Bank of the James Financial Group Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 29, 2016 at 11:04 pm IST
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Bank of the James Financial Group Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2015. Net income for the three months ended December 31, 2015 was $825,000 or $0.22 per diluted share compared with $951,000 or $0.28 per diluted share for the three months ended December 31, 2014. Earnings per share were impacted by an increase in weighted average shares outstanding, which were 3,688,184 in fourth quarter 2015 versus 3,367,001 in fourth quarter 2014. Net interest income was $4.60 million for the three months ended December 31, 2015, up 7.5% from $4.28 million for the three months ended December 31, 2014. ROAE for the three months ended December 31, 2015 was 8.03% compared with 11.01% for the three months ended December 31, 2014. Return on average assets was 0.63% against 0.83% a year ago. Tangible book value per share rose to $11.01 at December 31, 2015 compared with $10.31 per share a year earlier.
Net income for the 12 months ended December 31, 2015 was $3.69 million or $1.07 per diluted share, up from $3.41 million or $1.01 per diluted share. Earnings per share in 2015 were lowered slightly by an increase in weighted average shares outstanding to 3,451,409 compared with 3,365,410 weighted average shares in 2014. Net interest income increased 7.4% to $17.61 million for the 12 months ended December 31, 2015 compared with $16.40 million for the 12 months ended December 31, 2014. Return on average assets (ROAA) was 0.74% in 2015, compared with 0.76% in 2014, even as assets increased substantially. Return on average equity (ROAE) was 9.78% in the 12 months of 2015, compared with 10.28% in the 12 months of 2014.
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.