Bank of the James Financial Group, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. Net income for the three months ended December 31, 2017 was $360,000 or $0.08 per diluted share compared with $293,000 or $0.07 per diluted share for the three months ended December 31, 2016. Income before income taxes was $1.63 million for the three months ended December 31, 2017 compared with $399,000 for the three months ended December 31, 2016. Total interest income was $6.24 million in the fourth quarter of 2017, up 12% from a year earlier, primarily reflecting consistent commercial and construction loan growth. Net interest income increased to $5.41 million for the three months ended December 31, 2017 from $4.93 million for the three months ended December 31, 2016, primarily reflecting loan growth. Return on average assets was 0.23% compared to 0.21% a year ago. Return on average equity was 2.71% compared to 2.29% a year ago.

Net income for the 12 months ended December 31, 2017 was $2.92 million or $0.67 per diluted share compared with $3.29 million or $0.75 per diluted share for the 12 months ended December 31, 2016. For the 12 months ended December 31, 2017, income before income taxes was $5.36 million compared with $4.81 million for the 12 months ended December 31, 2016. Total interest income of $23.67 million in the 12 months of 2017 rose 10% compared to $21.57 million in the 12 months of 2016, 80% of which was due to an increase in income received on loans. Net interest income in the 12 months of 2017 increased to $20.67 million from $19.22 million in the 12 months of 2016, primarily reflecting increased total interest income, partially offset by increased total interest expense related to capital notes issued and growth in time deposits and related interest. Return on average assets was 0.49% compared to 0.60% a year ago. Return on average equity was 5.64% compared to 6.60% a year ago.

For the three months ended December 31, 2017, the company reported charge-offs of $1,543,000 against $267,000 a year ago.