarter of 2023, BOTJ reported a net income of $2.08 million or $0.46 per basic and diluted share, compared to $2.57 million or $0.55 per share in Q3 2022. The net income for the nine months ended September 30, 2023, was $6.60 million or $1.44 per basic and diluted share, a slight decrease from $7.01 million or $1.48 per share in the same period of 2022.
With a keen focus on financial strength, liquidity, and exceptional asset quality, our Company generated positive, stable financial and operational results. Our year-to-date performance reflects many positives during a period when rising interest rates have, understandably, slowed loan growth but have also created opportunities for us to demonstrate the many benefits of being a Bank of the James client," said Robert R. Chapman III, CEO of BOTJ.
Income Statement Highlights
Net interest income after a $164,000 recovery of credit losses for Q3 2023 was $7.53 million, compared to $8.20 million in Q3 2022. For the first nine months of 2023, net interest income after a $278,000 recovery of credit losses was $22.63 million, slightly up from $22.31 million in the same period of 2022.
Total interest income increased to $10.14 million in Q3 2023, up from $8.40 million a year earlier. For the first nine months of 2023, total interest income was $28.82 million, compared to $22.91 million in the same period of 2022.
Balance Sheet and Asset Quality
As of September 30, 2023, BOTJ's total assets were $960.89 million, up from $928.57 million at the end of 2022. Loans, net of allowance for credit losses, declined slightly to $599.60 million from $605.37 million at the end of 2022, primarily reflecting lower commercial lending activity.
The bank maintained strong asset quality, with no other real estate owned (OREO) and low levels of nonperforming and watch-list loans as of September 30, 2023.
Dividend Declaration
In line with its longstanding practice, BOTJ declared a dividend, reflecting its positive financial performance and commitment to creating value for shareholders.
For more detailed financial information, please visit the Bank of the James Financial Group Inc website.
This article first appeared on GuruFocus.
